You might remember Henrik Fisker as the man whose SoCal coachbuilding company was trying to rebody BMW 6-Series and Mercedes SLs for ungodly price premiums (they sold about 15 total). Or perhaps you’ll think of Fisker Automotive, a would-be electric car company, which was sued by Tesla back in April. Today, Fisker Automotive has announced that they have raised $65 million in venture capital funds for the development of their Karma electric performance sedan. While some more “standard” Silicon Valley investors had been on board with the Karma project, the final investor that put the fundraising over the top is the Qatar Investment Authority, the investment arm of Qatar’s government, with $60 billion in assets. According to the same press release, initial deliveries of the Karma sedan are expected to begin in the 4th quarter of 2009, with eventual sales of 15,000 a year. Uh, whatever you say fellas.
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$65 million! Wow! They are now only $935 million short of how much they would need to develop a mass production vehicle.
@guyincognito:
Even Tesla went well into nine figure territory. We can only assume lots more VC fundraising is on the way for Fisker.
” … Qatar’s government, with $60 billion in assets”
With over $1 billion leaving the US every day to purchase imported oil I don’t think Qatar is in any danger of running out of cash, no matter what they sink it into.
Um, is it too early for a Fisker Karma death watch?
@ Justin Berkowitz:
Well, unless those VC’s hear about my electric car which will travel 400 miles per charge, recharge in 10 minutes off 120V house power, and will be available within 2 weeks of reciept of funding.
Those middle eastern funds are pissing money everywhere at the moment – don’t they realise high oil prices won’t last forever?
4th qaurter of 2009?! Wow, I was expecting 2010. Well at least it is still the 2010 model year.
guyincognito :
September 9th, 2008 at 10:19 am
“$65 million! Wow! They are now only $935 million short of how much they would need to develop a mass production vehicle.”
Where do you come up with this seemingly arbitrary $1 billion? If you have been following the news on these guys you would know their development plan and realize how silly your statement is.