2023 Fisker Ocean One Sport Utility 4d on 2040-cars

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Hybrid Technologies LLC increases Fisker bid to $55 million

Will more money equal more Karma? In the continuing fight over the assets of extended-range plug-in vehicle maker Fisker Automotive, a Hong Kong-based investor is ready to up the stakes. Hybrid Tech Holdings has announced it will increase its bid for the maker of the Karma to $55 million. A bankruptcy court judge recently ruled that Hybrid Tech couldn't use any more than $25 million of its Fisker debt for an on-credit bid for Fisker. Hybrid Tech bought Fisker's $193 million line of credit from the US Department of Energy for $25 million. "When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum," the company said in a statement. "Hybrid is working to achieve a rapid relaunch of Fisker." AutoblogGreen asked Hybrid spokeswoman Megan Grant for more details, but she said, "The statement distributed ... is the only information I am able to provide at this time." You can read the full statement below. At this point, Hybrid Tech's offer would trump Wanxiang Group's bid of $25.8 million (plus assumed debt) that was issued in late December and then boosted to $35.7 million earlier this month. Fisker favors the Hybrid Tech bid because it believes Wanxiang, which acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, helped speed up Fisker's shut-down by stopping battery deliveries. Fisker filed for bankruptcy in late 2012. The auction for the remains will be held in February. Statement by Hybrid LLC Today, Hybrid Tech Holdings, LLC ("Hybrid"), a Delaware limited liability company, announced that it has modified the terms of its bid for Fisker Automotive Holdings, Inc. ("Fisker"), to reflect a purchase price of US$55 million. Hybrid intends to utilize Fisker's existing plant in Delaware to meet consumer demand and address market conditions. "Hybrid's confidence in Fisker's future is strong and unwavering. The Hybrid group has been an investor in Fisker for many years. When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum, as well as taking on the US$25 million risk of purchasing the Department of Energy loan. We did so for a simple reason; we believe deeply in Fisker's technology and we stand by the talent in the company who can bring the promise of this technology to life," said Hybrid spokeswoman Megan Grant.

Henrik Fisker again teases new EV crossover — and maybe a pickup

Henrik Fisker, founder of the eponymous luxury EV company, is looking to make a grand comeback with some new models alongside his EMotion EV. The renowned automotive designer and entrepreneur has been teasing two new models on his Twitter feed while divulging some quick details about some additional new cars. On Thursday he tweeted about his new all-electric crossover from Fisker Automotive. He's been talking about this crossover, at "close" to a $40,000 price point, since spring, and just a few days ago he tweeted about its "enhanced +80 KWh lithium-ion battery pack" and 300-mile range. The latest tweet is accompanied by an overhead picture of the crossover, showing a photovoltaic solar panel built into its roof, a design once pioneered by the Fisker Karma from several years ago.   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.   A tweet from Wednesday previews what looks to be a new all-electric pickup truck, one of two additional new models that will accompany the new crossover.   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.   That tweet's digital rendering appears to be of a pickup's tailgate. The look is Ford F-150-esque, and with Tesla rumored to be working on a new EV pickup along with rivals such as Rivian and Workhorse, Fisker’s proposal doesnÂ’t seem too far-fetched. Though the rear view could also be of a more rugged SUV, also potentially aimed as a direct competitor to RivianÂ’s offerings. Fisker is reviving Fisker Automotive after it went bust back in 2013 and a Chinese parts conglomerate, Wanxiang, purchased the manufacturing, design and rights to make the Karma. Wanxiang rebranded as Karma Automotive, and Fisker took the sale money to start anew. News Source: Twitter Auto News Green Green Fisker SUV Electric

Fisker lost track of millions of dollars in customer payments for months

Fisker temporarily lost track of millions of dollars in customer payments as it scaled up deliveries, leading to an internal audit that started in December and took months to complete, TechCrunch has learned. The EV startup was ultimately able to track down a majority of those payments or request new ones from customers whose payment methods had expired. But the disarray, which was described to TechCrunch by three people familiar with the internal payment crisis, took employees and resources away from Fisker’s sales team at a time when the company was attempting to save itself by restructuring its business model. Fisker struggled to keep tabs on these transactions, which included down payments and in some cases, the full price of the vehicles, because of lax internal procedures for keeping track of them, according to the people. In a few cases, it delivered vehicles without collecting any form of payment at all, they said. “Checks were not cashed in a timely manner or just lost altogether,” one of the people told TechCrunch. “We were often scrambling to find checks, credit card receipts and any wired funds a few months after a vehicle was sold.” Alongside the internal audit, outside auditor PwC was asking Fisker for more documentation about its vehicle sales as part of the process of putting together the company's annual financial report, according to two of the people. Fisker was often unable to provide satisfactory documentation, leading to more requests from PwC. “Paperwork being collected wasnÂ’t always being collected in full, or sent to the same places,” another one of the people said. These sources requested anonymity because they were not authorized to talk to the press about internal matters. This internal confusion put the company in a position where it couldnÂ’t accurately say how much revenue it had generated, according to the people, who noted it is one of the reasons Fisker has yet to file its annual financial report for 2023. Tracking down the payments may wind up offering little solace to the startup, which is on the brink of bankruptcy. Fisker has paused production of its only vehicle, the Ocean SUV, after running into trouble meeting internal sales goals and struggling to support customers dealing with a number of quality problems. It has alerted investors that it may not be able to continue operations without a fresh infusion of cash.