Fisker relaunches electric car effort

October 5, 2016

Former BMW designer Henrik Fisker announced plans Tuesday to relaunch his electric vehicle efforts three years after a bankruptcy with his venture that made high-priced cars popular with celebrities.

Fisker's effort aims to revive his rivalry with Tesla, promising a premium, all-electric successor to his 2012 Fisker Karma with "a patented battery that will deliver a significantly longer life and range than any battery currently on the market," a statement from the reconstituted company Fisker Inc. said.

The relaunch comes after a high-profile bankruptcy by Fisker Automotive, which received $192 million in US government loans and left $139 million of that unpaid.

In the statement, Fisker said improved technology will make his task easier today.

"Fisker Inc. will spearhead a revolution in that will disrupt the electric vehicle market and change the world," said Fisker, who is chairman and chief executive of the new group.

"Both the technology and the market are more mature now than when we first started out as pioneers in the electric vehicle industry, and our new vehicle will be the most innovative and cutting-edge electric car ever created."

The first Fisker group was started in southern California in 2007 by Fisker—a Danish designer who worked at Aston Martin, BMW and other auto firms—and his German business partner Bernhard Koehler.

The $100,000 Fisker Karma released in 2012 attracted buyers including Justin Bieber, Leonardo DiCaprio and Ashton Kutcher.

But that company filed for bankruptcy in 2013 and a year later its assets were sold to Chinese auto parts maker Wanxiang.

The new group said it had no affiliation with Wanxiang, but did not disclose details of its financing.

The new Fisker debut vehicle will include "dynamic, never-before-seen design features, combining advanced materials with the use of the latest optimization software," the statement said.

In addition, Fisker is developing a "mass-market, affordable electric vehicle that will retail for less than its competitors, but will feature a longer electric range," it added.

The move comes with Tesla rapidly expanding its presence in the electric vehicle market at prices of $70,000 or more and preparing a launch of a new electric car at roughly half that price.

Other carmakers including General Motors are also moving into all-.

"If the electric car is to succeed as a mass market vehicle, we need a radical new battery technology and battery pack integration—and our vehicles will have just that," Fisker said.

Fisker's bankruptcy sparked criticism of the US administration program offering loans to companies developing green energy.

Solar energy firm Solyndra, which was the recipient of a $535 million government loan guarantee, also ended up filing for bankruptcy.

Explore further: Fisker looking to form alliances to share costs

Related Stories

Wanxiang increases bid to win Fisker asset sale

February 15, 2014

Participants in a bankruptcy auction for failed electric-vehicle maker Fisker Automotive say Chinese auto-parts conglomerate Wanxiang Group has won with a bid of more than $149 million.

Fisker bankruptcy bidding heats up quickly

January 13, 2014

A group led by Hong Kong billionaire Richard Li is offering $55 million at auction for Fisker Automotive, just days after a judge rejected a private sale of the failed electric-vehicle manufacturer.

Recommended for you

Privacy becomes a selling point at tech show

January 7, 2019

Apple is not among the exhibitors at the 2019 Consumer Electronics Show, but that didn't prevent the iPhone maker from sending a message to attendees on a large billboard.

China's Huawei unveils chip for global big data market

January 7, 2019

Huawei Technologies Ltd. showed off a new processor chip for data centers and cloud computing Monday, expanding into new and growing markets despite Western warnings the company might be a security risk.

2 comments

Adjust slider to filter visible comments by rank

Display comments: newest first

Eikka
not rated yet Oct 13, 2016
The market and the technology was already there last year, but Fisker failed to make a car that wouldn't spontaneously combust - and it wasn't even the fault of the lithium batteries.

Shakescene21
not rated yet Oct 13, 2016
I wish Fisker success, but I think he's trying to do too much too fast.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.