Elio to sell $100 million in stock; 3-wheeler price raised, production delayed

Elio Motors prototype at New York Auto Show press conference, Apr 2015

Entrepreneur Paul Elio's concept for a simple three-wheeled car that would cost only $6,800 has now been with us for eight years. During that time, he has shown the car hundreds of times to diverse groups of people, taken tens of thousands of reservations, sold stock in the company, and suggested an EPA fuel-economy rating of 84 mpg highway. Elio Motors still doesn't have the money to put the car into production, however.

The company said in April 2014 that it had taken deposits for more than 15,000 Elios. In July 2015, it said it had raised $22 million through "crowdfunded" small-investor stock sales. But as The Drive reported on Friday, Elio still needs more than $100 million to launch production of the fuel-efficient three-wheeler. So the company has filed paperwork with the U.S. Securities and Exchange Commission to launch a secondary public offering of Elio Motors common stock that would raise that amount.

Elio Motors founder Paul Elio at New York Auto Show press conference, Apr 2015

Elio says its current reservation total has risen to 65,000. The price of the car has risen, too: it's now $7,450, still little more than half the price of a modestly equipped subcompact sedan or hatchback. Production, originally intended for 2014 or thereabouts, is now to start in 2019 at the earliest, according to the offering documents.

If production of the Elio three-wheeler does launch two years hence, it will be at a former GM plant the company bought in Shreveport, Louisiana. Formerly the site of Hummer assembly, the plant has been vacant for most of a decade, and some local residents have pinned their hopes for new jobs on Elio's success. Local media have remained somewhat skeptical about the company's prospects and finances over that time.

Elio E1A test vehicle under construction, June 2016

Elio had suggested two years ago that the company's need for capital could be supplied by loans from the Department of Energy's advanced technology vehicle manufacturing fund.

That program loaned roughly $8 billion to Fisker, Ford, Nissan, and Tesla in 2009; it lost more than $100 million when Fisker declared bankruptcy.

Tesla paid back its ATVM loan in full ahead of time, while Ford and Nissan continue to make payments on their loans, which make up the bulk of the $8 billion loaned out. The ATVM has been a source of political controversy since its Fisker loss, however, and D.C. insiders have suggested it is highly unlikely to make any further loans to startup automakers.

Fisker EMotion Electric Car Previewed Ahead Of August Reveal

Time was when a the first time a new car got shown to the public was at an event called a reveal. Now, the industry likes to tease the public with photos that show only portions of an upcoming new car in what might be termed a pre-reveal. The Fisker EMotion electric car is getting just such pre-reveal treatment this week. The company has just released a photo of the front of the car to whet people’s appetites.

Henrik Fisker is a respected automotive designer who previously worked for BMW and Aston Martin, among others. His first attempt at designing an electric car resulted in the Fisker Karma. It was actually more of a hybrid with a 4 cylinder Chevy engine wedged in under the hood. When the Tesla Model S was introduced, sales of the Karma plummeted and the company went bankrupt. It has now re-emerged as Karma Automotive.

Henrik Fisker is back with an all new company, one he claims will make a fast-charging, long-range electric car that has no battery. Instead, it will employ graphene-based ultracapacitors. The technology breakthrough comes courtesy of Nanotech Energy, a UCLA research group that specializes in perfecting graphene energy storage devices.

“Graphene shows a higher electron mobility, meaning that electrons can move faster through it. This will charge a battery much faster,” says Lucia Gauchia, an assistant professor of mechanical engineering and energy storage systems at Michigan Technological University. “Graphene is also lighter and it can present a higher active surface, so that more charge can be stored.”

Jack Kavanaugh, formerly with Nanotech Energy, has now partnered with Henrik Fisker to form Fisker Nanotech. “The challenge with using graphene in a supercapacitor in the past has been that you don’t have the same density and ability to store as much energy,” Kavanaugh says. “We have solved that issue with technology we are working on. Altering the structure of the graphene has allowed them to improve the supercapacitor’s energy density.”

In addition to its cutting-edge electricity storage feature, Fisker says the EMotion will be lighter than a comparable car because it will feature a combination of aluminum and carbon fiber in its construction.

View image on Twitter

 Follow

Henrik Fisker 

✔@FiskerOfficial

Fisker EMotion: Carbon & Aluminum structure = 20% lighter structure than other cars its size. New proportions with Extreme low hood.

8:44 AM - 24 Apr 2017 · Los Angeles, CA

 
•  1515 Retweets
 
•  4545 likes

August 17 is now scheduled to be the day when the entire Fisker EMotion is revealed for all the world to see. We know the car will feature four butterfly doors. Fisker also says it will have a range of 400 miles. Deliveries are scheduled to begin in mid 2018.

Source: Inside EV

Details Released About New Fisker Electric Sedan

We just got done talking about what Henrik Fisker has in mind for his next car. At the time that story ran a few days ago, there were no pictures available of the new car. Fisker has taken a page from Elon Musk’s playbook. He is now giving updates about his new company, Fisker, Inc., via Twitter. Yesterday he posted a photo of what he says is his latest car, which still has no name, so far as anyone knows.

There is little doubt what the new car’s target is. “I think it’s pretty clear when you look at the market, when you look at the premium market, there’s really only one company that is out there, and it’s Tesla,” he told Business Insider last week. To compete, you always need a hook. Elon Musk made falcon wing doors the hook for this latest car, the Model X SUV. Not to be outdone, Fisker’s latest creation will have two pairs of butterfly doors.

Younger people will recognize them from the McLaren F1. Older readers will associate them with the original bad boy supercar, the Lamborghini Countach. In any case, they are not gull wing doors and anyone who calls them that will be cold rolled in hounds tooth upholstery from a 1953 Mercedes 300 SL.

The designer says his sedan will be built primarily out of aluminum and carbon fiber. He also claims it will offer a roomier interior than “its closest competitor.” Gee, do you think he is talking about the Chevy Bolt when he says that?

Speaking of claims, Henrik says his other new venture, Fisker Nanotech, has created a revolutionary new battery that combines the best features of a lithium ion battery and a supercapacitor. Look for 400 miles of range and fast recharging times, he says. The comments we got to that news in our prior article suggest most of our readers are highly skeptical about whether that news is real or just vaporware. After all, Henrik has had some spectacularly bad experience with new battery technology before.

So we will take a wait and see attitude when it comes to the latest Fisker offering. If it performs as advertised, it could actually be the kind of “compelling electric car” Elon Musk is always begging other car companies to make. Fisker says he will be releasing more information about the new car next week. Maybe by then the car will have a name?

Source: The Drive  Photo credit: Fisker, Inc.

New (Sort Of) Karma Revero Seeks To Take A Bite Out Of Tesla Model S Market

The Fisker Karma is back, sort of. After Fisker went bust in 2013, its assets were purchased by Wanxiang, a Chinese company. From 22 employees then, the company has grown to over 600 today. It plans to have nearly 1,000 by the end of the year. The Fisker name is nowhere to be found any more, but the Karma name has been retained. The new version is known officially as the Revero.

Details revealed during the launch this week include a starting price of $130,000, with few options available. The powertrain is virtually unchanged from the original Fisker Karma. It remains a plug-in hybrid with a 260 horsepower turbocharged four cylinder gasoline engine sourced from General Motors. 40 kW  DC fast charging is now available. The battery still uses cells supplied by A123 but has been upgraded from 20.4 kWh to 21.4 kWh. A recharge on standard household current takes 12 hours or 3 hours with the DC fast charging option.

All electric range is said to be 50 miles, which means Revero owners should be able to get to work and back without ever needing an assist from the engine.  The onboard charger has been upgraded from 3.3 kW to 6.6 kW. 0-60 in Sport Mode now happens in 5.4 seconds — 1 second faster than the original car was capable of.

Owners of the Fisker Karma complained bitterly about the lousy touchscreen. Wanxiang has focused the bulk of its attention on making the touchscreen in the new car faster and more responsive. Apple CarPlay is standard. Android Auto will be available soon. Over the air software updates are standard. All cars will come with a built-in 4G wireless hot spot.

Karma will use the same machines at its new California assembly plant that Valmet used to build the Fisker Karma in Finland. Many of the production manuals were in Finnish, so they needed translating before production began. One new feature of the Revero is a solar panel roof that can generate enough electricity in a day to move the car about 1.5 miles.

The Revero is obviously aimed at Tesla Model S owners who still suffer from range anxiety. The car is priced near the top of the Model S range. It is 2 seconds slower than the fastest Model S. It has an exhaust pipe. And while it is not unattractive, it is no ravisbhing beauty, either. Chances are the Revero’s main selling point will be that it is not a Tesla. While there may be a dozen or more Teslas at the local country club, the Revero owner will have the advantage of exclusivity.

Will that be enough to make the Revero a success? Online orders begin at the end of this month. Or you can contact your nearest Karma dealer.

Source: AutoBlog  Photo credit: Karma

2017 Karma Revero revealed with solar roof that can power car

The Karma Revero has been part-revealed on video alongside claims that its solar roof helps to power the car.

The hybrid-electric model is essentially a successor to the Karma of now defunct car maker Fisker, and it builds on that car’s overall design with a largely unchanged exterior. But the fitment of solar panels on the Revero’s roof is an all-new feature, and one that Karma says can actually supply energy to the four-door model’s electrified drivetrain.

Most other solar panel-equipped models, such as the Nissan Leaf(which offers it as an option), use the sun’s energy to power in-car accessories.

American brand Karma says this is the first time a production car has featured such an energy system in the US market.

No further details have been released about the Revero’s drivetrain, but previous reports claim it will use an extensively re-engineered version of the old Karma's drivetrain and battery system, with new parts supplied by BMW.

The original Fisker Karma was built around an aluminium spaceframe and featured a turbocharged 2.0-litre four-cylinder engine and two electric motors. The plug-in hybrid system could offer more than 30 miles of pure-electric range.

Karma says the Revero will use a new infotainment system that "represents a departure from the norm", suggesting it'll be a defining feature of the car.

As a hybrid model the Karma Revero will straddle the lines between all-electric rival the Tesla Model S, and more conventional alternatives, such as the Porsche Panamera. Porsche's future Mission E production model could also be an eventual rival.

Karma will fully reveal its new Revero next month and will start taking orders later this year. Cars will be built at the firm’s California factory.

The newly formed Karma Automotive has been built upon the remains of Fisker Automotive, which closed for business in 2013 because of a lack of funding. With new Chinese owners Wanxiang Group providing a stronger financial backing to the renamed Karma, insiders are anticipating a more productive future for the American company.

Fisker To Open California Plant, No Date Yet For Electric Car Production To Resume

2012 Fisker Karma + Aero L-39 Albatros jet trainer, Hollister Municipal Airport, CA [by Refael Azi]

Fisker chose California in part because of the state's enthusiasm for electric cars, chief marketing officer James Taylor said in a statement.

California offers aggressive incentives for purchase of electric cars, and its zero-emission vehicle mandate requires manufacturers to sell cars that produce no tailpipe carbon emissions.

It also hosts the headquarters and main factory for another relatively new maker of plug-in cars: Tesla Motors.

Taylor said that proximity to Fisker's engineering and design departments will have benefits as well.

With the announcement of California production, the fate of Fisker's Delaware plant remains up in the air.

Wanxiang's previous promise to use the factory gave it the political leverage to force the remains of bankrupt Fisker into public auction, even after another bid had already been accepted.

2009 Fisker Karma prototype

Under pressure from Delaware's Congressional delegation, U.S. Bankruptcy Court sent Fisker to public auction in 2014.

Both Wanxiang and the original bidder--Hong Kong-based Hybrid Technology Holdings--discussed Delaware production as a way to curry favor with the bankruptcy judge.

[UPDATE: Fisker communications manager Judy Hoste responded to a Green Car Reports inquiry about the factory as follows: "Regarding the plant in Delaware, we will continue to work with the City and State of Delaware for many possible further uses of the facility."]

Last month, Wanxiang launched a new website and sent a letter to Fisker owners offering free repairs and parts.

MORE: Fisker Karma Will Be Relaunched With 2012 Design, Updates (Sep 2014)

It had previously said there were about 250 "bugs" to be fixed before Karma production could restart.

And there's still no indication of when that will take place.

The demands of setting up a brand-new assembly plant, however, mean the Karma relaunch could still be a year or more away.

The Qiantu K50 Event! Looks Like A Bugatti Veyron, Drives Like A Tesla

Elon Musk showed conventional automakers the right way to sell electric cars by starting at the top of the market and working its way down. China’s CH-Auto wants to replicate the success of Tesla, and aims to begin down the same path with an all-electric super called the Qiantu K50 Event!, and yes, that name includes the exclamation point. No, I don’t know why.

The Wall St. Journal reports that CH-Auto is the brainchild of Lu Qun, who is big into electric cars and believes he can replicate Tesla’s path to success in China. CarNewsChina reports that the Event! uses a pair of electric motors to spin out 400 horsepower, while the 41.5 kWh lithium-ion battery pack allows for a driving range of 250 km/150 miles. That’s less range than the Tesla Model S, but a 4.0 second 0 to 60 MPH time makes it faster than any other EV in China except the P85D. That’s all for the sportiest model though; a base version will be offered, presumably with either less range, performance, or both.

A 1685 kg/3,714 lbs curb weight means the Event! is much lighter than even the skinniest Tesla though, though it has room for just two passengers. Also it’s shape, while not unpleasant, is obviously borrowed from the Bugatti Veyron. It’s not exactly a clone per se, but there’s more than a passing resemblance to the famous hypercar.

I hope you’re not tired of Tesla comparisons yet, because the estimated $115,000 starting price is right in the same ballpark as the Model S in China. However, because the Event! will be built in China, it will qualify for all sorts of financial incentives that the Model S doesn’t yet get. CH-Auto isn’t the only one trying to do what Elon did though, as Fisker’s new owners Wanxiang Group want to build an electric car empire of their own.

With the world’s largest car market pushing hard for more electric vehicles, is there room at the table for all these ambitious electric automakers? Or can conventional car companies play catch-up quickly enough? Will the Event! gain traction with local customers, or will it be another also-ran that was better on paper than in production?

• 

• 
• 
• 

The Fisker Karma Returns As The Elux Karma This Month

In march of 2013, Fisker Automotive filed documents to declare bankruptcy after the company burned through hundreds of millions of dollars in public and private equity to build its debut car, the Karma. It would take another year for Wanxiang Group to pick up where Henrik Fisker left off, and later this month we’ll get our first look at the “new” Elux Karma. Will the Karma be any better a second time around?

Right now all we’ve got to go on is a single teaser image and rumors that Wanxiang hasn’t done much to make the Fisker Karma 2.0 look much different from Henrik’s original vision. That much actually be to the company’s benefit, as one of the few high marks for the Karma was its beautiful styling. By keeping the styling the same, Wanxiang also avoids expensive crash testing, though another rumor predicts that the company will place a higher price tag on the remade Karma, which was a money-losing proposition from the start.

Of greater concern than aesthetics were hundreds of “bugs” in the original design that led to early embarrassments, breakdowns, and even fires. Despite this though, some old names are coming back for the Karma’s rebirth, for better or worse. Wanxiang’s owner has not been shy about his ambitions to build a world-spanning electric automaker, and using the Karma as a launching point for his Elux brand that could eventually compete with Elon Musk’s Tesla.

Can a rival to Tesla be born from the ashes of Fisker? Or is this one brand that was better off dead?