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BUSINESS
November 15, 2012 | By David Undercoffler
Fresh off of launching the Spark (sub) sub-compact car this past summer, Chevrolet has revealed details on the all-electric version the company will be debuting at the 2012 L.A. Auto Show. Chevrolet says the Spark EV will have 130 horsepower (100 kW) coming from an oil-cooled electric motor, a hearty jump from the 84 horsepower in the gas-powered car. Meanwhile, torque skyrockets to 400 pound-feet (better than a new Porsche 911 ), which Chevy says helps move this car from 0-60 in less than eight seconds.
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BUSINESS
November 16, 2012 | David Undercoffler
This year's L.A. Auto Show will include debuts of the all-electric Chevrolet Spark sub-compact and the Porsche Cayman sports car, the automakers announced Thursday. The Cayman is the fixed-roof counterpart to the Boxster convertible, a new version of which Porsche put on sale this year. Both cars are rear-wheel-drive, feature a mid-engine setup and count the rear-engine 911 and 911 convertible as a big brother. Details on the Cayman's powertrain haven't been released, but previous models always had a tick more power than the corresponding Boxster version.
AUTOS
April 29, 2013 | By Jerry Hirsch
Chrysler Group said Monday that its first-quarter profit fell 65% to $166 million. The automaker's earnings were hurt by higher expenses to launch new models and slower business in Europe and South America.   Revenue fell 6% to $15.4 billion compared with the same quarter a year earlier. Chrysler attributed much of the decline to the cost and the slow launch of “key” products, including new models of its Ram pickup trucks and the 2014 Jeep Grand Cherokee. It also invested heavily in the second-quarter production launch of an all-new Jeep Cherokee.
BUSINESS
March 25, 2009 | Ken Bensinger
Even the car of the future needs old-fashioned sales technology. Irvine-based Fisker Automotive said Tuesday that it had signed up 32 new-car dealers in North America to sell its plug-in hybrid sedan, which begins production late this year. "Our retail partners are our most important assets," said Vic Doolan, a Fisker board member who played a central role in locating prospective dealers. "They are the face of the company."
BUSINESS
February 29, 2012 | By Jerry Hirsch, Los Angeles Times
Fisker Automotive Inc., the Anaheim developer of expensive, sporty plug-in hybrid cars, shook up its management Tuesday, naming an automotive industry veteran to replace co-founder Henrik Fisker as chief executive. The move comes as Fisker halted work on a new model and laid off workers. Tom LaSorda, who joined the company as vice chairman and executive advisor to the management team in December, will assume full CEO responsibilities and day-to-day operational management. LaSorda is a former chief executive of Chrysler Group and held executive positions during a 23-year career at General Motors Co. Henrik Fisker, who co-founded the company in 2007 after working as a designer at BMW and Aston Martin, will focus on building the Fisker brand in global markets and the styling and design of future Fisker models.
BUSINESS
September 23, 2009 | Ken Bensinger
In its latest bid to help finance the car of tomorrow, the Obama administration said it would lend more than $500 million to Irvine-based Fisker Automotive Inc. to develop a pair of plug-in hybrids. The loans, announced Tuesday, come from a $25-billion Department of Energy program to fund development of alternative vehicles. According to the administration, the funding will help create or save 5,000 jobs at Fisker and its suppliers. The $528.7-million low-interest loan "is another critical step in making sure we are positioned to compete for the clean energy jobs of the future," Energy Secretary Steven Chu said.
AUTOS
March 28, 2013 | Ronald D. White
Fisker Automotive Inc., the beleaguered maker of high-end electric cars, is furloughing employees for a week to conserve cash. Callers to Fisker's Anaheim office were greeted Thursday with a voice message advising that the office was closed Friday, March 22, and would remain closed through Sunday, March 31. The furloughs, which affect more than 200 employees, came just two weeks after the company's founder resigned as executive chairman amid...
AUTOS
April 22, 2013 | By Jerry Hirsch
Troubled sports car maker Fisker Automotive Inc. failed to make a $10-million payment on a federal government loan Monday, tipping the Anaheim company closer to a bankruptcy reorganization or liquidation. Fisker was scheduled to start to pay down about $192 million it had borrowed under the Energy Department's Advanced Technology Vehicles Manufacturing Loan Program. The Energy Department said that on April 11, it “recouped the company's approximately $21 million reserve account -- funds that came from the company's sales and investors, not our loan - - and will apply those funds to the loan.” An individual familiar with the process but not authorized to speak about Fisker's debt said the government essentially swept the car company's account clean but now must wait to see if the automaker is sold or obtains new investor money before it can try to recoup more of the loan.
BUSINESS
February 7, 2012 | By Jerry Hirsch, Los Angeles Times
Fisker Automotive has stopped work at a former General Motors auto plant in Delaware, where it plans to build Project Nina, a family-size plug-in hybrid expected to sell for about $50,000. The Anaheim auto company laid off 26 workers at the plant and let go 40 contract employees working at its headquarters. That leaves the company with about 600 employees working on automotive development in Anaheim. The company said it "delayed work at the plant based on ongoing discussions" with the Department of Energy "regarding funding for the Project Nina program.
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