Fisker Automotive appoints Tony Posawatz as new CEO

Article by Anita Panait, on August 21, 2012

Fisker Automotive has named Tony Posawatz, former chief engineer for the Chevrolet Volt, as its new chief executive. Posawatz replaces Tom LaSorda, a former Chrysler chief executive, barely six months after the latter took over the top post at Fisker. The carmaker, however, did not cite any reason for LaSorda’s departure from the company.

Posawatz’s arrival at Fisker came at a point when its officials are scrambling to avert a cash flow shortage. According to Henrik Fisker, Fisker Automotive's co-founder and executive chairman, even though its second vehicle, the Atlantic, has been under development for some time, Posawatz will play a vital role in the final unit.

Despite gaining a respected EV engineer in Posawatz, Fisker lost LaSorda, its best manufacturing brain, at a time when the carmaker tries to commence the production of the Atlantic, a mid-sized plug-in hybrid sedan expected to be priced between $50,000 to $60,000. Fisker is planning to sell the Atlantic in greater volumes than its Karma sedan. The company sold only over 1,000 Karmas in the US since its rollout in October 2011.

Fisker needs to sell more vehicles to generate the revenue the carmaker needs to survive in the long term. Fisker, however, is facing one big problem – the company is nearly cash-strapped and it needs a large amount of money to start producing the Atlantic.

Fisker originally set the production of the Atlantic to commence in late 2012. The Atlantic was to be the leader in Fisker’s product offensive that would include a Fisker convertible and five-door wagon. Fisker unveiled the Sunset convertible concept in 2009. Henrik Fisker told Autoweek in 2011 at the Frankfurt auto show that the Sunset would be rolled out for sale in 2013.

Topics: fisker, ceo

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