The road from start-up company to grown-up company never did run smooth. American electric vehicle manufacturer Fisker suffered a series of early obstacles including a fire risk recall in December, financial instability, delays in bringing the Fisker Atlantic to production, as well as harsh criticism of under-performance from the national media highlighted by the Consumer Reports fiasco, where a Karma with only 200 miles on the odometer bricked during testing. Only earlier this month did the NHTSA launch a formal inquiry regarding a Texas garage fire involving a Fisker Karma sedan.
Miraculously, Fisker had managed to overcome enough of these obstacles to finally report some well deserved good news in its first business update for 2012. After releasing its Fisker Karma to the public in December 2011, the first four months of 2012 have resulted to over 1,000 Karma sales, generating a revenue exceeding $100 million. What's more, Fisker expects the Karma's sales performance to improve greater still after signing an agreement with the Al-Futtaim Group, a distributor that will help build Fisker's network and sales presence in the Middle East.
On a roll, Fisker scored a private equity investment as well, securing $174 million of additional private financing intended to aid the automaker's expansion plans. In fact, this amount lifts Fisker's overall financing beyond $1 billion.
According to Fisker Automotive CEO Tom LaSorda, "We are encouraged by solid demand for the Karma, our unique extended-range luxury model. Pending completion of investment sourcing, we are poised to press ahead with further market expansion and development of our higher volume model, the Fisker Atlantic."
Founder and Executive Chairman of Fisker, Henrik Fisker, adds: "There is great confidence from the investment community, our customers and the media in what we have achieved in bringing such a beautiful and innovative car to the marketplace in record time.
"Treading a new path in any industry is never easy, but we have set out to re-define and re-shape the way the world thinks about cars, and I am proud of what the Fisker team has achieved so far."
