Orange County Business Journal

Fisker Passes $100 Million in Revenue

Chris Casacchia Tuesday, May 29, 2012

Fisker Automotive Inc. has sold more than 1,000 units of its hybrid sedan this year, bringing more than $100 million in revenue through April 30, the Anaheim-based automaker announced Tuesday.

The company also said it has secured $174 million in private investments so far this year.

“Treading a new path in any industry is never easy, but we have set out to redefine and reshape the way the world thinks about cars,” said Executive Chairman Henrik Fisker.

Fisker was the first company to debut a vehicle under the federal government’s Advanced Technology Vehicle Manufacturing program. Its flagship Karma, which features an advanced powertrain that combines an electric motor with a gas-powered engine, costs about $100,000.

The company has faced several setbacks in the last six months, including production delays, software glithches and software glitches. It also missed some milestones tied to a $529 million loan from the U.S. Energy Department.

Fisker has has received $193 million of the loan, according to the company, with the remaining $336 million subject to renegotiation.

Fisker earlier this month pushed back production of its newly named Atlantic model to 2014.

The company in September said it would begin producing its lower-priced luxury hybrid sedan model later this year for a sales launch sometime in 2013.

That timetable has been delayed to 2014, with a roll-out extended to 2015, according to company documents.

Fisker had planned production of the Atlantic model at a former General Motors Co. plant in Delaware it purchased for $18 million. It more recently has declined to address particulars of its production plans for the vehicle.

The hybrid four-cylinder features four seats, a longer wheelbase and more trunk space.

The Atlantic is expected to sell for about $50,000 and is widely seen as a make or break model for Fisker and a bellwether for the electric-car industry.

The car will compete against the BMW 3 and 5 series, Mercedes C and E class, Jaguar XF and Audi S4/A6.