Fisker Automotive
Encyclopedia
Fisker Automotive is an American automaker based in Anaheim, California. The company's first product, the Fisker Karma
is among the world's first true electric vehicles with extended range. It debuted at the 2008 North American International Auto Show
, creating the premium green car segment in which most major manufacturers have since announced they would compete.
An estimated 15,000 cars per year will be assembled by Valmet Automotive
in Uusikaupunki
, Finland
. Valmet currently builds the Porsche Cayman
and Boxster
sports cars for Porsche AG.
Fisker originally intended to sell the Karma in late 2009 but, due to funding delays, is now aiming to deliver early customer orders sometime in late 2011. Fisker has announced that the Karma S hardtop
convertible
concept unveiled at the 2009 North American International Auto Show in Detroit will be available in 2012, at an unknown price. Fisker has said that it plans to have nearly 200 dealerships in Europe and North America by the end of 2011.
co-founded the company in 2007 with business partner Bernhard Koehler (Fisker Coachbuild
) and Quantum Technologies
after securing a relatively small investment from Gianfranco Pizzuto, an Italian businessman, and Palo Alto Investors. Henrik Fisker is responsible for designing some of the world's most iconic cars such as the Aston Martin DB9 and V8 Vantage, Artega GT and BMW Z8. He also served as design director and sat on the board at Aston Martin.
This is not Henrik Fisker's first venture in the automobile manufacturing business. In 2005 he and Koehler left Aston Martin to establish Fisker Coachbuild
, in an attempt to revive the art of coachbuilding automobiles to customer specifications. The Fisker Tramanto and Latigo utilized chassis and powertrains from Mercedes-Benz SL and BMW 6-Series automobiles. Several were purchased but the business soon gave way to Fisker Automotive, a true automobile manufacturer.
, A123 Systems and Ace Investments.
Fisker Automotive has raised more than $500 million in private equity and, in September 2009, was approved for a $529 million government loan from the United States Department of Energy
's Advanced Technology Vehicle Manufacturing loan program initiated by Congress during the Bush Administration in 2007.
hybrid, BMW 7 Series
ActiveHybird, and Maserati Quattroporte
. Fisker's outsourcing methods have allowed the company in a 2–3 year period of development instead of the typical 5 years and at a cost of $333 million instead of $1 billion.
However a requirement of the government loan is that some of the money be spent building or renovating a manufacturing facility in the US, in order to ensure manufacturing jobs are not shipped overseas. Fisker fulfilled its obligation by purchasing GM's former Wilmington Assembly plant in Delaware for $20 million, and plans to start production of its next generation Electric Vehicles with extended range there in late 2012. The company expects to create more than 2,000 jobs there. Building a new plant would have cost well over $1B.
part , Fisker Automotive just pays a fee to GM for each door handle in the Karma, which its much cheaper than designing its own door handles.
The aluminum frame was engineered by Fisker and is supplied by Norsk Hydro
from Norway
.
The cabin interior is designed by Fisker Auto but made in USA by Magna International
of Canada
.
The EVer powertrain system, technically a series hybrid, delivers over 400 hp, was inspired by Quantum Technologies
(which is also a founder of & early investor in Fisker).
, Delaware
. In addition to a purchase price of $20 million, Fisker plans to spend $175 million renovating the plant. Vice President
Joe Biden
attended the announcement.
The company plans to build between 75,000 and 100,000 Project NINA vehicles (a mass-market plug-in hybrid sedan) by 2014. The factory hopes to create 2000 jobs directly and 1000 more indirectly. Over half of the vehicles are to be exported, the highest percentage of any American company.
Range extension for the Nina is to be a turbo-charged 4-cylinder BMW
petrol engine.
filed a lawsuit against Fisker Automotive, alleging they stole Tesla's technology and are using it to develop their own hybrid car, the Fisker Karma
, which was announced at the North American International Auto Show
in January 2008. Tesla's suit claims that the design work done for the Model S by Fisker Coachbuild
was substandard, and that Fisker diverted its best ideas to the Karma.
In early 2009 the suit was settled in Fisker's favor and Tesla was ordered to pay Fisker's more than $1.1 million in legal fees.
's $25 billion Advanced Technologies Vehicle Manufacturing Loan Program.
$359 million is in support of Project NINA, to design, engineer and assemble (at the Boxwood Plant in Delaware
) Fisker's second-generation sedan. This has prompted several news outlets to draw comparisons with similar loans
received by now-bankrupt Solyndra
.
Fisker aims to have a new, lower-priced plug-in hybrid (PHEV) for sale starting in 2012, and ramping up to volumes over 100,000 vehicles per year.
Fisker Automotive plans to use the remaining $169.3 million for engineering work to complete the company's first vehicle, the Fisker Karma, and to design the tools and equipment for manufacturing its plug-in hybrids.
Fisker Karma
The Fisker Karma is a plug-in hybrid luxury sports sedan produced by Fisker Automotive and manufactured at Valmet Automotive in Finland. The United States Environmental Protection Agency rated the Karma's combined city/highway fuel economy at equivalent in all-electric mode, and at in...
is among the world's first true electric vehicles with extended range. It debuted at the 2008 North American International Auto Show
North American International Auto Show
The North American International Auto Show is an annual auto show held in Detroit, Michigan at Cobo Center, usually in January. It is among the largest auto shows in North America.-History:...
, creating the premium green car segment in which most major manufacturers have since announced they would compete.
An estimated 15,000 cars per year will be assembled by Valmet Automotive
Valmet Automotive
Valmet Automotive is a Finnish car maker. The majority of company is owned by Metso . Valmet Automotive is a contract manufacturer of specialty automobiles.-Production:...
in Uusikaupunki
Uusikaupunki
Uusikaupunki , is a town and municipality of Finland.It is located in the Finland Proper region. The municipality has a population of and covers an area of of which is inland water. The population density is .The municipality is unilingually Finnish...
, Finland
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
. Valmet currently builds the Porsche Cayman
Porsche Cayman
The Porsche Cayman is a mid-engined, rear wheel drive 2-seat sports car produced by Porsche AG of Germany. First launched in the 2006 model year, the Cayman is a coupé derived from Porsche's second generation Boxster convertible. Like the Boxster, most Caymans were assembled in Finland for Porsche...
and Boxster
Porsche Boxster
The Porsche Boxster is a mid-engined roadster built by Porsche. The Boxster is Porsche's first road vehicle to be originally designed as a roadster since the 550 Spyder....
sports cars for Porsche AG.
Fisker originally intended to sell the Karma in late 2009 but, due to funding delays, is now aiming to deliver early customer orders sometime in late 2011. Fisker has announced that the Karma S hardtop
Hardtop
A hardtop is a term for a rigid, rather than canvas, automobile roof. It has been used in several contexts: detachable hardtops, retractable hardtop roofs, and the so-called pillarless hardtop body style....
convertible
Convertible
A convertible is a type of automobile in which the roof can retract and fold away having windows which wind-down inside the doors, converting it from an enclosed to an open-air vehicle...
concept unveiled at the 2009 North American International Auto Show in Detroit will be available in 2012, at an unknown price. Fisker has said that it plans to have nearly 200 dealerships in Europe and North America by the end of 2011.
History
Henrik FiskerHenrik Fisker
Henrik Fisker is a leading automobile designer and CEO of Fisker Coachbuild. He has lived and worked in Germany, London, and in Southern California. Henrik Fisker graduated from the short-lived Swiss campus of California's Art Center College of Design in 1989...
co-founded the company in 2007 with business partner Bernhard Koehler (Fisker Coachbuild
Fisker Coachbuild
For the manufacturer of the Fisker Karma, see Fisker AutomotiveFisker Coachbuild is a car design firm based in Orange County, California. The company produces custom sportscars. Its current models are the Tramonto and Latigo CS...
) and Quantum Technologies
Quantum Technologies
Quantum Technologies is an American technology design and manufacturing company based in Irvine, California. A public company with products which include advanced systems for the Automotive, Aerospace, Energy and Security markets....
after securing a relatively small investment from Gianfranco Pizzuto, an Italian businessman, and Palo Alto Investors. Henrik Fisker is responsible for designing some of the world's most iconic cars such as the Aston Martin DB9 and V8 Vantage, Artega GT and BMW Z8. He also served as design director and sat on the board at Aston Martin.
This is not Henrik Fisker's first venture in the automobile manufacturing business. In 2005 he and Koehler left Aston Martin to establish Fisker Coachbuild
Fisker Coachbuild
For the manufacturer of the Fisker Karma, see Fisker AutomotiveFisker Coachbuild is a car design firm based in Orange County, California. The company produces custom sportscars. Its current models are the Tramonto and Latigo CS...
, in an attempt to revive the art of coachbuilding automobiles to customer specifications. The Fisker Tramanto and Latigo utilized chassis and powertrains from Mercedes-Benz SL and BMW 6-Series automobiles. Several were purchased but the business soon gave way to Fisker Automotive, a true automobile manufacturer.
Investors
Investors include Palo Alto Investors, Kleiner Perkins Caufield & Byers, Qatar Holdings, LLCQatar Investment Authority
The Qatar Investment Authority is Qatar's sovereign wealth fund, specializing in domestic and foreign investment. It was founded in 2005 to manage the oil and natural gas surpluses by the Government of Qatar...
, A123 Systems and Ace Investments.
Fisker Automotive has raised more than $500 million in private equity and, in September 2009, was approved for a $529 million government loan from the United States Department of Energy
United States Department of Energy
The United States Department of Energy is a Cabinet-level department of the United States government concerned with the United States' policies regarding energy and safety in handling nuclear material...
's Advanced Technology Vehicle Manufacturing loan program initiated by Congress during the Bush Administration in 2007.
Europe
Fisker expects about half its sales to originate in Europe and RoW by 2012. The company has partnered with four importers as of the fall of 2010: GP Supercars (Merano, Italy), Nellemann (Copenhagen, Denmark); the Emil Frey Group (Zurich, Switzerland); and BD Otomotive (Istanbul, Turkey).Outsourcing
Fisker Automotive is noted for its outsource business model, which retains core competencies in-house but heavily leverages the resources of suppliers, with substantial savings resulting. These savings have allowed Fisker to compete with similarly priced models such as the Porsche PanameraPorsche Panamera
The Porsche Panamera is a four-door a coupe. It is front-engined with rear-wheel drive, with four-wheel drive versions also available....
hybrid, BMW 7 Series
BMW 7 Series
The BMW 7 Series is a line of full-size luxury vehicles produced by the German automaker BMW. Introduced in 1977, it is BMW's flagship car and is only available as a sedan or extended-length limousine...
ActiveHybird, and Maserati Quattroporte
Maserati Quattroporte
The Maserati Quattroporte is a luxury four-door saloon made by Maserati in Italy. The name translated from Italian literally means "four doors". There have been five generations of the car, each separated by a period of roughly five years....
. Fisker's outsourcing methods have allowed the company in a 2–3 year period of development instead of the typical 5 years and at a cost of $333 million instead of $1 billion.
However a requirement of the government loan is that some of the money be spent building or renovating a manufacturing facility in the US, in order to ensure manufacturing jobs are not shipped overseas. Fisker fulfilled its obligation by purchasing GM's former Wilmington Assembly plant in Delaware for $20 million, and plans to start production of its next generation Electric Vehicles with extended range there in late 2012. The company expects to create more than 2,000 jobs there. Building a new plant would have cost well over $1B.
Cost savings
Fisker saves a tremendous amount of development costs by using pre-engineered components developed by other car companies whenever possible, as long as it does not compromise the integrity of its vehicles or the customer experience. For example, the door handle mechanism is actually a General MotorsGeneral Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
part , Fisker Automotive just pays a fee to GM for each door handle in the Karma, which its much cheaper than designing its own door handles.
Fisker Karma components
The 22 kW·h lithium ion rechargeable battery in each car will come from A123 Systems in Watertown, Mass.The aluminum frame was engineered by Fisker and is supplied by Norsk Hydro
Norsk Hydro
Norsk Hydro ASA is a Norwegian aluminium and renewable energy company, headquartered in Oslo. Hydro is the fourth largest integrated aluminium company worldwide. It has operations in some 40 countries around the world and is active on all continents. The Norwegian state holds a 43.8 percent...
from Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
.
The cabin interior is designed by Fisker Auto but made in USA by Magna International
Magna International
Magna International Inc. , is an automotive supplier headquartered in Aurora, Ontario, Canada. It is Canada's largest automobile parts manufacturer, and one of the country's largest companies. It owns the Magna Steyr automobile production company of Austria....
of Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
.
The EVer powertrain system, technically a series hybrid, delivers over 400 hp, was inspired by Quantum Technologies
Quantum Technologies
Quantum Technologies is an American technology design and manufacturing company based in Irvine, California. A public company with products which include advanced systems for the Automotive, Aerospace, Energy and Security markets....
(which is also a founder of & early investor in Fisker).
Profitability
Due to its outsourcing model, the company claims that it can make a profit from selling just 15,000 cars.Manufacturing
On October 27, 2009, Fisker officials announced that the company has signed a letter of intent to take control of the Boxwood Road Plant (previously owned and operated by General Motors) in WilmingtonWilmington, Delaware
Wilmington is the largest city in the state of Delaware, United States, and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley...
, Delaware
Delaware
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
. In addition to a purchase price of $20 million, Fisker plans to spend $175 million renovating the plant. Vice President
Vice President of the United States
The Vice President of the United States is the holder of a public office created by the United States Constitution. The Vice President, together with the President of the United States, is indirectly elected by the people, through the Electoral College, to a four-year term...
Joe Biden
Joe Biden
Joseph Robinette "Joe" Biden, Jr. is the 47th and current Vice President of the United States, serving under President Barack Obama...
attended the announcement.
The company plans to build between 75,000 and 100,000 Project NINA vehicles (a mass-market plug-in hybrid sedan) by 2014. The factory hopes to create 2000 jobs directly and 1000 more indirectly. Over half of the vehicles are to be exported, the highest percentage of any American company.
Range extension for the Nina is to be a turbo-charged 4-cylinder BMW
BMW
Bayerische Motoren Werke AG is a German automobile, motorcycle and engine manufacturing company founded in 1916. It also owns and produces the Mini marque, and is the parent company of Rolls-Royce Motor Cars. BMW produces motorcycles under BMW Motorrad and Husqvarna brands...
petrol engine.
Legal dispute with Tesla Motors
On April 14, 2008, Tesla MotorsTesla Motors
Tesla Motors, Inc. is a Silicon Valley-based company that designs, manufactures and sells electric cars and electric vehicle powertrain components. It was the only automaker building and selling a zero-emission sports car, the Tesla Roadster, in serial production...
filed a lawsuit against Fisker Automotive, alleging they stole Tesla's technology and are using it to develop their own hybrid car, the Fisker Karma
Fisker Karma
The Fisker Karma is a plug-in hybrid luxury sports sedan produced by Fisker Automotive and manufactured at Valmet Automotive in Finland. The United States Environmental Protection Agency rated the Karma's combined city/highway fuel economy at equivalent in all-electric mode, and at in...
, which was announced at the North American International Auto Show
North American International Auto Show
The North American International Auto Show is an annual auto show held in Detroit, Michigan at Cobo Center, usually in January. It is among the largest auto shows in North America.-History:...
in January 2008. Tesla's suit claims that the design work done for the Model S by Fisker Coachbuild
Fisker Coachbuild
For the manufacturer of the Fisker Karma, see Fisker AutomotiveFisker Coachbuild is a car design firm based in Orange County, California. The company produces custom sportscars. Its current models are the Tramonto and Latigo CS...
was substandard, and that Fisker diverted its best ideas to the Karma.
In early 2009 the suit was settled in Fisker's favor and Tesla was ordered to pay Fisker's more than $1.1 million in legal fees.
U.S. federal loan
Fisker has received a $528 million loan from U.S. Department of EnergyUnited States Department of Energy
The United States Department of Energy is a Cabinet-level department of the United States government concerned with the United States' policies regarding energy and safety in handling nuclear material...
's $25 billion Advanced Technologies Vehicle Manufacturing Loan Program.
$359 million is in support of Project NINA, to design, engineer and assemble (at the Boxwood Plant in Delaware
Delaware
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
) Fisker's second-generation sedan. This has prompted several news outlets to draw comparisons with similar loans
Solyndra loan controversy
The Solyndra loan controversy is a political controversy involving U.S. President Barack Obama's administration's authorization of a $535 million loan guarantee to Solyndra Corporation in 2009 as part of a program to spur alternative energy growth. Solyndra and the White House had originally...
received by now-bankrupt Solyndra
Solyndra
Solyndra was a manufacturer of cylindrical panels of CIGS thin-film solar cells based in Fremont, California. Although the company was once touted for its unusual technology, plummeting silicon prices led to the company being unable to compete with more conventional solar panels...
.
Fisker aims to have a new, lower-priced plug-in hybrid (PHEV) for sale starting in 2012, and ramping up to volumes over 100,000 vehicles per year.
Fisker Automotive plans to use the remaining $169.3 million for engineering work to complete the company's first vehicle, the Fisker Karma, and to design the tools and equipment for manufacturing its plug-in hybrids.