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RSS Report: Fisker needs $150 million to build Atlantic

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Ringo64

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Location: Naples, FL
Name: Jim
Gender: Male
Year: 2006
Car: G6
Trim: GT
Engine: 3.5L LX9
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2 Vehicles

August 16, 201213 yr

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Filed under: Plants/Manufacturing, Technology, Fisker

So what is the first order of business for new Fisker CEO Tony Posawatz? Certainly putting out fires. But he's also going to be doing some hat-in-hand work, according to a report from Reuters.

Posawatz knows what it takes to get an electric car to market, but Fisker is some $150 million short of cash it needs before it launches the Atlantic, according to the report. One of Fisker's directors told the news organization that bolstering the balance sheet is necessary not only to cover operating expenses, but also to fund more product development.

Fisker's financial shortfall is the effect of losing over half its $529 billion loan from the Department of Energy, according to the report. The company says it plans to raise the additional funds through more private financing.

Fisker needs $150 million to build Atlantic originally appeared on Autoblog on Thu, 16 Aug 2012 14:16:00 EST. Please see our terms for use of feeds.<h6 style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding: 0;"></h6>Permalink | Email this | Comments

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