Henrik Fisker launches new electric car company
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Henrik Fisker, whose previous automotive venture collapsed in 2013 owing U.S. taxpayers $139 million, said on Tuesday he plans to launch a new electric car company next year to compete with Tesla.
Fisker declined to say who is funding his new California-based venture, called Fisker Inc, and a new battery subsidiary, Fisker Nanotech.
The Danish automotive designer’s previous venture, Fisker Automotive, once was a rival to Tesla Motors Inc (TSLA.O) in the nascent market for electric luxury cars. Founded in 2007, Fisker Automotive built fewer than 2,000 cars through 2012 while burning through $1.4 billion in private investments and taxpayer-funded loans from the U.S. Department of Energy. Fisker left the company in March 2013, before it filed for bankruptcy protection.
In 2014, Fisker was purchased out of bankruptcy by Chinese auto parts maker Wanxiang Group Corp (000559.SZ), and renamed Karma Automotive. Wanxiang also acquired bankrupt U.S. battery maker A123. It relaunched the Fisker Karma gasoline-electric hybrid sports car in August as the Karma Revero.
In an interview, Fisker said his new company plans a battery-powered model aimed at the Tesla Model S, which is priced at about $65,000. He did not specify when production would begin.
A second smaller Fisker electric car will follow, Fisker said, and will target the upcoming Tesla Model 3, which is expected to start at about $35,000.
Fisker said his new electric cars will be powered by a long-range battery that uses graphene to extend its range and life and reduce charging time. The company is targeting a 400-mile driving range between charges, Fisker said.
Fisker said his new venture is not connected with Wanxiang.
Questions & Answers
Q.What is the name of Fisker's new company and its battery subsidiary?
What is the name of Fisker's new company and its battery subsidiary?
His new California-based venture is called Fisker Inc, and the new battery subsidiary is named Fisker Nanotech. He declined to reveal who is providing the funding for these new businesses.
Q.Which Tesla models will Fisker's new electric cars aim to compete with?
Which Tesla models will Fisker's new electric cars aim to compete with?
Fisker's new company plans a battery-powered model to compete with the Tesla Model S, priced around $65,000. A second, smaller electric car will target the upcoming Tesla Model 3, expected to start at $35,000.
Q.What technology will power the new Fisker electric cars and what range are they targeting?
What technology will power the new Fisker electric cars and what range are they targeting?
The new electric cars will use a long-range battery that incorporates graphene to extend its range and life, and to reduce charging time. The company is aiming for a 400-mile driving range between charges.
Q.What was the outcome of Fisker's previous automotive venture?
What was the outcome of Fisker's previous automotive venture?
Fisker Automotive collapsed in 2013, owing U.S. Taxpayers $139 million, after building fewer than 2,000 cars. It burned through $1.4 billion in investments and loans before filing for bankruptcy protection.
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