Fisker Automotive will be renamed Elux, unnamed sources have told Reuters. The company, now owned by the Wanxiang Group, plans to relaunch the Karma PHEV sports car in mid-2016.

The Elux Karma is expected to be strongly based on Henrik Fisker’s original Karma design. It will not be assembled in Finland, the sources said, but Wanxiang has not yet settled on a production site. Pricing is supposed to start around $135,000, almost 20 percent more than the original Karma.

One of the sources said Wanxiang is spending “millions” to update the car’s hardware, to bring it into line with newer vehicles. Fisker’s US President, Pin Ni, acknowledged the need for updates last June, saying that there were “about 250 bugs” that needed fixing.

Source: Reuters