It appears April 20 will mark another milestone in the tumultuous run of the Fisker brand.
That’s the date Costa Mesa-based Fisker Automotive and Technologies Group LLC is teasing amid a buzz of a revamped model of its Karma luxury hybrid sports car.
The company recently launched a one-page website—thenewfisker.com—that pushes speculation along. The site displays a single overview shot of what appears to be a sleek black Karma with a simple message that scrolls down the page: “It’s on. Luxury energized. Energy optimized. Introducing April 2015.”
The digital glimpse could presage a name-change for the luxury hybrid sedan and the company itself, with eLux Technology or Elux Automotive among the possibilities, according to well-informed sources on the matter. Fisker’s executives remained mum last week.
April 20
“We’re not really ready to give any background, but can advise that the site will change on April 20th,” J. Joost de Vries, the company’s vice president of customer experience, told the Business Journal in an email.
The brand is taking a more measured approach in its second attempt to compete against Tesla Motors and a number of established automakers new to the electric vehicle market, which Navigant Research forecasts will grow from 2.7 million units last year to 6.4 million units in 2023.
Fisker—which was acquired out of bankruptcy more than a year ago for $149.2 million by the U.S. unit of Hangzhou, China-based Wanxiang Group Corp.—could be using whatever change it expects to unveil on April 20 as a springboard ahead of the 16th Shanghai International Automobile Industry Exhibition that will take place April 22 to 29.
Fisker’s cadre of engineers, technicians and product managers have been working feverishly at the company’s nearly 79,000-square-foot home on Airway Avenue to debug several electrical and handling problems that plagued its initial model as the company burned through more than $1 billion in venture capital and U.S. Department of Energy loans, missing production deadlines on the way to bankruptcy.
A recent hiring push by its new owner has brought more than 140 employees, including 100 engineers to its headquarters, with plans to hire another 100 skilled workers—mostly engineers and technicians—in preparation for the relaunch of the Karma.
The original model, which turned plenty of heads and gained several industry awards for its elegant, powerful design, was first unveiled in January 2008 at the Detroit Auto Show.
About 2,000 Karmas are in the hands of private owners today.
The new version, reportedly scheduled for production next year, is expected to cost around $135,000 compared with the $100,000 base price of the first model.
Lu’s Deep Pockets
Wanxiang founder and Chairman Lu Guanqiu told company employees in mid-December that he’s ready to tap into his personal fortune—which is reportedly among the biggest in his native China—to put Fisker back on the auto industry map.
“I will invest in Fisker,” Lu said during his first visit to the U.S. since acquiring the company. “I will put resources into Fisker.”
Lu brings deep pockets and a portfolio of independent businesses to the table, including Fisker’s former lithium ion battery maker A123 Systems Inc., which he acquired two years ago in bankruptcy court for about $256.6 million.
Forbes pegs Lu’s net worth at $6.6 billion as of April 8, good enough for No. 16 on its annual list of China’s wealthiest.
The self-made billionaire got his start repairing bicycles as a teenager and making farming tools from scrap metal during China’s Cultural Revolution in the mid-1960s.
He built an empire over the decades at Wanxiang (pronounced Wahn-shung) with units specializing in automotive components, agriculture and fisheries, food and beverage, real estate development, and natural resources, among others.
Lu reportedly met with Vice President Joe Biden during his U.S. trip.
Wanxiang owns a 3.2-million-square-foot assembly plant in Biden’s homes state of Delaware—a facility acquired in the Fisker sale that could once again house production.
Texas and Tennessee also are in the mix as possible sites for a Fisker assembly plant, with California an underdog in the race.
