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.

Fisker Automotive of California introduces the Fisker Karma, the first true electric vehicle with extended range (EVer) and a sweeping demonstration of automotive possibilities.

Loosely interpreted from Hindi, Karma suggests that good deeds obtain rewards. The Fisker Karma permits drivers who value elegance and performance to purchase and appreciate a vehicle that is also ecologically aware, a vehicle that reaches fuel economy and emissions standards that are completely beyond what the conventional luxury vehicles of today are capable of.

Integrating stunning, sleek styling with superior performance, extremely low fuel use, and no emissions, the four-doored, four-seater Karma embraces the Fisker’s pledge to create an uncompromised responsible luxury vehicle that deliver genuine drive enjoyment.

The Karma, a completely new car with new innovations from a brand-new company, will arrive this summer in showrooms and will set new standards for delivery to market after its unveiling as a concept car in 2008 and creating the EV first-class luxury segment.

With its exclusive EVer powertrain, drawing inspiration from military stealth technology, the Karma can achieve zero-to-60 mph in a mere 5.9 seconds and can still achieve annually the equal of over 100 mpg and 83 g/km CO2 emissions in real-world situations.

If you liked the article, share on:

Topics: fisker

Comments

Recommended

We’re willing to bet that the Bentley Bentayga is not the first thing that comes to mind for most people who are into off-roading and outdoor activities. It just doesn’t...
by - November 23, 2017
The other day, it was confirmed that Volvo will finally bring the XC40 to US soil, where it will first make an appearance at the 2017 Los Angeles Auto Show....
by - November 23, 2017
There is no question that the new BMW M5 (F90) high performance sports sedan is more powerful, faster and more enticing than the previous model. But for interested customers in...
by - November 23, 2017
Following the Tesla Roadster’s electrifying revelation on Thursday, Musk’s highly ambitious goals have skyrocketed when he tweeted about his future plans for the new sports car. Well, kind of. The...
by - November 23, 2017
Earlier in November at the 2017 SEMA Show in Vegas is when Hennessey unwrapped the Venom F5 to all of us. But it was actually first introduced as a concept...
by - November 22, 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