I was wondering why the front of Fisker of OC was pictured, then realized it was an OCRegister link. Thanks for the info!
Fisker hires turnaround firm to run company
http://www.ocregister.com/articles/fisker-413806-karma-company.html
Fisker Automotive in Anaheim has hired a turnaround consulting firm to run day-to-day operations while the luxury hybrid-electric carmaker seeks partnerships that could help stabilize operations.
Fisker hired Chicago-based Huron Consulting Group this month, the company confirmed Tuesday. The automaker brought inHuron's managing director, Hugh Sawyer, to serve as Fisker's chief administrative officer and to cut costs. At the same time, Chief Executive Tony Posawatz will focus on raising more funds and negotiating partnerships.
![]()
ADVERTISEMENT
"We've had a lot of interest across three different continents," Fisker spokesman Roger Ormisher said.
Fisker spent $1.2 billion in private funding – including $100 million raised in September – as well as $193 million borrowed from the U.S. Department of Energy to build its Karma luxury cars. The Karma, which sells for $100,000, is made in Finland. The company was on its way to production of a second, lower-cost hybrid vehicle when a series of setbacks derailed the efforts.
In May 2011, the Energy Department cut off an additional $336 million in funding after Fisker failed to meet production milestones for its second vehicle, the Atlantic, which the company planned to build in the United States.
In 2012, Consumer Reports bought a Karma that broke down during testing. A few weeks later Fisker announced a long-term replacement program for defective batteries produced by its sole supplier, A123 Systems. A123 declared bankruptcy in October, forcingFisker to halt production of the Karma and save batteries for replacements. Fisker also had two recalls and lost 338 new vehicles at a shipping facility in New Jersey due to flooding during Superstorm Sandy.
Fisker sued its insurance provider, XL Insurance America, after the company denied its insuranceclaim. The carmaker is negotiating with Wanxiang Group, the new Chinese owners of A123 Systems, for a new battery supply.
Fisker sold more than 1,500 Karmas as of October.
Fisker Automotive in Anaheim has hired a turnaround consulting firm to run day-to-day operations while the luxury hybrid-electric carmaker seeks partnerships that could help stabilize operations.
Fisker hired Chicago-based Huron Consulting Group this month, the company confirmed Tuesday. The automaker brought inHuron's managing director, Hugh Sawyer, to serve as Fisker's chief administrative officer and to cut costs. At the same time, Chief Executive Tony Posawatz will focus on raising more funds and negotiating partnerships.
ADVERTISEMENT
"We've had a lot of interest across three different continents," Fisker spokesman Roger Ormisher said.
Fisker spent $1.2 billion in private funding – including $100 million raised in September – as well as $193 million borrowed from the U.S. Department of Energy to build its Karma luxury cars. The Karma, which sells for $100,000, is made in Finland. The company was on its way to production of a second, lower-cost hybrid vehicle when a series of setbacks derailed the efforts.
In May 2011, the Energy Department cut off an additional $336 million in funding after Fisker failed to meet production milestones for its second vehicle, the Atlantic, which the company planned to build in the United States.
In 2012, Consumer Reports bought a Karma that broke down during testing. A few weeks later Fisker announced a long-term replacement program for defective batteries produced by its sole supplier, A123 Systems. A123 declared bankruptcy in October, forcingFisker to halt production of the Karma and save batteries for replacements. Fisker also had two recalls and lost 338 new vehicles at a shipping facility in New Jersey due to flooding during Superstorm Sandy.
Fisker sued its insurance provider, XL Insurance America, after the company denied its insuranceclaim. The carmaker is negotiating with Wanxiang Group, the new Chinese owners of A123 Systems, for a new battery supply.
Fisker sold more than 1,500 Karmas as of October.
1 - 15 of 15 Posts
Smells like the beginning of end to me.. 
I don't agree. Huron was reported elsewhere as having been hired to manage cash while Fisker seeks a strategic partner, not to run day-to-day operations. The OC Register implication that Huron is running Fisker while CEO Posawatz in seeking partners is bogus.Smells like the beginning of end to me..
The recent developments at Fisker, I consider good news. This seems like an opportunity. I must say I was more worried a month ago than now.Smells like the beginning of end to me..
1 - 15 of 15 Posts
