Fisker Automotive
Corporate brand
UnclaimedDefunct American automaker best known for the Karma plug-in hybrid luxury sedan.
Last updated August 22, 2026
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Overview
Fisker Automotive was an American automobile company established in 2007 by Danish designer Henrik Fisker, Bernhard Koehler, and Quantum Technologies. It was created to move beyond Fisker Coachbuild's limited, custom-built vehicles and become a manufacturer of production plug-in hybrid automobiles. The company's principal product was the Fisker Karma, a luxury four-door sedan that combined a rechargeable lithium-ion battery, electric drive motors, and a gasoline engine used primarily as a generator. The car was among the earliest production luxury plug-in hybrid vehicles and was positioned as an environmentally conscious alternative to high-performance premium sedans. The company attracted substantial private investment from venture capital and strategic investors, including Kleiner Perkins Caufield & Byers, Palo Alto Investors, Qatar Holdings, A123 Systems, and other backers. It also received conditional support from the United States Department of Energy's Advanced Technology Vehicles Manufacturing program. Fisker ultimately drew approximately $192 million under that facility, although the original conditional commitment was substantially larger. The financing supported engineering, supplier development, and work on both the Karma and a planned lower-priced model later identified as the Fisker Atlantic. Rather than build the Karma entirely in-house, Fisker retained responsibility for design, engineering, and marketing while outsourcing assembly to Valmet Automotive in Finland. The vehicle used a battery supplied by A123 Systems, an aluminum structure supplied by Norsk Hydro, and components from several outside suppliers. This approach was intended to reduce development time and capital requirements, but it also left the company exposed to supplier quality, production, and financing problems. The Karma experienced repeated launch delays before first United States deliveries in 2011. Production and customer deliveries remained limited, and the company faced a series of battery recalls beginning in late 2011. A second recall followed in 2012, while A123 Systems later entered bankruptcy. These events disrupted production, increased costs, and damaged confidence in the vehicle and its manufacturer. Hurricane Sandy also destroyed or damaged a shipment of Karmas at Port Newark in October 2012; Fisker said the fires that affected some vehicles were caused by seawater entering vehicle-control electronics rather than by the battery packs themselves. The company's planned expansion was also curtailed. Fisker displayed the Sunset convertible concept and the Surf wagon concept, while the Atlantic was intended to broaden the range into a lower-priced midsize segment using a plug-in hybrid system and BMW-supplied engine technology. None of these vehicles entered series production. Plans to manufacture vehicles at the former General Motors Wilmington Assembly plant in Delaware likewise failed to materialize. Leadership changed several times during the company's final year. Henrik Fisker left the executive chairman role and resigned from the company in March 2013 after disagreements over strategy and management. Fisker then reduced its workforce by approximately 75 percent. In November 2013, the company filed for Chapter 11 bankruptcy protection. Its government-loan position and remaining assets became the subject of competing bids. Wanxiang Group ultimately acquired the principal assets, including the Karma design, tooling, and Delaware manufacturing property, following a bankruptcy auction approved in February 2014. Wanxiang later developed those assets into Karma Automotive and relaunched the vehicle as the Karma Revero. Fisker Automotive therefore survives primarily through its technology, vehicle design, and industrial assets rather than as an operating company.
History
Fisker Automotive emerged from Fisker Coachbuild, the boutique design and coachbuilding business created by Henrik Fisker and Bernhard Koehler after they left Aston Martin in 2005. Fisker had worked on several notable premium automobiles, and the earlier company produced limited-run vehicles based on Mercedes-Benz and BMW donor platforms. The founders later sought to create a genuine automobile manufacturer focused on electrified premium vehicles rather than individually commissioned conversions. The company was established in 2007 with Quantum Technologies and obtained early backing from investors including Gianfranco Pizzuto and Palo Alto Investors. Kleiner Perkins Caufield & Byers became an important early venture investor. Fisker unveiled the Karma concept at the 2008 North American International Auto Show. Its design emphasized a long, low luxury-sedan profile while its powertrain used battery-electric propulsion supported by a gasoline engine-generator. The concept was intended to demonstrate that environmental technology could be combined with premium materials, performance, and dramatic styling. Fisker adopted an outsourced manufacturing model. Design, engineering, and marketing remained central capabilities, while Valmet Automotive in Finland was selected to assemble the Karma. A123 Systems supplied the 20.1 kWh lithium-ion battery, Norsk Hydro supplied the aluminum frame structure, and other suppliers contributed components and interior production. Fisker argued that this structure would shorten development time and reduce the capital needed to reach production. The company also planned to use federal financing to develop the Karma and a higher-volume, lower-priced model. The Karma's launch was repeatedly delayed from its original timetable. Production began in 2011, and retail deliveries started later that year. Although the car attracted attention as an early luxury plug-in hybrid, its production volume remained small. Battery problems led to a recall in December 2011 and another recall in March 2012. Production was suspended for more than five months, while the bankruptcy of A123 Systems in August 2012 further complicated battery supply and warranty support. Fisker's second planned vehicle, the midsize Atlantic, was postponed and its development was eventually halted. The company attempted to broaden its product portfolio through the Sunset convertible concept, the Surf wagon concept, and the Atlantic sedan. The Sunset was shown in 2009 and the Surf in 2011, but both were placed on hold as management concentrated on the Atlantic. Fisker also planned to use the former General Motors Wilmington Assembly plant in Delaware for future production. The proposed factory program did not proceed, and the site was ultimately demolished. Fisker experienced leadership turnover as its financial and operational challenges intensified. Tom LaSorda became chief executive in February 2012, with Henrik Fisker serving as executive chairman. LaSorda was replaced by Tony Posawatz, a former General Motors executive associated with the Chevrolet Volt, in August 2012. In October of that year, Hurricane Sandy flooded a shipment of Karmas at Port Newark. Sixteen cars burned after water entered electronic control components, although Fisker maintained that the battery pack was not responsible. An insurance dispute followed and was ultimately settled outside court. By early 2013, Fisker was attempting to attract additional financing while production remained suspended. Henrik Fisker resigned in March, citing disagreements with management, particularly over business strategy. In April, the company dismissed approximately 75 percent of its employees and retained a small core staff. Later that year, Hybrid Technology acquired Fisker's defaulted Department of Energy loan position at a discount. Fisker filed for Chapter 11 bankruptcy on November 22, 2013. The bankruptcy produced competing acquisition proposals. Hybrid Technology initially reached an agreement to acquire the company, but Wanxiang Group submitted a higher offer. Wanxiang already owned A123 Systems, the failed battery supplier, and Fisker challenged aspects of its involvement, but the court-approved auction ultimately awarded Wanxiang the assets in February 2014. Henrik Fisker retained the Fisker name and trademarks, while Wanxiang reorganized the acquired vehicle assets into Karma Automotive. The Karma was subsequently developed into the Karma Revero. Fisker Automotive itself ceased operating as an independent automaker.
- 2014
Wanxiang wins asset auction
[1]Wanxiang Group receives approval to acquire Fisker's principal assets and later reorganizes them as Karma Automotive.
- 2013
Founder resigns and layoffs follow
[1]Henrik Fisker resigns in March, and the company later reduces its workforce by approximately 75 percent.
- 2013
Chapter 11 bankruptcy filing
[1]Fisker Automotive files for Chapter 11 protection in November.
- 2012
Atlantic development is delayed
[1]The planned midsize Atlantic is postponed as battery and financing problems prevent Fisker from expanding beyond the Karma.
- 2012
Federal credit line is suspended
[1]The Department of Energy freezes further lending after approximately $192 million has been drawn.
- 2011
Karma production and deliveries begin
[1]Valmet Automotive begins assembling the Karma in Finland, and retail deliveries begin in the United States later in the year.
- 2011
First A123 battery recall
[1]A battery recall interrupts Karma operations and exposes the company's dependence on its specialist supplier.
- 2009
Federal loan commitment announced
[1]The company receives a conditional commitment under the U.S. Department of Energy's advanced-technology vehicle loan program.
- 2008
Karma is unveiled
[1]Fisker presents the Karma luxury plug-in hybrid concept at the North American International Auto Show.
- 2007
Fisker Automotive is founded
[1]Henrik Fisker, Bernhard Koehler, and Quantum Technologies establish Fisker Automotive to develop production plug-in hybrid vehicles.
Products and positioning
Luxury plug-in hybrid automobiles combining electric driving with long-distance range and distinctive design.
Luxury plug-in hybrid sedan · 2011
Fisker Karma
The Karma was Fisker Automotive's sole production vehicle and its defining product. It was a four-door luxury sports sedan using a series-hybrid arrangement: electric motors drove the vehicle while a gasoline engine generated electricity for the system. The vehicle used a 20.1 kWh lithium-ion battery from A123 Systems, an aluminum structure, and outsourced assembly by Valmet Automotive in Finland. Deliveries began in 2011, but recalls, supplier difficulties, and limited production prevented the model from reaching the scale required to support the company. Wanxiang later developed the design into the Karma Revero.
Plug-in hybrid convertible concept · 2009
Fisker Sunset
The Sunset was a short-wheelbase hardtop-convertible concept based on the Karma. Fisker showed it at the 2009 Detroit Auto Show as a possible future production model. The concept illustrated how the company's plug-in hybrid architecture and design language might be adapted to a different body style, but it never entered series production and was later placed on hold.
Plug-in hybrid wagon concept · 2011
Fisker Surf
The Surf was a wagon-style concept derived from the Karma and shown at the 2011 Frankfurt Auto Show. Fisker presented it as a combination of sports-car styling and station-wagon practicality, drawing inspiration from high-performance grand tourers. Although the company said the body style had been considered from the beginning of Karma development, the Surf was put on hold while management focused on the Atlantic program.
Midsize plug-in hybrid sedan concept
Fisker Atlantic
The Atlantic was planned as a more accessible midsize sedan and was initially developed under the name Project Nina. It was intended to use a plug-in hybrid system related to the Karma's architecture, with BMW turbocharged four-cylinder engines proposed for the range-extending role. The program was meant to support higher production volumes, but it was postponed and abandoned before production.
Brand decisions
2014
Sell the operating assets through bankruptcyM&ABackground
Fisker's bankruptcy estate received competing proposals from Hybrid Technology and Wanxiang Group.
Action taken
A court-approved auction awarded the principal assets to Wanxiang Group, including the Karma design, tooling, and the Delaware manufacturing property.
Aftermath
Wanxiang reorganized the assets as Karma Automotive and subsequently developed the Karma Revero.
Approved acquisition bid. 149.2 million USD (February 2014)
2013
Reduce operations before bankruptcyStrategyBackground
Fisker had suspended Karma production, lost its founder, and struggled to secure additional investment.
Action taken
The company laid off approximately 75 percent of its employees and retained a small core team while pursuing financing and strategic alternatives.
Aftermath
Fisker filed for Chapter 11 bankruptcy later in the year.
2012
Replace the chief executiveOtherBackground
The company was dealing with recalls, production stoppages, financing constraints, and delays to future models.
Action taken
Tom LaSorda was replaced by Tony Posawatz, a former General Motors vehicle-line executive associated with the Chevrolet Volt.
Aftermath
The leadership change did not restore production or resolve the company's underlying financing and supplier problems.
2009
Plan a lower-priced, higher-volume vehicleStrategyBackground
Fisker recognized that the Karma's luxury positioning and limited production volume would not by themselves create a mass-market business.
Action taken
The company announced plans for a lower-priced plug-in hybrid capable of substantially higher annual production, later developed as the Atlantic.
Aftermath
The Atlantic program was postponed and ultimately abandoned as battery, funding, and production problems intensified.
2008
Adopt an outsourced manufacturing modelStrategyBackground
Fisker was a start-up with limited manufacturing infrastructure and sought to reduce the time and capital required to bring the Karma to market.
Action taken
The company kept design, engineering, and marketing in-house while contracting Valmet Automotive to assemble the Karma in Finland and relying on external suppliers for major systems.
Aftermath
The model enabled limited production but increased exposure to supplier failures, recalls, and production interruptions.
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