Fisker Takes Steps Toward Production of Next Vehicle
by Zach McDonald: HybridCars.com
Fisker announced this week it had completed a successful round of fundraising worth more than $100 million dollars, bringing total financing for the company to more than $1.2 billion. The new influx of private capital was necessary for the carmaker to move forward with its second model, the Atlantic sedan, which will reportedly be priced between $50,000 and $60,000.
Following a path similar to that of Tesla, Fisker hopes to work its way toward building increasingly affordable cars as its production volumes increase. Currently, it’s unknown where the Atlantic will be built or where the remaining money to begin production will come from.
As recently as last year, the carmaker had planned to use the bulk of its $528 million Department of Energy loan to outfit a former GM factory in Delaware and begin production on the Atlantic. However, the DOE withheld $359 million of that loan money after Fisker failed to meet some of the loan’s requirements.
Though the setback delayed the release of the Atlantic somewhat, Fisker has spent the better part of the last year focused on the rollout of its current model, the Karma sports sedan. In addition, the carmaker garnered praise this summer for the hiring of its new CEO, Tony Posawatz, the former GM executive responsible for overseeing the Volt program.
Posawatz said recently that the company would announce production details for the Atlantic in December—including a timeline and manufacturing site. The company has also said that the original proposed Delaware site remains in consideration. “The intent and plan is to utilize that Delaware facility and build cars there in the future,” Posawatz said, as reported by Bloomberg.
The CEO also said his company resolved its DOE loan requirement issues and hopes to draw the remaining $359 million of the loan. The carmaker is currently exploring partnerships with other OEMs as it seeks to work toward an IPO stock offering down the line.