Karma
31 articles in this category
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Karma released a teaser image of an unnamed concept car that will be fully unveiled at the Shanghai Auto Show on April 16th. The car is the result of a partnership with Pininfarina. The front view of the car shows thin, horizontal daytime running lamps in presumably LED, a lighted logo, and a deep lower air spliter with 16 vertical teeth. Also being shown at Shanghai will be a refreshed version of the Karma Revero.
One of three new vehicles to come to the Shanghai Auto Show.
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Karma Automotive is preparing to release the 2020 refresh of the Revaro. The current car uses GM's 2.0 liter 4-cylinder as a regenerator to charge the 21.4 kWh battery while underway. The battery then powers a pair of electric motors in the rear that produce a combined 403 horsepower letting the Revero dart to 60 in just 5.4 seconds. Range in full EV mode is about 37 miles, so says the EPA. In a press release, Karma has announced that the the refreshed Revero will now move to a 1.5 liter B
.... courtesy of BMW....
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William Maley Staff Writer - CheersandGears.com September 19, 2013 The U.S. Department of Energy has announced this week they will be putting up Fisker Automotive's $164 Million loan up for auction next month. This is in a effort to try and recoup as much money as they can. "After exhausting any realistic possibility for a sale that might have protected our entire investment, the Department announced today that we are auctioning the remainder of Fisker's loan obligation, offering the best po
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Nothing ever seems to come easy for Fisker. Back in November, we reported that Hybrid Tech Holdings, LLC, a company founded by Hong Kong investor Richard Li, had purchased Fisker's assets from the Department of Energy for $25 million. It seemed that this chapter in Fisker's turbulent life had come to close. But this past week, the chapter was ripped opened. In a hearing last week, U.S. Bankruptcy Judge Kevin Gross rejected the planned sale and instead has favored putting the assets back up on t
Just When You Thought Fisker Auction Saga Was All Done...
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Fisker, the automaker that doesn't seem to die is back in the news. This past week, the Wanxiang Group, Fisker's new owner, went on tour of the U.S. to met with officials and politicians in several states about plans. At one of the stops, Chairman Lu Guanqiu and President of the U.S. unit, Pin Ni spoke to reporters. Ni explained that company is planning on starting production of the Karma in the near future. But before then, the company needs to fix 250 “bugs” in the Karma and have a 'reliable s
The Fisker Karma Will Be Going Back Into Production, Once We Fix All Of These Bugs
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By William Maley Staff Writer - CheersandGears.com January 30, 2013 Bloomberg is reporting that Fisker has hired hired Huron Consulting Group Inc. to help with day to day operations and to conserve cash while it goes searching for a partner. As we reported last Monday, Fisker is currently looking for a partner in China. Two people familiar with the situation say Fisker is currently seeking first-round bids by early February. If Fisker doesn't get the funds or has a partner by midyear, the c
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By William Maley Staff Writer - CheersandGears.com May 20, 2013 There is always the risk of buying into a new, fledgling automaker since they may be here one moment and gone the next. Such is the case in point with Fisker Automotive and owners are selling their vehicles at prices that will make you do a double take. A recent search on eBay saw the average price of twenty-five Fisker Karmas up for bid hovering around the $60 to $70k mark. There were a couple that were around $50,000 mark. "A
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After three days and nineteen rounds of bids, China’s Wanxiang Group emerged as the new owner of Fisker, beating out Hybrid Tech Holdings LLC, the original winner of Fisker Automotive back in November. The winning bid was $149.2 million, about six times higher than the original sale price of $25 million. The auction came after a ruling made by U.S. Bankruptcy Judge Kevin Gross last month. Gross rejected the original offer made by Hybrid Tech Holdings LLC of $25 million for all of Fisker's asset
The Fisker Automotive Saga Rolls On...
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By William Maley Staff Writer - CheersandGears.com May 26, 2013 Two groups are trying to get their hands on what remains of Fisker Automotive. Group one is VL Automotive (the fine folks who are planning to make the Destino) and China's Wanxiang Group have put in a joint bid of around $20 million, a far cry from Fisker Automotive's almost $2 billion estimate from a investor document filing obtained by Reuters. As we reported earlier this month, Lutz said that VL Automotive could with Fisker
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Fisker's new owner, the Wanxiang Group out of China plans to restart production of the Karma plug-in hybrid sedan within a year or so. Pin Ni, head of the U.S. unit for Wanxiang tells Reuters the company plans on restarting production in Finland possibly this year and sell them in U.S. and Europe. At the moment, Ni says the company is working on finalizing business plans for the brand and hasn't worked out what the sales target for the Karma will be. Ni went onto say that production could move
The Wanxiang Group Outlines Some Of Its Plans For Fisker
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Karma Automotive - the company formerly known as Fisker - announced a new partnership with BMW this week. The partnership will see BMW proving Karma with powertrain components moving forward. Now the full extent of the deal is unknown. But according to the statement released by Karma this week, the deal will include "high voltage battery charging systems and a wide range of hybrid and EV systems." "The Wanxiang Group is giving Karma Automotive the opportunity to bring a stunning car back
Karma Automotive Announces A New Deal With BMW For Powertrain Parts
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William Maley Staff Writer - CheersandGears.com October 18, 2013 Last month, we told you about the U.S. Department of Energy putting up for auction Fisker's $124 million loan in a effort to recoup as much money as they can. There were a number of suitors who were ready to take on the loan including; Hong Kong-based investor Richard Li Chinese automotive supplier Wanxiang Group and Bob Lutz's VL Automotive German investment group Fritz Nols AG Today, we might have an answer as to
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Fisker's new owner, the Wanxiang Group wants to get the Fisker Karma back on the marketplace as soon as possible. How fast? According to a report from Reuters, the company is planning to stick with the original 2012 design. A source tells Reuters the reason for sticking with the older design is due to not going through crash testing and certification again. "It will have to be nearly identical to the 2012 model, or it would need to go through (safety) testing and certification again. I don’t t
Fisker's New Owners Plans To Keep The Karma The Same. Does That Mean Fires Appearing Once Again?
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California's affinity for technology, style and perceived environmental consciousness appears to have earned it some Karma. China's Wanxiang Group has announced plans to build the Fisker Karma luxury sports sedan in Moreno Valley. The 555,670 square foot Greater Los Angeles Area manufacturing facility is slated to create 150 jobs. “California's natural beauty, trend setting, technology, and environmental focus are perfectly aligned with our Karma re-launch,” said Fisker's chief marketing
California's affinity for technology, style and perceived environmental consciousness appears to have earned it some Karma.
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By William Maley Staff Writer - CheersandGears.com February 18, 2013 The past couple of months for Fisker has been very interesting. In December, Fisker founder and Chairman Henrik Fisker said that the company was looking for "potential strategic partners". Then in January, Fisker headed off to China to talk with automakers. Now Fisker is looking at bids for a stake in the company by two Chinese automakers. Reuters is reporting that Fisker is weighing two bids from Zhejiang Geely Holding Gro
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It has been awhile since we heard anything out of Fisker and its new owner, the Wanxiang Group. But Reuters has learned some new information about what could be in store. Two sources tell Reuters that Wanxiang is planning to drop the Fisker name and use Elux. So instead of the Fisker Karma, it could be called the Elux Karma. Speaking of the Karma, Reuters also learned that Wanxiang has pushed back the launch of the Karma to mid-2016 and will raise the price to $135,000. Sources also revealed t
The latest on the return of Fisker or should we say Elux
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Since being bought by Chinese auto parts supplier, Wanxiang Group, Fisker Automotive has been quietly ramping back up with a new headquarters in Costa Mesa, CA, and an upcoming factory in Moreno Valley, CA. But one item that has been up in the air is when production of the Karma would restart. Speaking with The Oakland County Register, Fisker's chief marketing officer Jim Taylor said the automaker will relaunch sometime in the middle of 2016. “We want to be out next year. Midyear is our targ
Coming In 2016* The Return of the Karma
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What is the best way to sell a vehicle? Is it through a dealership or a factory store? For Karma Automotive - the reincarnation of Fisker - plans to do both. Automotive News reports that by the end of this year, 10 franchised dealerships in key markets around the U.S. and Canada will begin selling the Revero. The dealers picked already sell brands like Bentley, Rolls-Royce, Lamborghini, and Porsche. "These guys really understand this customer. They get that it's not moving metal and pus
How does Karma Automotive plan on selling their new Revero?
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By William Maley Staff Writer - CheersandGears.com March 13, 2013 Henrik Fisker, founder and executive chairman of Fisker Automotive has resigned today. In a statement sent today, Fisker Automotive said “the main reasons for his resignation are several major disagreements that Henrik Fisker has with the Fisker Automotive executive management on the business strategy.” “Given the confidential nature of this matter, at this point in our process we can only confirm that the company has receiv
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William Maley Staff Writer - CheersandGears.com November 25, 2013 The Department of Energy (DOE) announced on Friday that it had found a buyer for dormant automaker, Fisker. The buyer is Hybrid Tech Holdings, LLC, a company founded by Richard Li, one of the people who was interested in buying Fisker. So how much did Hybrid Tech pay for the assets of Fisker? Reports say around $25 million, which means the DOE lost around $139 million in its investment into Fisker. To keep the transfer process
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By William Maley Staff Writer - CheersandGears.com March 19, 2013 Last month, we reported that Fisker had two possible bidders for a possible stake in the company. The two bidders in question were Zhejiang Geely Holding Group and Dongfeng Motor Group. At the time, Fisker was leaning towards Geely due to the company's experience of acquiring a foreign automaker (Volvo) and management structure. But Geely has dropped their bid for Fisker. Two sources tell Reuters that the reason Geely dropped
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Lu Guanqiu is the chairman and founder of China's Wanxiang Group Corp., which happens to be the new owner of Fisker Automotive. In a interview with Bloomberg, Lu says the company will be making significant investments into the troubled automaker. "“I’ll put every cent that Wanxiang earns into making electric vehicles. I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.” That's saying something in the least. But the question is when will we see Fisker vehicles coming off
Fisker's New Owner Vows To Spend It All To Make It Success
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It has been awhile since we heard anything from Karma Automotive - the company formally known as Fisker. Our last report in November said the company would be sourcing powertrain parts from BMW and was planning to restart production in 2016. Yesterday, the Wall Street Journal published a report saying Karma Automotive is busy with finishing development of an updated version of the Karma sedan. The sedan will be renamed the Revero which Karma says is the combination of the Latin words "re" an
The Karma is returning, with a new name!
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It seemed this day would never come, but the Fisker Karma has risen from the ashes to become the Karma Revero. Thanks to Chinese supplier Wanxiang buying the assets of Fisker Automaker back in 2014, the company would be renamed to Karma Automotive and work would begin on the resurrection. There aren't any real changes of note for the exterior aside from new badging and the 'Revero' name on the fenders. The interior does see a big change with a new infotainment system. The new system
The Fisker Karma rises from the ashes with a new name
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William Maley Staff Writer - CheersandGears.com August 23, 2013 A German investment group has put its hat in the ring to buy Fisker Automotive. Fritz Nols AG has put in a bid for $25 million dollars for the company and its assets, a far cry from $173 million debt Fisker owns the U.S. "There was too much focus on design and production. It was forgotten that you have to sell the car as well," said Ingo Voigt, the person heading the buyout for Fritz Nols AG to Autobild. If the group was to get
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By William Maley Staff Writer - CheersandGears.com April 1, 2013 Just when you think the news about Fisker couldn't get any worse, it has. Last Thursday, Reuters learned from a source that Fisker has hired the law firm of Kirkland & Ellis to advise on a possible bankruptcy filing. The source says the company is “considering bankruptcy while it pursued alternatives.” Fisker has also furloughed its U.S. work force this week to preserve cash. Last month has been tough on Fisker as the comp
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By William Maley Staff Writer - CheersandGears.com April 5, 2013 The string of bad news continues for Fisker Automotive. The struggling automaker announced today in a statement that the company let go 75% of its staff (about 160 people) during a meeting this morning. "Today, Fisker met with a group of employees in our Southern California office to inform them that this is their last day with the company," the company said in a statement today. Source tells Reuters the reason for the lay off
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Just when you thought Fisker was out of the hot water, they're back in it. Bloomberg reports that founder Henrik Fisker and the board of directors have been hit with a lawsuit over losses incurred by the company's financial problems. Atlas Capital Management LP, an investor in Fisker, filed a federal suit in Wilmington, Delaware, on December 27 claiming the automaker withheld information regarding its financial health. The suit also alleges that Fisker kept quiet about a recall involving 239 Ka
Just when you thought Fisker was out of the hot water, they get it dumped back on them.
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By William Maley Staff Writer - CheersandGears.com April 9, 2013 From the "it can't get any worse, can it?" file, Fisker has been smacked with a lawsuit by their former employees alleging the company violated the law when they were laid off. Last Friday, Fisker announced they would be laying off 75% of their employees (about 160 employees) as "a necessary strategic step to... maximize the value of Fisker's core assets," which is complicated way of saying 'we're trying to conserve as much cas
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By William Maley Staff Writer - CheersandGears.com April 10, 2013 It seems the end is close for Fisker. Reuters is reporting that Fisker could be filling for Chapter 11 bankruptcy this week due to pressure of the U.S. Department of Energy who want the company to pay back nearly $200 million in government loans. A source tells Reuters that Fisker's lawyers have drawn up the documents needed to file for bankruptcy, and are ready to go within the next few days. Fisker and the Department of Ene
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Back in February, we reported on the rumors that Fisker Automotive was planning to change its name to Elux. This past week, Fisker has officially changed its name and it isn't Elux. Meet Karma Automotive. The company says this name has always been a part of the brand - see Karma plug-in hybrid sedan. "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with
Fisker Changes Its Name In Hopes Of Capturing Good 'Karma'
