Green car startup Fisker aims to secure foreign partner
The search for financial backers comes after a tough 2012 marred by the rocky and delayed introduction of Fisker's first car, the $100,000-plus Karma, A123's bankruptcy, and an election that turned the U.S. government-backed company into a political punching bag.
The Atlantic is critical toward restoring Fisker's image. The family sedan, which Fisker showcased at the New York auto show last year, is expected to start at around $55,000 and be Fisker's high-volume model.
Fisker planned to use the bulk of a $529 million line of credit from the U.S. Department of Energy (DOE) to build the Atlantic at a Delaware factory previously owned by General Motors Co.
The loan was awarded to Fisker in 2009 as part of an Obama administration program to spur advanced vehicle development.
But Fisker's plans were uprooted after the DOE decided to freeze the loan last year, citing delays in the Karma launch. Sources said Fisker is now running very low on cash.
DOE officials have been a part of Fisker's ongoing search for a partner, the sources said. The agency has expressed its desire to keep Atlantic production in Delaware, as has Fisker.
Finding a strategic partner and building the Atlantic would lay the foundation for the company to stage an initial public offering.
"Certainly, without a doubt, it is our desire to prepare the company to be a public company," Posawatz said during a speech in Detroit last year.
Fisker's strategy echoes the one followed by electric carmaker Tesla Motors, which has partnerships with Toyota Motor Corp and Daimler
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