Latest news with #HenrikFisker
Newsweek
5 days ago
- Automotive
- Newsweek
Which Automaker Startups Will Be a Success? Analysts Weigh In
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The road to automaker profitability is littered with names that are both familiar and long since forgotten. Even in today's business climate, where vast amounts of data are available at the fingertips, creating a car that people are willing to pay for is a moonshot. Henrik Fisker tried twice. VinFast has already pulled out of the U.S. Peugeot promised to come to America and is now firmly against it. "Ultimately, surviving in the automotive industry isn't just about vision—it's about endurance. The startups that win will be the ones that don't just launch well, but scale wisely, deliver consistently, and adapt faster than the giants they're trying to disrupt," Paul Waatti, director of industry analysis at AutoPacific, told Newsweek. Newsweek asked some of the world's top auto industry analysts to weigh in on the potential future of six companies, all of which fit into the category of startup, even if they have been around for a while: Rivian, Lucid Motors, Tesla, Slate, Dacora and Scout Motors. Rivian Rivian is the standout in this group, turning a profit where others have struggled. In the fourth quarter of 2024, the automaker had a gross profit of $170 million. In the first quarter of 2025, a gross profit of $206 million was achieved. Rivian R3 front three quarter view. The Rivian R3 will be smaller and less expensive than the R2. Rivian R3 front three quarter view. The Rivian R3 will be smaller and less expensive than the R2. Rivian "Rivian, despite still experiencing financial growing pains, is on a good path. The recent mid-cycle actions on the R1 models have resulted in truly world class software that actually rivals Chinese efforts," Ed Kim, president and chief analyst at AutoPacific, told Newsweek. Rivian's future was more securely put in place when its joint venture with Volkswagen was announced. VW invested $5.8 billion in Rivian VW Group Technology, LLC to develop an electric vehicle platform and software based on current and future Rivian technologies. "With Amazon as a flagship customer, and a Volkswagen partnership, Rivian is aggressively scaling its EV footprint across delivery fleets and consumer vehicles. But this transition year brings production costs and margin pressure into focus, as competition from legacy automakers intensifies. If successful, Rivian's strategic partnerships and expanding charger network could secure its place as a dominant player — but sustainable profitability remains the most important objective," Tony Salerno, vice president at J.D. Power, told Newsweek. The next major hurdle Rivian looks to clear is the production of its R2 SUV, which is smaller than the established R1 model. With a lower price point and larger market appeal, it could be the home run that the company needs to find even firmer footing. A woman walks on the sidewalk at the Rivian Charging Outpost in Joshua Tree, California. A woman walks on the sidewalk at the Rivian Charging Outpost in Joshua Tree, California. Rivian "Now, Rivian faces its biggest make-or-break moment yet, the introduction of its R2 electric SUV. The R2 will be Rivian's first volume model with pricing expected to start below $50,000, and it's conceived to take Rivian into the mainstream. Plenty of consumers seem to be excited as it will offer all the style and capability of the R1S with a smaller and more manageable size and price tag. The success or failure of R2 will largely determine Rivian's fortunes going forward," Kim said. What Rivian's CEO RJ Scaringe told Newsweek: "As we head into the second half of 2025, there's tremendous amount of momentum as we work towards the launch of R2. I couldn't be more excited for what's ahead, and can't wait for R2 deliveries to start next year." Lucid Motors Lucid Motors started its work on its first car in 2014 and debuted the Lucid Air sedan in 2016. Production of the model commenced in 2021. A year prior, the company showed off an SUV concept that would evolve into the Gravity production model. Deliveries of Gravity began late last year. "Launching a luxury car might be seen as misreading the market, but the Air's lower profile and lighter weight compared to an SUV allowed them to hit that magic 500-mile mark for EV range, which established their technological capabilities. Early reviews on the Gravity are positive, but, like Rivian, they are waiting for their 'Model 3' moment to scale up with their new affordable SUV (and face the same challenges as Rivian in that regard). Their chances of survival are not quite as strong as Rivian but still good," Adam Bernard, founder and principal at AutoPerspectives, told Newsweek. 2025 Lucid Motors Gravity 2025 Lucid Motors Gravity Courtesy of Lucid Motors "Backed by the deep pockets of Saudi Arabia's sovereign wealth fund, Lucid has built some of the most technically advanced luxury EVs on the road. Yet it continues to struggle with sales and profitability targets, putting pressure on execution. The Gravity SUV may offer a much-needed volume boost, but the company's success hinges on continued foreign backing and its ability to navigate current EV market headwinds," Salerno added. The California-based automaker is looking ahead to its next model, Earth, a smaller crossover. "As it prepares to launch its more attainable sub-$50K electric crossover by the end of this year, it - like Rivian - aims to enter the mainstream auto market and utilize its signature Lucid strengths detailed above to make its mark among regular, non-luxury customers," Kim said. Lucid Motors did not reply to a request for comment from Newsweek. Tesla Tesla was early to the electric vehicles (EVs) game and continues to make models that buyers want. The company has struggled as of late between political controversies surrounding the business and its leaders, and the Cybertruck not reaching its perceived potential with customers. But, with its Cybercab robotaxi fleet aimed to come to fruition soon, there's fresh meat on the horizon. "Tesla remains the undisputed heavyweight of the EV industry, with unmatched scale, brand awareness, and a vertically integrated model few can replicate. However, regulatory pressures, intensifying competition, political climate, and a maturing EV market are beginning to challenge its long-held dominance. That being said, Elon is a fierce competitor that should not be underestimated," Salerno said. A rendering of a Tesla Cybercab robotaxi. A rendering of a Tesla Cybercab robotaxi. Tesla Is Tesla a startup? Is it one of America's new legacy automakers (a grouping that usually includes General Motors, Ford Motor Company and Stellantis)? At two decades old, it fits somewhere in between. If it's going to stick around, it needs to weather the current storm and continue to evolve. "This company is no longer a startup. They have plants in three countries and sold more than 1.8 million units last year—twice Subaru's global sales and more than Mazda," Stephanie Brinley, associate director of AutoIntelligence at S&P Global Mobility, told Newsweek. "Tesla's opportunity is still in its EV accomplishments, even with consumer concerns over the CEO's affiliation with U.S. politics, and his other controversial statements. Tesla's sales challenges in the past year or so are more deeply rooted in the impact of inconsistent pricing strategies and aging models than the headlines. "The updates to Model 3 and Y are not enough to get loyal buyers to upgrade or buy for a third time. For new EV buyers, there is much more competition, and most of it looks fresh compared with the older Tesla designs. Delayed products and minimal updates for existing models are fundamental car company problems, and Tesla has them. "The Cybertruck has been polarizing and not met the sales targets Tesla wanted. Even if it turns out to be a miss, a single product miss isn't enough to end most car companies, and it won't end this one," she said. Tesla did not reply to a request for comment from Newsweek. Slate Slate made big headlines this year when it first debuted a peek at its upcoming model in the pages of Newsweek, then again a few weeks later at its formal brand and company launch event. The company plans an American-made truck that converts into a number of other body-style configurations, including an SUV. Slate intends to begin selling the vehicle by the end of next year. Renderings of Slate vehicles modified for perspective consumers. Renderings of Slate vehicles modified for perspective consumers. Slate Kim calls the company's offering, "a true countercultural proposition." He also said: "Many car enthusiasts like to wax poetic about bare bones vehicles of the past, but the reality is that most of today's new vehicle shoppers want amenities. Are there enough people who want a bare-bones DIY electric trucklet to the tune of 150,000 units a year? Slate thinks so and is betting its future on it." Salerno warns that Slate, "...faces some vulnerability if one of the established automakers like Ford shifts the playing field." Brinley sees vulnerabilities elsewhere as well saying, "The Slate also underscores that to get something affordable or inexpensive means giving up features and technology – though there are some buyers who will appreciate that it isn't connected. A two-door pickup formula is easier to engineer and cheaper to build, but U.S. consumers shun two-door pickup trucks for almost anything but work trucks. The two-door configuration will limit sales. Slate is intriguing and will be a great formula for some buyers. But will it be enough buyers for a sustainable business? We'll see." What Slate told Newsweek: "Slate is revolutionizing the build process by simplifying it, allowing us to get to high quality volume production and pass the savings on to our customers. Having a reliable, affordable vehicle may be a life-changing opportunity for those who thought it was impossible." Dacora Dacora is hoping to break into the super high-end market with an electric vehicle that is designed and engineered in the U.S. The company is just beginning to talk about its business and take reservations. "Dacora is still largely unproven publicly, but like any stealth startup, it will need to prove that its idea translates not just to a cool prototype but to a business with staying power. As with many mobility upstarts, the runway is short, and expectations are high," Waatti said. Bernard is equally skeptical: "With Bentley and Ferrari boasting about the profit-generating capabilities of their bespoke services, Dacora is going after a relatively small but valid niche (where Rolls-Royce and Cadillac's Celestiq already play). However, information on the business plan is difficult (or impossible) to find. The website is sparsely populated; buyers interested in dropping $50,000 will have to dig through LinkedIn to find who will be spending their money. They will soon discover many functions aren't represented (yet) and there's not a lot of automotive experience in the existing team. Right now, this seems like a fascinating idea that hasn't been fleshed out enough to know if it will work." Once up and producing, scaling production is key to Dacora's success, even with few orders to execute per year, Salerno said. "Dacora is entering the EV market with a uniquely American, ultra-luxury offering — handcrafted and priced north of $300,000. Its exclusive, retro-inspired design targets an elite clientele, but scaling sustainable profitable production with heavyweight rivals like Rolls-Royce and Bentley presents obstacles." What Dacora told Newsweek: "Dacora truly stands apart. We've fused the rich culture and heritage of ultra-luxury automotive with a powerhouse team — deep technical talent alongside seasoned industry veterans who know what it takes to scale and succeed," said Kristie D'Ambrosio-Correll, co-founder and CEO of Dacora Motors. "The ultra-luxury segment is vastly underserved and offers exceptional unit economics. Our coachbuilding approach reduces upfront capital needs and allows us to rewrite the traditional EV go-to-market playbook. And it's working — pre-orders already represent nearly $40 million in first-year revenue." Scout Motors Last year, Scout publicly revealed plans to bring a Terra truck and Traveler SUV to market in two years. Building on the roots of decades of branding from the mid-1900s, Scout Motors, though a thoroughly American company in terms of product and engineering, is financed under the Volkswagen Group umbrella. The company plans a direct-to-consumer sales model but has been challenged in court by new car dealers over the legality of those plans, something that Salerno notes adds complications to its launch. In the pros column, Kim lists the company's plug-in hybrid powertrain variant as being on track to appeal to customers in ways a fully-electric vehicle does not. And, Scout's manufacturing plant near Columbia, South Carolina, is poised to benefit Volkswagen Group brands in the future as the company looks to regionalize production, he explained. "Having VW support will be critical, in terms of funding but also in terms of expertise and talent. Scout has drawn heavily from Volkswagen Group ranks and been able to poach respected industry veterans from other companies. Scout's plans to use the Rivian architecture via a Rivian-VW joint venture is an illustration of the importance of having a strong parent," Brinley said. "At first blush and on paper, the Scout products look terrific. They are attractive, have plenty of technology delivered in a more familiar setting, and the mix of range-extended electric and battery electric powertrains provide choice." Bernard sees parallels between the history of General Motors and today's Volkswagen Group business plan. "In many ways, Scout is intending to do for SUVs and VW Group what Saturn did for small cars and General Motors; for VW Group, it's a new brand, a new architecture, a new plant, and a new way of selling vehicles. America's continued interest in SUVs may offset lower-than-expected demand for the pickup, and the range extender (which uses a configuration that no other automaker has yet tried) should address concerns over EV demand," Bernard said. There are additional concerns. "Expectations are high, and success hinges on the flawless execution of both product and manufacturing in the U.S.—something VW hasn't always nailed in the past," Waatti said. What Scout Motors told Newsweek: "A storied legacy and a running start combine to create an enduring brand and business built for success. Scout Motors meets the American market by entering the core of the U.S. automotive segments – rugged SUVs and full-size pickup trucks. The Scout Traveler SUV and Terra truck will address roughly 40 percent of the U.S. auto market and will be built in America in a way that combines American entrepreneurship with the backing, scale, and manufacturing know-how of the Volkswagen Group. This enables Scout Motors to deliver upon a competitive cost base and move with speed. Scout Motors meets the American moment by supporting the revitalization of American manufacturing through its multibillion-dollar investment into its Production Center in Blythewood, South Carolina. Spanning 1,100 acres and creating more than 4,000 good-paying jobs, Scout Motors' Production Center will have the capacity to build more than 200,000 Scout vehicles per year when fully ramped up. Construction is on track, and factory hiring will start soon. Across categories, the most successful American brands and products have always had a bit of magic. Scout Motors combines highly credible vehicles with a beloved brand and a passionate community that has kept the scout spirit alive for decades. By combining its product heritage with modern ingenuity while leaning in and listening to the existing Scout community and fans, Scout Motors is unlike any other new automotive entrant. Consumer response to the reveal of the Scout Traveler and Terra is extremely positive. The Harvester range-extender option, connection-focused features like the bench seat, and a return to tactility and utility are resonating with consumers. That enthusiasm is reflected in reservation counts. There's plenty of road ahead as Scout Motors works to bring these incredible vehicles to life and invest in communities and people."
Daily Mail
07-05-2025
- Automotive
- Daily Mail
EXCLUSIVE Our £42K Fisker EVs have battery issues, glitchy software, make weird noises and can't be fixed because the firm's gone bust - here's why we STILL love them
When car designer Henrik Fisker unveiled his Ocean electric SUV at the end of 2021, he told the Los Angeles Auto Show it was his mission to create the world's 'most sustainable vehicles'. But 'sustainable' is probably the last word that would be associated with the 10,000 Oceans that eventually made it to production - after the company went bust and took long-term support for its only model with it. Since deliveries began in 2023, Fisker Oceans have been plagued with issues ranging from the inconsequential - slow touchscreens and no air conditioning - to the downright dangerous, such as complete loss of braking power while driving. But while Fisker itself is gone, a small but hardy group of Ocean owners have stepped into the breach to keep their cars going for as long as safely possible. Motorists have clubbed together on Facebook to share tips on how to fix their cars, while others have taken to YouTube with tutorials on fixing pop-out door handles. Overseas, a group of programmers have created an app that allows people to diagnose glitches and program new car keys. It's an extraordinary response to an extraordinary situation that would have otherwise left owners in the lurch. And Fisker drivers have told MailOnline they have no intention of letting their cars go - enamoured with the styling, enviable power and practicality, regardless of any less desirable qualities it might throw at them. Among them is Teo Bradley, who bought his top-flight Fisker Ocean Extreme in November 2023, handing over £58,000. He found himself glued to YouTube trying to find information on Fisker's collapse as word got around that the company - Henrik Fisker's second stab at large-scale car production - was in serious trouble. And as the company went under, taking its infrastructure with it, he found that certain features disappeared. Among them, the Fisker app, which allowed users to unlock their car with their phone, as well as updates to the satellite navigation. Regardless, he says he can't bring himself to part with the 'awesome' machine. 'I love the styling of the car and the acceleration is phenomenal,' he said via email. Mr Bradley has also experienced a number of issues behind the wheel. These range from the car slamming on its brakes after spotting a non-existent 'phantom' object in front of its sensors as he pulled out the driveway to the interior lights turning themselves on as he drives along. He did, however, brand the claimed 440mile range - obtained under the industry-standard WLTP testing conditions - an 'absolute lie'. At best, he managed 290 miles at best on the Fisker's 113 kWh battery. 'There are still minor glitches like bright sunshine affecting the safety alerts like lane assist and emergency stop, and the usual bings and bongs,' he admits. 'I'm happy to live with it so long as it keeps behaving itself.' After Fisker collapsed many owners rallied together to keep their cars on the road - and to help out others finding the idea of going it alone a bit foreboding. Among them is Jon Lamb, an electronics engineer from Hampshire, who has poured hours into YouTube videos showing Ocean owners how to perform some of the basic maintenance that Fisker is no longer around to do. The DIY-loving handyman picked up his Ocean for a song in March and has already shared a series of videos of essential maintenance on YouTube under the name comeinhandynow. Among his tips and tracks are how to change the car's windscreen, removing the door handles, fixing the NFC reader that unlocks the doors and sorting the 'ghost lights' experienced by Mr Bradley. He has also made some modifications to the car - installing gas struts and a manual release for the bonnet, which do not come as standard. Mr Lamb fully admitted to MailOnline he bought the car expecting a challenge - but having spent his life fixing cars he was ready for even the persistent battery issues that see 12V units sucked dry by a myriad of on-board software running at all times. But he fully capitalised on the collapse of Fisker itself, paying less than £15,000 in March for a car that cost four times that when new. A line of Fiskers found in Nottingham and later snapped up by an auction house are expected to fetch the same price as they are sold over the next few months to plucky Fisker fans ready to dive in at the deep end. 'You couldn't get anything else for that money and I was prepared to take the risk,' Mr Lamb cheerfully explained. 'I'm quite a convert to electric cars now - I just think they're better. And I have had nothing really major happen. 'When it rained, it was beeping and telling me the cameras and sensors couldn't see but you realise it's just getting blinded by lights and rain blots. 'The only difficult thing has been getting insurance: only one company is covering them and I had to pay about £1,000.' Mr Lamb is among the Ocean owners doing his bit to keep the cars going - and those backing the car are not going down without a fight. A Fisker Owners Association was established to build up an established support network of experts and technicians to keep them on the roads. As for fixing the software issues frying the air conditioning and the brakes, a group of Armenian software developers has created a tool called Freesker to help drivers identify issues at home. It communicates with a Bluetooth dongle plugged into the car's diagnostic port and can reset systems and even reprogram car keys. In an ideal world, these issues would have been sorted by Fisker - but with no Fisker to speak of, owners are working to do it for themselves. 'There are some garages offering support, the Fisker Owners Association is coming out with its own app, and there are things we can fix ourselves if you are engineering-minded,' Mr Lamb adds. 'It's what made me buy it in the first place. It's such a bargain of a car and I will probably keep it for a number of years unless something goes catastrophically wrong, which I doubt. 'Parts won't be a huge problem as some of these will end up being stripped for parts. 'If you buy one, you get a lot of car for your money. There will be people that bought one for a very high price who are displeased and have given up - but for those of us doing what we can (to keep them on the roads), it's good enough. 'I'm very pleased with it - and it's nice to drive.' Not every Fisker owner has been happy. Last month, MailOnline spoke to Southampton marketing manager Karin Simonsen, whose Fisker Ocean packed up after suffering a series of software glitches. She had been in the middle of preparing to hand the car back to Fisker when the company went under - but can't drive the car after a software problem left it unable to go into forward gear. Technicians then disconnected the 12V battery to stop the alarm from whining incessantly - leaving her with a 2.5tonne brick on the driveway of her home. 'It has just been, from day one, a catalogue of catastrophes,' she told MailOnline. The experience of an all-software car has put her off ever buying an electric motor again. Fisker, meanwhile, agreed to wind down operations last year under a bankruptcy plan that saw US firm American Lease take control of more than 3,000 unsold cars and the Fisker server that can send updates out to cars via the cloud. Henrik Fisker, the engineer who gave the firm its name, has gone to ground since the company filed for bankruptcy in the US and the UK last summer. He has not responded to MailOnline's requests for an interview but he and his wife Geeta Gupta-Fisker, who served as the company's chief operating and chief financial officer, are facing multiple shareholder lawsuits.
Daily Mail
29-04-2025
- Automotive
- Daily Mail
EXCLUSIVE I bought a Fisker Ocean EV for £42,000...but have now got a 2.5-tonne garden ornament stuck on my drive after the company went bust and it stopped working
A woman who snapped up a sleek £42,000 Fisker electric SUV has been left with a 2.5 tonne 'garden ornament' that can't move after its software packed in and the firm went bust. Karin Simonsen, a marketing manager from Southampton, made the leap to battery-powered motoring with a Fisker Ocean Sport in December 2023 - setting aside concerns that businessman Henrik Fisker's last car company had gone bust. But the 52-year-old's electric dream became a nightmare as she suffered repeated issues with its software. Fed up, she decided to send it back to Fisker under the terms of the warranty. But when someone came to collect it, it would not start. Days later, Fisker Inc. filed for insolvency - meaning she had nobody to return the car to. Technicians had disabled the 12 volt battery after the alarm kept going off - but this has left it an inert brick that can't be moved or even opened. Far from having her dream motor, Ms Simonsen has been left with a car-shaped paperweight in her driveway for the last 10 months, with no end to the saga in sight. 'It has just been, from day one, a catalogue of catastrophes,' she told MailOnline. The experience of an all-software car has put her off ever buying an electric motor again. Ms Simonsen decided to make the leap to electric at the end of 2023 after test-driving a Fisker Ocean and falling in love with the car's cool eco-credentials, including its use of recycled materials and zero carbon emissions. Despite the fact that the company's founder, Henrik Fisker, had failed once before - his first firm, Fisker Automotive, filing for bankruptcy in 2013 - she was confident that his new venture would have more success. She took out a bank loan and picked up the car from the glossy Fisker Lounge shop at London's Westfield shopping centre. Like rival firm Tesla, Fisker eschewed contracting sales out to dealerships in favour of selling directly to customers via its own shops at the Westfield and in Milton Keynes. Even then, there was a cruel omen that she admits she should have heeded: the car failed to recognise the key fob and wouldn't start. 'Something in me said, "Don't do it, Karin" - but I overrode that in the excitement of my new car and took it home,' she said. 'Ever since that day I've had issues with the vehicle, loads of them. Lots of things didn't work on it, and they would always say, "it'll be a software update, that'll fix it".' Common issues with the Fisker Ocean software saw many of its basic features hampered - from the key fob issue Ms Simonsen experienced on day one to issues with its air conditioning. But there were also far more serious issues, including errors with sensors and safety systems and even sudden losses of braking power. After experiencing a raft of problems with the car - which repeated visits by Fisker technicians failed to fix - Ms Simonsen decided she had had enough. She contacted Fisker in June to send it back under the terms of its warranty, and the firm sent out a trailer to pick it up - only to find that they could not start the car. An issue with the 12 volt battery meant the alarm was constantly going off - so technicians ultimately disabled it - having to remove part of the front of the car just to access the bonnet - and ended up immobilising the vehicle altogether. 'The day they came to take it away it wouldn't go into drive so they couldn't get it onto the car trailer,' she said. It would be the last time she would see them - days later, Fisker filed for Chapter 11 insolvency in the US, taking its UK operations with it. The British subsidiary, Fisker (GB) Ltd - owned wholly by the US parent - then filed a petition to be wound up on July 23. Its director Dr Geeta Gupta-Fisker - Henrik Fisker's wife, and the company's chief operating and chief financial officer - did not appoint an administrator. The Insolvency Service has appointed the official receiver of London to handle Fisker's liquidation, leaving it with the unenviable task of helping people like Ms Simonsen get her money back. She has been left in limbo because Fisker authorised the return of the car, for which she was set to receive a refund - but she is now unsure when, or even if, she will see any of her cash again. There is no sales support; no technicians; no Fisker left to contact - and a big 2.5tonne reminder that she is £42,000 out of pocket visible from her front window. She added: 'It's a nightmare. Now my car is actually just bricked. It's a garden ornament because it won't go into drive. It's sat there since June. 'I've been back and forth with the Insolvency Service but I have no idea about anything. I'm literally at my wit's end. I've got a car I can't move.' Sources with knowledge of the Fisker liquidation said the process was likely to last several more months owing to the 'complicated' nature of the process. And while Ms Simonsen says she has been speaking to members of the Fisker Owners Association - a club set up by those determined to keep their Oceans on the road - she is worried that trying to get the car going again might affect her return. She tried to file a claim as a creditor in Fisker's US insolvency case too - but received a letter informing her that her claim would not be taken forward. 'I've got a beautiful vehicle - if it was working it would be absolutely fine. And I see all these wonderful people having a great time in theirs, but I'm not,' she said. In a stroke of luck she credits to gut instinct, Ms Simonsen still has a car to keep her on the road. She kept her old diesel motor when she got her Fisker after the EV was delivered months ahead of schedule. Unlike her snazzy EV, it actually works - and she says she is unlikely to go electric in the near future while cars like the Ocean continue to exhibit problems. 'I shall be sticking to a fossil fuel vehicle - it has put me off supporting the environment because this is what happens. Electric car ownership is not what it is cracked up to be,' she said. A spokesperson for the Insolvency Service said: 'We are unable to comment on ongoing liquidation proceedings. 'Customers who are owed money by a company in liquidation can find out more information on – including how to register a claim as a creditor if money is outstanding.' Fisker is facing a number of lawsuits in the US after appearing to over-promise with its flashy electric cars - and it's not the first time one of Henrik Fisker's enterprises has gone under. The car designer, who led design on the BMW Z8 sports car, founded his first self-titled firm Fisker Automotive in 2007, producing the Karma range-extended EV. The Karma achieved great public attention for being ahead of its time, appearing on Top Gear. The firm even courted Leonardo DiCaprio as an investor. But production deadlines were missed and the cars were subject to numerous recalls; the firm then lost more than 300 cars to floodwaters wrought by Hurricane Sandy. The firm was liquidated in 2013, with Fisker retaining the trademarks and the remaining assets, including the Karma's design, sold to China's Wanxiang Group. Undeterred, Henrik Fisker courted new investors and founded Fisker Inc in 2016, while the UK firm followed two years later. He had huge ambitions for the firm, with plans for an 'urban' electric vehicle, a sports car and a pick-up truck that ultimately failed to materialise. There was even a plan to give a Fisker to the late Pope Francis, converted into a Popemobile with a glass box from which the pontiff could wave at the faithful. But reports suggested Fisker was spending more on developing and building cars than it was making back through sales. Plagued by issues with the 10,000 Ocean cars that made it into production, it ultimately threw in the towel last summer. A number of unsold Fisker Oceans have since cropped up in the UK, with a convoy of them dumped in Nottingham seven months ago by a dealership after the company went bust. John Pye Auctions has since collected them on instruction from Fisker liquidators and will sell them, along with almost 50 others, at auction in the coming months. Some of them have already gone under the hammer for as little as £15,000, far below their recommended retail price of up to £57,900. But future Fisker owners - even those determined to keep their cars going - will likely struggle in future as part supplies run dry. A deal to transfer Fisker Ocean owners to a new service in a bid to keep updates going ran aground after the firm admitted it could not move them. As for Mr Fisker himself, the Dane has effectively gone to ground since the company filed for bankruptcy. His LinkedIn online CV describes him as a 'risk taking, innovation loving, protocol challenging automotive designer and entrepreneur that's (sic) turns dreams into reality and never gives up'. His last post on the social network, in December 2023, was a boldly worded rebuttal to reports that the company was in trouble as its share price plummeted 75 per cent in two months. 'I believe the negative reports about the company have been overblown,' he said. His CV now describes him as 'chairman and CEO at Fisker Inc until October 2024'.
Yahoo
07-04-2025
- Automotive
- Yahoo
Why Genesis May Retire the G70 to Move Further Upmarket
Genesis, approaching a decade as a stand-alone brand, is at a crossroads as it works to compete with German luxury automakers. At a media event in South Korea, a Genesis executive suggested that the entry-level G70 compact sedan could be a casualty of the brand's move upmarket. The increasing focus on larger models including the G80, G90, GV80, and GV80 is part of that push. The luxury-car market is a highly competitive space, and its customers tend to be fiercely loyal to their preferred brands. Breaking into that market as an upstart brand is a daunting task—just ask Henrik Fisker about the difficulty of pulling customers away from automakers they've bought cars from their entire adult lives. Despite those challenges, Genesis, the luxury arm of Hyundai, has been doing an admirable job for 10 years now. Looking to shake off preconceived perceptions tied to Hyundai's early days, the Genesis name was spun off into a stand-alone brand in late 2015. The move allowed Genesis to stand on its own two feet as a genuine luxury brand capable of competing with the likes of BMW, Lexus, and Mercedes-Benz. Now, approaching the brand's 10th birthday, Genesis executives face a decision: Do they carry on as a value proposition, or do they drift upmarket with cars that offer a higher profit margin? Speaking to media in an event attended by Car and Driver last week, Genesis global product officer Marc Choi explained that there is a push/pull within the Genesis leadership structure for where the brand should position itself. As the cheapest model offered by Genesis, the $44,000 G70 compact sedan is central to those discussions. "It's very attractive to think, okay, let's do a front-wheel drive, $45,000 or below model, but we want to avoid making that hasty decision," said Choi. "Our goal for the brand is to pull up the brand equity, so we're resisting at the moment. So even within our lineup, we want to focus on some of the larger products like G80, GV80, and G90 series where we can make more product and equity for the brand." And focus on those models it has. In the Middle East, Genesis puts itself into the ultra-luxury sphere with a one-of-one program for its wealthiest customers. For the rest of the world, the 2025 G80 and GV80 both got facelifts, with Genesis adding a coupe version of the GV80 to the SUV lineup. Just last week, Genesis executives told us that Prestige Black versions of the G80, G90, GV80, and GV80 Coupe are making their way to the U.S. later this year. At the same time, Genesis revealed a pair of coupe concepts based on the G90 sedan. While the brand wouldn't commit to production, we wouldn't be surprised to see them go on the market eventually. Given that focus, we're back to the leadership group's decision. "We always consider [the low end of our range], and we want to create potentially a next-generation G70 with a little bit more affordable price range, but we need to compete within our sister brands as well, so there needs to be a kind of balance." Sadly, for fans of the compact sedan, more success for the Genesis brand could mean leaving the G70 in the past as the company aims for bigger and better things. That said, we don't expect Genesis to fully abandon the cheaper end of its lineup, as the GV70 SUV continues to be its bestseller by a wide margin. You Might Also Like Car and Driver's 10 Best Cars through the Decades How to Buy or Lease a New Car Lightning Lap Legends: Chevrolet Camaro vs. Ford Mustang!
Yahoo
21-03-2025
- Automotive
- Yahoo
Karma Lays Out Its (Optimistic) Product Plans Through 2028
Every couple of years we have to check in with Karma to see what they're doing. Now's a good time. Yesterday Karma unveiled yet another new model, a hybrid-electric coupe called the Amaris, based on the third-generation Revero architecture. I saw it at Karma headquarters in Irvine, California, and it looks nice. It's pictured above. It's hard to keep track of all this Karma stuff without a program, so here's a refresher. The current Karma Automotive came about when Henrik Fisker's Fisker Inc. went bankrupt in 2014, due to the bankruptcy of battery supplier A123 and Superstorm Sandy wiping out a bunch of finished Fiskers on a dock in New Jersey. The current Karma Automotive was founded when Chinese auto parts supply giant Wanxiang purchased the assets of Fisker Inc. at a bankruptcy auction. Are we clear on all that? Now have a look at the current and future Karmas, presented on a timeline from now till 2016 Karma Automotive began building a 'new' car called the Revero based on the bones of the former Fisker. In fact, it looked and drove like a Fisker. A few years ago it got a refresh. The Revero four-door four-seater is now in what Karma calls its third generation, with a 28-kWh battery good for not-quite-80 miles of all-electric range. But Karma makes only 160 Reveros a year at its assembly facility in Moreno Valley, California. Soon you'll be able to get a sportier version of the Revero called the Invictus, shown above, but they're only making 30 of that comes the Gyesera hybrid (Karma uses the term EREV for plug-in hybrid, meaning Extended Range Electric Vehicle). The Gyesera is yet another take on the Revero architecture, with four doors and a newer-looking body. Karma said yesterday that the Gyesera will be in production by the end of the year, also in Moreno Valley. The Gyesera four-door was previously shown as a battery-electric, but changing market conditions—i.e., lower-than-expected demand for EVs—forced a return to PHEV/EREV Amaris is the two-door coupe that was revealed yesterday at Karma HQ in Irvine. It will also be a hybrid, with its own take on the Revero architecture wrapped in a hot carbon-fiber body. It'll come out in the fourth quarter of 2026, Karma claims. You can see it at The Quail this summer, complete with an interior, a feature the model displayed at yesterday's program did not is Karma's electric super coupe, with 1,000 hp, 0-60 mph in 3.0 seconds, and a top speed of 180 mph. It even has a range of 250 miles, Karma says. It's going into production in 2027. Karma promises 'otherworldy presence forged by the American spirit,' as well as butterfly doors that 'open with a dramatic flair, reminiscent of a red-carpet arrival.'And finally, the Karma Ivara GT-UV (Grand Touring Utility Vehicle) will arrive in 2028. The Ivara sports near-SUV proportions. Karma says it establishes 'a new segment of multi-terrain capable vehicles, the GT-UV, or Grand Touring Utility Vehicle. Its signature Comet Line draws exotic proportions, projecting an otherworldly boldness unseen before in the ultra-luxury segment.' Will any of it happen? Who knows? Karma president Marcus McCammon, whom we've known since he was product manager of the Dodge Neon SRT-4 more than 20 years ago, says the Moreno Valley facility can make 15,000 vehicles a year when it has three shifts working. He expects Karma Automotive to become profitable by 2028 or 2029. And somehow Karma Automotive has carried on since the company's founding in 2014. Ya just gotta believe!
