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Fisker Needs More Money, Says Key Investor

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Californian electric car startup Fisker Automotive will need to raise an additional $150 million to help fund its operations until its second model, the highly-anticipated Atlantic, makes its sales debut. The information was revealed by a key investor to the firm, and the recipient of the very first Karma, Ray Lane.

In total Fisker has accumulated close to $1 billion through private funding since the company was established in 2007. It was also promised a loan amounting to $529 million via the U.S. government’s advanced-technology vehicle manufacturing program, though close to half this amount has been blocked due to what’s believed to be missed deadlines in the development of the Atlantic.

Speaking with Reuters, Lane, who is also the former chairman of Fisker, said the company will need more money to fund its operations as well as continue development of the Atlantic.

Lane didn’t reveal how much was needed but said Fisker was in the process of raising funds through investors.

Despite some hurdles, Fisker has so far managed to build more than 2,000 examples of its $100k-plus Karma sedan, and the reception to the unveiling of a prototype for its Atlantic was very positive. Unlike the Karma, whose production is outsourced to Finish firm Valmet, the Atlantic will be built at a former GM plant in Delaware and it's expected to hit showrooms sometime next year.

It will be significantly more affordable than the Karma, with pricing expected to come in around the $50k mark once federal tax credits are included, which is about the same starting price as its intended rival, the Tesla Model S. Like the Karma, the Atlantic will feature an extended-range electric drivetrain, an updated version of Fisker’s ‘EVer’ system.
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