Fisker Automotive is intending to commence the production of its second model, the Fisker Atlantic, in late 2014 or 2015. The announced timeline is at least two years later than what the carmaker originally planned. According to slides prepared by Fisker for an investor presentation, the Atlantic mid-sized gasoline-electric sedan is scheduled to enter pre-production in 2014.
Fisker chief executive Tony Posawatz described the Atlantic as the volume car that “begins to build growth." Posawatz said during a conference call with investors and analysts that the Atlantic creates a business model that will allow Fisker to generate cash in the future. The Atlantic, having a target starting price of $55,000, is set to underpin Fisker's future models, which may include sports utility vehicles and crossovers.
Posawatz said that the hybrid sports-car startup may enter into discussions with partners to use Atlantic’s platform and use its technology. The Atlantic is considered to be vital for Fisker to regain its credibility after production delays and quality issues hit the launch of its $100,000-plus Karma flagship sedan.
Fisker faced another hurdle in February 2012 when the U.S. Department of Energy froze a large chunk of its $529 million loan to the company due to delays in rolling out the Karma.
Posawatz and Chief Financial Officer Jim Yost are some of the new executives Fisker brought in to lead the carmaker’s turnaround efforts. Fisker has so far raised $1.2 billion from private investors since its establishment in 2007. Posawatz remarked that Fisker is now looking at the next phase of its investment and progression as a company to restart the Atlantic program.