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What does Fisker have in common with internet-coupon-purveyor Groupon? Both companies lost millions upon millions of dollars last year. Both have been unable to attract new customers in any meaningful numbers. And as of today, both companies canned their founders-turned-executives. But while Groupon was started by Andrew Mason—not Andrew Groupon—Fisker Automotive has now bounced not only its founder, but its namesake: Henrik Fisker. In a typically curt statement, the company said it thanked Henrik Fisker for his contributions—and then referred to itself rather optimistically as a "fully-fledged global automotive company." But the key line came at the end of the announcement:
The message is that Fisker the company will still be looking for an investor or group of investors to bail it out. But the unintended literal reading is probably accurate, too: Henrik's leaving won't change the reality that Fisker is asking for money and can't find any takers. Or that it hasn't built a car since last summer.  No Money, Mo' Problems Let's do some back-of-the-napkin math on Fisker's finances. Since its founding in 2007, Fisker Automotive has raised $1.2 billion in private equity money and borrowed $193 million from the federal government. The company said it sold 1500 of its plug-in electric Karmas from December 2011, when deliveries began, through the end of September 2012. With the Karma priced at $110,000, we're looking at a maximum gross of of $165 million. That's it. Sure, much of the $1.3 billion went into research and development, and investors wouldn't expect Fisker to be recovering anywhere near that sum in the first year or two of business. But it still leaves the company in a nearly impossible position, having to support not-insignificant operating expenses, keep the lights on, and pay staff. Oh, and it's still trying to design the all-new Atlantic sedan and acquire a factory in which to build it. This would be hard enough if Fisker had momentum on its side. Were sales racking up, the media positive about the company's prospects and product, and public awareness high and positive, the situation might be different. But the momentum is, instead, with the pianos that keep falling out of the sky. Consider, if you will, the onslaught of disasters:
Booting Henrik might help Fisker's experienced management team focus on righting the ship, but the company may be in too big a hole for climbing out to be possible. If Mr. Fisker was standing in the way of a sale—either because he was a holdout on the terms, or because he didn't want to cede control, or potential investors simply wanted him out—that roadblock is now gone. Rumors say that Geely Automotive, the Chinese firm that owns Volvo, and A123′s new owner Wanxiang have both expressed interest in taking a stake in Fisker or taking it over completely. Maybe Andrew Mason, now free from Groupon and presumably available for hire, can speed the sale by sending out a coupon offer. "Buy a car company for 70% off! $300 million, today only. Infinitely transferrable." from Car and Driver Blog http://blog.caranddriver.com | |||
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Thursday, March 14, 2013
Henrik Fisker Out at Fisker, Paving Way for Sale of Company
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