The company formerly known as Fisker has been officially reborn as Karma Automotive.
The electric automaker now owned by Chinese billionaire Lu Guanqiu of Wanxiang Group Corp. has re-branded itself using the name of Fisker’s only production model, the Karma sedan. Karma Automotive is once again based in California with 300 employees and looks to change its fate after the previous company failed to pay back $139 million in U.S. government loans, leading to its bankruptcy.
The Karma vehicle will relaunch next year, but it will be in a market that’s much more crowded with electrified vehicles than when the Fisker Karma existed. Tesla recently debuted the new Model X, while Chevrolet has the next-generation Volt, and BMW has launched its i sub-brand models. Expect the production Karma to remain mostly unchanged in the styling department, as it continues to be a plug-in hybrid with more that 350 miles of range on a charge and a tank of gasoline. Its all-electric range will be around 50 miles, comparable to the new Volt that goes on sale in January.
According to Karma Automotive’s CEO Tom Corcoran, the automaker will continue developing the Atlantic, a model that was in the pipeline before Fisker went under. Eventually, it will move into a pure electric vehicle, directly competing with Tesla.
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