Fisker hopes to raise $150 million to fund operations, reach breakeven

Article by Anita Panait, on August 17, 2012

Fisker Automotive is planning to raise around $150 million in additional funds to remain afloat and to achieve breakeven until it could commence production of its second model, Ray Lane, a director at the carmaker and a managing partner at venture firm Kleiner Perkins Caufield & Byers, told Reuters.

Fisker has managed to amass over $1 billion in private financing from venture firms and others since it was established in 2007. Fisker, the maker of the $100,000-plus Karma hybrid sports car, learned earlier this year about being denied access to more than half of a $529-million government financing that was the basis of its business plan.

According to Lane, Fisker needs money on its balance sheet to fund operating expenses and to finance the development of the next car. The carmaker has raised over $400 million in venture funds in the past 12 months, but it still needs $150 million to achieve breakeven. The carmaker mulls calling out for financial support from investors in 2013 just to raise more money, Lane told Reuters.

He, however, declined to specify how much money Fisker still needs overall. Lane disclosed that if Fisker achieves breakeven, it could launch an initial public offering or a sale to a strategic investor in late 2013. Fisker initially had planned to replace its government-backed loan with high-yield debt plus equity, but trashed the plan in favour or increasing equity, Lane said.

Topics: fisker

If you liked the article, share on:

Pin It

Comments

Recommended

Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Since 1993, Lexus has produced 4 generations of the Lexus GS, with the GS F amongst its newest member of the family. Unfortunately, rumors are also heating up that the...
by - March 24, 2017
In a leaked image following a presentation held in China, we learned that Czech automobile manufacturer Skoda will soon unveil 2 more new SUVs in China, resulting in a four-model...
by - March 24, 2017
McLaren is said to be designing the next generation of Sports Series, which could include a V6 hybrid among its powertrain options. It was earlier reported that the British automaker...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries