Episode #270 of the Autoblog Podcast is here with Chris, Dan, and Autoblog Executive Editor Chris Paukert. Topics include the announcement of the Porsche Macan, the state of Fisker's finances, the DOT proposal for distracted driving guidelines, and in-dash smartphone integration tech. Your questions and comments power the end of the 'cast, and for those of you who hung with us live on our UStream channel, thanks for taking the time. We've embedded our Q&A module after the jump for you to scroll through and follow along, too. Thanks for listening!
Autoblog Podcast #270:
Porsche Macan
Fisker on the ropes?
DOT proposes distracted-driving guidelines
Could smartphone integration be the solution for the DOT?
In the Autoblog Garage
2012 Subaru Legacy 3.6R
2012 Honda Civic CNG
2013 Hyundai Genesis Coupe
2012 Volkswagen Touareg Hybrid
Hosts: Dan Roth, Chris Shunk, Chris Paukert
Runtime: 01:18:08
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We record Episode #270 of the Autoblog Podcast tonight, and you can drop us your questions via our Q&A module below. Check out our discussion topics or chime in to help determine what else the crew chats about this evening. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
Discussion Topics for Autoblog Podcast Episode #270
Porsche Macan
Fisker on the ropes?
DOT proposes distracted-driving guidelines
Could smartphone integration be the solution for the DOT?
[iTunes] Subscribe to the Autoblog Podcast in iTunes
[RSS] Add the Autoblog Podcast feed to your RSS aggregator
That's what watchers of California-based automaker Fisker Automotive are trying to figure out after the maker of the Karma plug-in luxury sedan laid off about 65 workers and contractors in Delaware and California while renegotiating loan details with the U.S. Department of Energy. Fisker, which was to receive a $529 million loan from the DOE, has received less than $200 million of that, with the fate of the balance in question because Fisker has not met certain loan conditions due to production delays.
Here's the death knell perspective: With the Obama Administration under political pressure to reduce spending, Fisker is unlikely to receive the remaining $336 million, Wunderlich Securities analyst Theodore O'Neill said in an interview with the Boston Globe. Without that funding, Fisker will go out of business, O'Neill said, adding that A123 Systems, which makes lithium-ion batteries for Fisker, will also likely go under.
But no, say others, the problem is temporary. Investment advice site Seeking Alpha, for example, says A123 is a "buy." Fisker also downplayed the issue, with its spokesman, Roger Ormisher, calling the shutdown a "bump in the road" in an interview with The Wall Street Journal. Ormisher said production of the Karma hasn't been impacted, nothing that Fisker has delivered about 250 vehicles, and that the remaining DOE funds are to be used purely for the lower-priced Fisker Nina vehicle.
Fisker said in a statement last week that the company, which most recently received cash from the loan last May, is in talks with the DOE and raised $260 million in equity in late 2011. Fisker is pursuing "alternative funding sources," the company said in a Feb. 6 statement.
Additionally, the Orange County Register reported last week that a Fisker investor is suing the company for fraud. The plaintiff, Daniel Wray, invested $210,000 in Fisker and said the company informed him in January that he had to invest another $84,000 or risk losing the rights he gained with the original stock purchase. Ormisher told the newspaper at the time that he wasn't aware of the lawsuit.
This isn't good. The Associated Press is reporting that Fisker Automotive has stopped production of the Fisker Karma (UPDATE:Not true, says Fisker PR: "We are currently producing 20-25 Karmas a day and will continue to do so.") and laid off 26 Delaware employees and 40 contractors in California. The carmaker is reportedly looking to conserve cash while attempting to renegotiate loans granted by the Department of Energy. (UPDATE: We have gotten a statement from Fisker about the situation, which you can read after the jump. The Karma is not mentioned, just work on the Delaware plant, which is supposed to build the Nina one day.
Fisker originally signed on for a $529 million loan, of which only $193 million has been received. Fisker reportedly cannot get at the remaining funds, which are earmarked for the delayed Nina project, because the automaker failed to meet Karma sales targets that were a condition of the loan. A few days ago, Fisker lowered its sales expectations for the $100,000 Karma to a still very lofty 10,000 units in 2012.
Fisker spokesman Roger Ormisher told the AP that the automaker is hoping for a speedy resolution to its cash crunch. We hope so too, or Fisker could be in a heap of trouble.
Continue reading Fisker lays off employees, renegotiates with DOE [UPDATE]
This isn't good. The Associated Press is reporting that Fisker Automotive has stopped production of the Fisker Karma (*UPDATE:Not true, says Fisker PR: "We are currently producing 20-25 Karmas a day and will continue to do so.") and laid off 26 Delaware employees and 40 contractors in California. The carmaker is reportedly looking to conserve cash while attempting to renegotiate loans granted by the Department of Energy. *UPDATE: We have gotten a statement from Fisker about the situation, which you can find after the jump. The Karma is not mentioned, just work on the Delaware plant, which is supposed to one day build the Nina.
Fisker originally signed on for a $529 million loan, of which only $193 million has been received. Fisker reportedly cannot get at the remaining funds, which are earmarked for the delayed Nina project, because the automaker failed to meet Karma sales targets that were a condition of the loan. A few days ago, Fisker lowered its sales expectations for the $100,000 Karma to a still very lofty 10,000 units in 2012.
Fisker spokesman Roger Ormisher told the AP that the automaker is hoping for a speedy resolution to its cash crunch. We hope so too, or Fisker could be in a heap of trouble.
This isn't good. The Associated Press is reporting that Fisker Automotive has stopped production of the Fisker Karma and laid off 26 Delaware employees and 40 contractors in California. The carmaker is reportedly looking to conserve cash while attempting to renegotiate loans granted by the Department of Energy.
Fisker originally signed on for a $529 million loan, of which only $193 million has been received. Fisker reportedly cannot get at the remaining funds, which are earmarked for the delayed Nina project, because the automaker failed to meet Karma sales targets that were a condition of the loan. A few days ago, Fisker lowered its sales expectations for the $100,000 Karma to a still very lofty 10,000 units in 2012.
Fisker spokesman Roger Ormisher told the AP that the automaker is hoping for a speedy resolution to its cash crunch. We hope so too, or Fisker could be in a heap of trouble.
Want to advertise a new plaything for the wealthy? The front windows at Harrods are the place to be. That's where Aston Martin once displayed the Cygnet city car, and where Lexus showcased its hybrids a short while after. Little wonder, then, that Fisker has opted to park the Karma at the swanky London department store.
The Karma display gives prospective British buyers the chance to see the car and register their interest with a local dealership. It's the first time the Karma is being displayed in a retail location in the UK, but something tells us the purveyor of luxury hybrids may have gotten a break on the price for this prime advertising space: Qatar Holding, which owns Harrods, also happens to own part of Fisker. Follow the jump for the full press release.
Top Gear magazine and Jeremy Clarkson have already let us in on their 2011 care of the year, the Land Rover Range Rover Evoque taking the cake from both of them (although Clarkson made the distinction that the best car of 2011 was the BMW 535d M-Sport Touring). A few more TG stars have clocked in to make their assessments, with Hammond choosing the BMW 1 Series M, May selecting the Fisker Karma, The Stig pointing to the BAC Mono, and mag writer Tom Ford laying money on the Morgan 3Wheeler.
Hammond found the 1 Series M perfectly "boisterous," May was smitten with the Karma's future-forward-vegan ethose, namely the fact that it has no animal products, and The Stig's stenographer wrote that the F3-racer-cum-street-legal-maniac BAC Mono is, well, just that. As for the Morgan 3Wheeler, after recounting all the ways it misses the mark as a car, Ford gives those very reasons for it being an awesome experience. You can have a look at each in our high-res gallery of photos and click the links to read all the details.
Battery maker A123 has announced that batteries it supplied to Fisker Automotive for its Karma range-extended luxury sedan might have "misaligned" hose clamps for the cooling system, which could cause coolant to leak. Unabated, A123 admits the leak could cause an electrical short-circuit.
According to Bloomberg-BusinessWeek, the company has a fix for the issue, and luckily the issue was discovered when there are no more than 50 Karmas needing the repair. A123 provides batteries to several other OEMs, but only Fisker's batch appears to suffer from the cooling issue.
Starting a new automaker from scratch is no easy feat. Henrik Fisker is a visionary designer, but to get his Karma luxury hybrid on the road, he knew he'd need a good management team behind him. So he brought in BMW and Ford native Bernhard Koehler as Chief Operating Officer, General Motors number cruncher Joe DaMour as Chief Financial Officer and former Jaguar marketing chief Richard Beattie as the company's new Chief Commercial Officer. And now Fisker Automotive has added another name to the roster: Tom LaSorda.
No, we're not talking about the Los Angeles Dodgers coach here. We're talking about the former Chrysler chief who managed Detroit's No. 3 automaker starting in the Daimler days, through the Cerberus period and helped broker the sale to Fiat. Prior to that, the Canadian-born auto exec spent years working for GM, but in his new role at Fisker, he'll be acting primarily in an advisor capacity as Vice-Chairman of the Board and Chairman of its Strategic Council.
LaSorda will undoubtedly have some experience to impart on the upstart automaker, and since his role will be principally to provide advice, hopefully the Karma's build quality and panel gaps will be a bit better than a Sebring's. Follow the jump for the full press release.
Continue reading Fisker names former Chrysler chief Tom LaSorda its vice chairman
Starting a new automaker from scratch is no easy feat. Henrik Fisker is a visionary designer, but to get his Karma luxury hybrid on the road, he knew he'd need a good management team behind him. So he brought in BMW and Ford native Bernhard Koehler as Chief Operating Officer, General Motors number cruncher Joe DaMour as Chief Financial Officer and former Jaguar marketing chief Richard Beattie as the company's new Chief Commercial Officer. And now Fisker Automotive has added another name to the roster: Tom LaSorda.