Stick a fork in `em, because Fisker’s about as cooked as it can get. As much as it saddens us, we have to admit that the once promising brand is set to be sold or head into bankruptcy. So far, Fisker has two interested parties, per a report from Reuters, that are looking to buy it out.
The most aggressive team is headed up by Bob Lutz’s VL Automotive and China’s Wanxiang Group, as they reportedly put in a bid of $20 million for the spiraling company. $20 million may sound like a big number for a nearly bankrupt company, but it is a far cry from the $2.2 billion valuation given to Fisker in the spring of 2012.
Of course, no one involved in the process is confirming the report of this super-low bid, but folks close to the situation are claiming that it is true and that Fisker is considering the offer.
There is one other team that is interested in purchasing the company outright, but there aren’t any reports of them bidding. However, there are reports that a third investment group is interested in buying out DOE’s $171 million interest in the company, which came as a result of the loan Fisker received in its infancy that was later frozen.
This is all we have for now, but we’ll keep an eye out for more reports as time goes on.
Click past the jump to read more about VL Automotive’s interest in Fisker Full story
In the past few months, things have gone from bad to worse for Fisker.It all started to come to a boil when its lithium-ion battery supplier, A123 Systems announced its bankruptcy and came to a head with Henrik Fisker’s decision to step down.
But things are continuing to spiral out of control for the company. Back in 2009, Fisker received a $529 million loan – only $193 million of it was actually given to Fisker – and the lack of sales mixed with abundance of troubles with the Karma have drained the company’s coffers, making the possibility of it paying that loan very slim. In fact, it was found that for each Karma sold, the company lost a total of $560k.
Today, the U.S. House Oversight and Government Reform committee are meeting to examine that huge loan received by Fisker, and Henrik Fisker will be there to testify for the failing company. That is not the real news here, as what’s really odd is that Fisker has taken its commercial and press sites off line in anticipation of the hearing. We are wondering what the site has to do with the hearings, but this is definitely not a positive sign. So, stay tuned for more details.
Hit the jump fore more details on Fisker Karma. Full story
In the latest episodes of his show, Jay Leno reviewed a series of classic cars, now the presenter did something completely different, as he brought the Army’s latest vehicle, which is designed to minimize fuel consumption and maximize the safety of our troops, into his famed garage: the FED.
The vehicle was delivered to him by Army General, Dennis L. Via, and Chief Engineer, Dr. Grace Bochenek, who also offer a tour of the vehicle. Leno also gets behind the wheel of the vehicle and he seems to have all the fun in the world while driving this Army-issue vehicle.
The Army’s latest FED is powered by a turbocharged and supercharged Cummins four-cylinder engine that delivers a total of 200 horsepower and 568 pound-feet of torque. It can hit a top speed of 75 mph.
So, what do you think; is Leno suitable as a driver for the Army?
Los Angeles police officers made a horrible mistake last week while they were chasing Christopher Jordan Dorner — a disgruntled ex-cop suspected of hunting down members of the LAPD and their families. According to an interview offered by LAPD Chief Charlie Beck, police offers were informed that Dorner was driving a gray Nissan Titan, which is a pretty solid description.
While LAPD was running surveillance on Dorner’s house, a pickup truck was approaching and police officers opened fire. When they stopped shooting they realized their mistake: the truck was not a Nissan Titan, but rather a Toyota Tacoma and it was aqua blue, not gray. Two innocent women were victims of this incident: Margie Carranza, 47, and her mother, Emma Hernandez, 71 who were there just to deliver copies of the Los Angeles Times.
LAPD Chief said that this incident occurred because the police officers were working under "incredible tension." A total of seven officers opened fire and at the end of the shooting, cars, trees, garage doors and roofs were all full with bullet holes. Emma Hernandez was shot in her back and is expected to recover, while her daughter escaped with only minor wounds from broken glass.
LAPD stated this was just a misinterpreted situation, but for sure this excuse won’t help them when the two women will start a lawsuit against them.
We can understand confusing vehicles, but to confuse an aqua Tacoma for a grey Titan is like confusing a blue Chevy Cruze with a red Ford Taurus: it’s nearly impossible regardless of the situation. Fortunately, everyone is expected to survive, but we’re sure the city of Los Angeles will have a mighty lawsuit on its hands…
When you work with people - and we can’t honestly find any segment of the industry that does not require it - there will always be at least one person not happy with the things you do or decide. Exactly the same happened to Porsche in India where apparently they managed to get their former dealer - Precision Cars - very angry.
In fact, things are very complicated as Precision Cars filed a criminal case against Porsche and the courts in Jaipur decided that Porsche CEO, Mattias Müller, and eight other Porsche execs can be arrested and issued warrants for said arrests.
In 2003, Porsche announced that Precision Cars would be its local distributor of cars in India. However, all of that changed in May of last year, as Porsche selected Volkswagen to be their distributor instead. Now Precision Cars claims they were not notified of the change and that leads to a breach in the contract.
Along with the criminal case against Porsche execs, the dealer also asked Interpol to help them attempt to apprehend "the bad guys." We highly doubt that Mr. Müller is sweating over this ordeal, as reports say that Porsche’s official response was “Good luck with that.”
It is pretty funny on one hand, but on the other hand, Porsche will have a lot to lose if they are forced to stop their activities in India, considering it has been a growing market in the past few years.
We’re going to make some popcorn and continue to watch this circus unfold…
Few car companies can’t wait for 2012 to end more than Fisker, as it combated quality issues, loan freezing and supplier bankruptcy throughout the year. Well, it looks like drama is going to follow the electric-car company into the New Year, unfortunately. As we already know, 338 Karmas were damaged during hurricane Sandy and some 16 units actually caught fire – not related to any faults by Fisker – and an insurance claim was submitted.
Apparently, the insurance company decided to void the claim after reviewing the claim. According to the report from Reuters, the issue becomes whether the damaged Karmas were “in transit” when they were damaged. In the case of “in transit” vehicles, sublimits beyond the $100 million limit on the insurance policy would apply.
In response to the denial, Fisker has filed a lawsuit against the company in an effort to get a court order for the insurance company – XL Insurance America – to pay the claim and for damages caused by the breach of contract. Hopefully Fisker can sort this out and get itself on track, as we were extremely impressed by the Karma on our test drive and we would hate to see any more hiccups in the vehicle’s production.
With premium automakers like Bentley, Porsche, Land Rover, and Lamborghini all being snatched up by more mainstream automakers, like Volkswagen and, dare we say, Tata, it is pretty obvious that it’s tough going for independent, niche automakers. Even Ferrari, which is doing extremely well so far in 2012, has a parent company in Fiat S.p.A.
Aston Martin is one of the few niche automakers that is almost going it alone, as Ford only holds a 15-percent share in the premium sports car company and the rest is shared between privateer David Richards, and Kuwaiti investment firms Investment Dar and Adeem Investment Co. Of those three, Investment Dar owns the majority of the company, which sits at 68 percent.
According to reports from Bloomberg Businessweek, Investment Dar is searching for a new home for Aston, but having a rough time selling the brand. It is trying to sell its share of the company for the same $800 million that it bought the company for just five years ago. One possible buyer is Mahindra & Mahindra Ltd., the current owner of SsanYong, but it appears as if Mahindra is not in the market to blow that kind of cash on the British automaker.
Another potential suitor, which is a bit of a surprise, is Toyota. The Japanese automaker actually went as far as to hire an outside auditor to do a week-long survey on the possibility of buying Aston Martin. From the looks of things, that audit didn’t turn out too well, as that happened two months ago and there is still no movement by Toyota.
As expected, Toyota and Mahindra declined to comment on the situation, and Investment Dar outright denied the claims that Aston is up for sale. Regardless of denials and lack of confirmation, the debt that Aston Martin has accumulated – about 1.37 billion dinars ($4.9 billion at the current exchange rates) – via an Islamic bond needs to be paid off and selling the company may be the only option.
Short of that, we may see Aston Martin go the way of the dodo bird…
After nearly a year of seeing Mitt Romney and Barack Obama fling mud – maybe even a little poo – back and forth at each other, the election is finally over. Love him or hate him, Obama is in office for another four years and he has already shown that he likes to dwell in the automotive realm (see: automotive bailout, Chrysler bankruptcy, and DOE loans for EV technology).
A big one on our radar these days is the renewal of the CAFÉ standards – yes, it was a renewal; the CAFÉ standards are nothing new – and their direct impact on the sport car realm. By the year 2025, all automakers must have a corporate average fuel economy rating of at least 54.5 mpg, a number that sports cars often drag down.
There is a good possibility that one of three things will happen due to these standards. First, is the chance that automakers install more advance turbocharging technologies on vehicles in order to keep their power output high and fuel economy high too. With those technologies come rising price tags – something we are already experiencing today. The second – most unlikely – scenario is the complete elimination of all powerful sports cars, leaving behind just the likes of the underpowered-for-a-true-sports-car Scion FR-S-like vehicles. The third scenario is one that would satisfy our itch for fast cars and the EPA’s itch for eco-friendly cars, and that is the widespread development of super powerful electric, hydrogen fuel cell or natural gas sports cars.
The latter situation is one that we already know is possible. Have a look as the Tesla Model S and you’ll see a car that can travel 300 miles on a charge and still zip to 60 mph in 4.4 seconds. And that is a rather large sedan, so imagine it as a sports car. Same goes for the mid-5-second sprint to 60 mph that the 5,000-pound Fisker Karma completes. The final example is the Maxximus LNG 2000 and its 1,600-horsepower natural-gas-powered engine.
We think that this renewal of Obama’s stay at the White House won’t necessarily bring about the conversion to alternative fuel sports cars in the next four years, but it will certainly accelerate the process significantly. We honestly think it is a thing to look forward too, not be afraid of. Just think, no more gas station trips!!
The Ford Focus ST has quickly become one of our favorite hot hatchbacks on the market today, as the U.S.-spec model pumps out a monstrous 252 horsepower and 270 pound-feet of torque, and gets this hatchback to 60 mph in just 6.2 seconds. The UK-spec Focus ST is slightly detuned – wow, we actually got the upper hand in performance for once – as it has 250 PS (246 horsepower) and 360 Nm (265 pound-feet) of torque, which gets it to 62 mph in 6.5 seconds and gives it a 154 mph top speed.
Apparently, the UK thinks so highly of Ford’s newest version of the Focus that it has been approved by the National Policing Improvement Agency (NPIA) for use by UK police officers. While Ford does not go into many specifics about what’s under the hood, we assume by the lack of information that this Police Patrol Vehicle pumps out the same 250 PS and 360 Nm of torque, which will give it a huge upper hand on most of the cars roaming the streets of the UK.
Inside, the Ford Focus ST PPV is a mobile data terminal, which allows the police to activate the various functions of the car and likely acts as the in-car computer system for checking up on bad guys. Atop the Focus’s compact body sits the obligatory blue-and-white light bar boasting long-lasting LED technology. The body of the demonstrator car that Ford is dragging around the UK is draped in white with your typical police livery.
Local police forces can pick up the Focus ST PPV for £21,995 ($35,156 at the current exchange rates) in hatchback form or for £23,095 ($36,915) for the estate (wagon) model.
Click past the jump to read Ford’s press release.
Last month, Koenigsegg unveiled the very cool Agera R BLT - a one-off supercar specially customized for a very rich Chinese customer using the company’s latest customer customization program. Unfortunately, the owner never had a chance to enjoy his one-off supercar because the Chinese officials have already seized the car.
Chinese officials stated that the car had been smuggled, since the driver never paid the import tax upon receipt of the vehicle. One look at the import tax and just about everyone will be able to see why the owner wanted to skip out on it. The Agera R BLT sold for $2.35 million, but after applying the import taxes, the price skyrocketed to $4.7 million - twice the value of the car. Yeah, anyone’s checkbook would raise an eyebrow on that one.
What makes the situation worse is that, according to the Chinese police, this seize is just part of a bigger anti-smuggling campaign that has netted vehicles from Rolls-Royce, Mercedes-Benz, Toyota, Porsche, Audi, and Range Rover. We all have to pay our taxes, people!