Karma Automotive

Karma Automotive
Private
Industry Automotive
Predecessor Fisker Automotive
Founded 2015
Key people
 Tom Corcoran (CEO)
Products
Owner Wanxiang Group
Number of employees
 625 (2016)[1]
Website karmaautomotive.com

Karma Automotive is an automaker owned by Chinese automotive supply company Wanxiang Group. It is based in Irvine, California[2] with manufacturing operations in Moreno Valley, California.[3]

History

In February 2014, Chinese auto-parts supplier Wanxiang Group purchased assets of Fisker Automotive for $149.2 million in a bankruptcy auction. These assets included design, a plug-in hybrid powertrain, and a manufacturing facility in Delaware.[1][4][5] Karma Automotive was formed in October 2015.[5]

The purchase excluded the Fisker brand and trademarks owned by Henrik Fisker. In 2007, Fisker Automotive was founded by Henrik Fisker and his business partner Bernhard Koehler.[5] Its Fisker Karma plug-in hybrid sports sedan debuted in 2011, and about 2,000 of the vehicles were sold.[5] After Fisker's battery supplier A123 Systems filed for bankruptcy after two battery recalls, Fisker Automotive could not continue making vehicles, and the company declared bankruptcy in February 2014.[5][6] Wanxiang also purchased A123 following its bankruptcy declaration.[7] In early 2016, Karma Automotive enlisted a straw buyer in an attempt to reverse engineer technology from a parts supplier and former employee.[8]

Production models

Revero

The Revero is a luxury electric hybrid sedan based on the Fisker Karma, maintaining much of the original exterior and interior of the Fisker Karma, incorporating an A123 battery, charger and electrical controls.[1][4][9] Karma CRO Jim Taylor stated that this was intentional, as the company believes the original Fisker Karma still holds much appeal for consumers.[10] The company began building the Revero[11] in 2016 at its factory in Moreno Valley, California, with production set to begin in late 2016 or early 2017. The Revero debuted on September 8, 2016.[12] Karma plans to manufacture 3,000 of the vehicles.[1][4][10] Exclusivity is clearly another part of the Revero story with Karma's hopes to build close to 150 cars in 2018, and in the 200 to 300 range of cars in 2019.[13]

See also

References

  1. 1 2 3 4 Kirsten Korosec, "Karma Automotive's Rapid Growth Prompts Move to a New Home," Fortune, August 26, 2016.
  2. ↑ "Karma Automotive moves into its new Irvine HQ, and it’s hiring," OC Register, October 26, 2017.
  3. ↑ "Karma Automotive cranks out $130,000 cars in Moreno Valley". 5 June 2017.
  4. 1 2 3 Charles Fleming, "Karma comes around again: California's newest car factory aims to rival Tesla," Los Angeles Times, June 17, 2016.
  5. 1 2 3 4 5 Jim Gorzelany, "Specialty Carmaker Fisker Reborn As Karma Automotive," Forbes, September 30, 2015.
  6. ↑ Angela Greiling Keane, "Fisker to Sell Assets in Bankruptcy at $139 Million Loss," Bloomberg Businessweek, November 22, 2013.
  7. ↑ Michael Bathon, "Wanxiang Wins U.S. Approval to Buy Battery Maker A123," Bloomberg Businessweek, January 29, 2013.
  8. ↑ Torchinsky, Jason. "The Bewildering Story Of How Karma Funded A 'Spy Car' To Maybe Steal A Startup's Tech".
  9. ↑ Mike Ramsey, "Karma Automotive Renames Updated Electric Car, Moves Production to U.S.," Wall Street Journal, April 25, 2016.
  10. 1 2 "Karma Automotive Revero revealed," Fox News, August 11, 2016.
  11. ↑ Benjamin Zhang, "Karma Revero EV: Pictures, details, specs 2018," Business Insider January 8, 2018.
  12. ↑ Darrell Etherington, "Karma Revero hybrid electric sports car revealed, complete with solar roof," TechCrunch, August 11, 2016.
  13. ↑ Jon Wong, "2017 Karma Revero Release Date, Price and Specs - Roadshow," CNET September 5, 2017.
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