May 29, 2012

Fisker Automotive issues inaugural business update

Fisker Automotive published its first business update by announcing that revenues had exceeded $100-million in the first four months of 2012. 

The company, which began deliveries of the Fisker Karma luxury four-door electric sedan in December 2011, also revealed that
it has delivered 1000 vehicles to customers in the US and Europe.

“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,” said Tom LaSorda, Chief Executive Officer of Fisker Automotive.

In the first few months of 2012, Fisker has continued to raise private equity investment to fund its expansion plans, securing $174-million of additional private financing since the start of the year. The latest funding has lifted the overall financing beyond $1-billion since the start of the company in 2007.

Fisker has also become the first manufacturer to launch vehicles under the Federal Government’s Advanced Technology Vehicle Manufacturing (ATVM) program.

“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," said Henrik Fisker, Executive Chairman of the company.

“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,” he added.


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