Earlier this week, Fisker announced that it had successfully arranged new equity funding in excess of $100 million, giving the start-up automaker cash for development of its mid-size Atlantic sedan, creation of a new Karma marketing campaign and expansion of its existing dealer network into new markets.
Expansion into the Middle Eastern and Chinese markets is seen as essential to Fisker’s continued growth, as both markets have expressed demand for the extended-range electric Karma. Like the Chevrolet Volt, the Karma is battery-powered but includes an internal combustion engine to power a range-extending generator.
Of the funding, Fisker’s CEO (and former Chevy Volt project head) Tony Posawatz said, “This is another major vote of confidence in Fisker’s pioneering technology and business model. We are grateful to both our investors and our initial customers who have supported our company and are quickly becoming our biggest advocates.”
Launched in December of 2011, Fisker has delivered some 1,500 Karma sedans to customers. A second (and more economical) model, the Atlantic, was shown at this year’s New York Auto Show and was supposed to see production at a former GM plant in Delaware until cuts to Department of Energy loans forced Fisker to shelve the project.
With the influx of new funding, it looks like the Atlantic project will soon be revived. In Posawatz’s words, “The Karma is already a testament to U.S. automotive innovation and advanced technology and we intend to announce our production plans for the Atlantic and a timeline by December of this year.”
Unless something changes, it sounds like we’ll have more news on the Fisker Atlantic by year-end.