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Fisker CEO talks IPO and BMW

Fisker’s new CEO Tony Posawatz covered a number of timely topics in a speech to the Automotive Press Association on Monday.


Fisker’s new CEO covered a number of timely topics in a speech to the Automotive Press Association on Monday. Tony Posawatz, a former GM exec who supervised much of the Chevrolet Volt program, was named as Fisker’s chief in August.
Posawatz said that Fisker is preparing for an IPO to help it raise the cash it will need to produce the new Atlantic sedan. He also said that Fisker is talking with other car companies about sharing parts and technology. “The Fisker team has something that is very valuable,” Posawatz said, but wouldn’t be drawn when reporters asked if the company might eventually be acquired, saying only that there have been discussions with “strategic partners.”
Mr. P firmed up plans for Fisker’s next model, the Atlantic, saying that it will use a BMW 3-series 4-cylinder turbo engine, and should be priced around $55,000. The company still plans to build it at a former GM plant in Wilmington, Delaware – a timetable is to be released in December.
A leasing program and improvements to Fisker’s retail network are also on Posawatz’s to-do list. “We think we're positioned pretty nicely, but like any company in its infancy, we still have so much more foundational work to do. The dealer and retail network is a classic example.”
Acknowledging the Karma’s teething problems (the DOE suspended a $529 million loan to the company after delays caused by some bogus batteries), Posawatz said Fisker might have tried to bring the Karma to market too quickly, but the company is more disciplined now and is improving its technology. “On the retail sales front, we beat our forecasts for September,” he said, adding that Fisker has sold over 1,000 Karmas this year. “Most all of the bumps can be fixed.”
Source: Automotive News
Image: Fisker
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