April 29, 2013 |
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.
November 16, 2012 |
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.
October 16, 2013 |
Cadillac had announced just how much juice you'll need to buy its upcoming ELR plug-in. The all-new, two-door coupe will start at $75,995 when it goes on sale in January. The front-wheel-drive model is largely based on the four-door Chevy Volt, which General Motors put on sale in 2011. Like the Volt, the ELR uses an electric motor powered by a lithium-ion battery. The Cadillac has an electric-only range of 35 miles, which is three less than the Volt. Once the battery is depleted, a 1.4-liter, four-cylinder engine kicks in to act as a generator for the battery.
March 25, 2009 |
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."
February 29, 2012 |
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.
September 23, 2009 |
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.
March 28, 2013 |
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...
April 22, 2013 |
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.
February 6, 2012 |
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 that is expected to sell for about $50,000. The Anaheim-based 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.” The agency is withholding loans for the Nina project because Fisker missed milestones in getting its first vehicle, the Karma sports car, to market.