Karma Automotive

Karma Automotive is a producer of luxury electric vehicles founded in 2015. Headquartered in Irvine, California[2] with an assembly plant located in Moreno Valley, California, Karma sells vehicles via its dealer network of locations in North America, Europe, South America, and the Middle East.[3][4][5][6]

This article is about the company created from the corporate assets of Fisker Automotive after its bankruptcy. For the company founded by Henrik Fisker after the bankruptcy of Fisker Automotive, see Fisker Inc.
Karma Automotive
TypePrivate
IndustryAutomotive
PredecessorFisker Automotive
Founded2015
HeadquartersIrvine, California
Key people
Liang Zhou (CEO)
Products
OwnerWanxiang Group
Number of employees
625 (2016)[1]
Websitekarmaautomotive.com

History

In February 2014, Chinese auto-parts supplier Wanxiang Group purchased assets of Fisker Automotive for $149.2 million in a bankruptcy auction. These assets included designs, a plug-in hybrid powertrain, and the former Wilmington Assembly factory in Wilmington, Delaware.[1][7][8] Fisker Automotive was founded in 2007 by Henrik Fisker and his business partner Bernhard Koehler.[8] Its Fisker Karma plug-in hybrid sports sedan debuted in 2011, and about 2,000 of the vehicles were sold.[8] After Fisker's battery supplier A123 Systems filed for bankruptcy after two battery recalls, Fisker Automotive could not continue its business operations, and the company declared bankruptcy in February 2014 which led to the Wanxiang acquisition.[8]

Karma Automotive was formed in October 2015.[8] The purchase excluded the Fisker brand and trademarks owned by Henrik Fisker.[9] Wanxiang also purchased A123 Systems following its bankruptcy declaration.[10]

In early 2016, Karma Automotive enlisted a straw buyer in an attempt to reverse engineer technology from a parts supplier and former employee.[11]

In October 2016, the Wilmington, Delaware factory was put up for sale by Wanxiang Group.[12]

The company began building the Revero in 2016 at its factory in Moreno Valley, California, with production set to begin in late 2016.[13] The Revero debuted on September 8, 2016.[14] Karma plans to manufacture 3,000 of the vehicles.[1][7][15] Karma hopes to build close to 150 cars in 2018, and in the 200 to 300 range of cars in 2019 and beyond.[16] On April 11, 2019, Karma Automotive issued a recall and stop-sale order on all Revero vehicles, due to a flaw in the roll over sensors which would disable the side-curtain airbags.[17]

In 2019, the company opened the Karma's Innovation and Customization Center.[18] In conjunction with the opening, Karma announced a design and manufacturing partnership with electric vehicle company Ayro.[4]

In November 2020, Karma sued Lordstown Motors in a technology dispute.[19]

Financial difficulties

In November 2019, Karma Automotive laid off 200 employees at its Irvine, California headquarters due to financial difficulty.[20] In February 2020, the company laid off an additional 60 employees.[21]

In July 2020, the company raised $100 million USD from outside investors. Karma announced its intensions to license its electric vehicle platform to other automakers in order to generate more revenue.[22]

Models

Revero
Main article: Karma Revero

The Revero is a luxury electric hybrid sedan. The model was awarded Luxury Green Car of the Year from Green Car Journal in 2018.[23] The model's total cruising range is approximately 300 miles with combined electric and combustion engine power, while electric power alone provides an estimated 50 miles.[1][7][24][15]

Revero GT

The Revero GT is a luxury extended-range electric vehicle. The model was awarded the 2020 Luxury Green Car of the Year Award from Green Car Journal in 2020.[25] The GT model is differentiated from the standard Revero model by a launch control feature and increased acceleration (0 to 60mph in approximately 4.8 seconds).[26] The model's total cruising range is approximately 360 miles with combined electric and combustion engine power, and approximately 80 miles with only electric power.[27]

Pininfarina GT

The Karma Pininfarina GT is a range-extender luxury electric hybrid coupe, based on the 2020 Revero chassis with a body by Pininfarina. It was introduced at the 2019 Shanghai Auto Show.[28][29]

SC1 Vision

The Karma SC1 Vision is a roofless scissor-doored working fully electric sports car concept. It was introduced at the 2019 Shanghai Auto Show.[30]

SC2 Concept

The Karma SC2 Concept is a scissor-doored working fully electric sports car concept. It was unveiled on the eve of the 2019 Los Angeles Auto Show.[31] It was named 2020's Concept Car of the Year by Robb Report in their Best of Best Issue.[32]

GS Series

The GS Series is a new vehicle line set to be introduced in 2021. The series will reportedly include the company's first battery-electric sedan. In addition, the company announced plans to reduce the prices of the GS line.[25]

See also

References
  1. Kirsten Korosec, "Karma Automotive's Rapid Growth Prompts Move to a New Home," Fortune, August 26, 2016.
  2. "Karma Automotive moves into its new Irvine HQ, and it’s hiring," OC Register, October 26, 2017.
  3. "Karma Automotive cranks out $130,000 cars in Moreno Valley". June 5, 2017. Retrieved August 4, 2019.
  4. Sebastian Blanco). "Karma Automotive Will Build 20,000 Electric Vehicles With Ayro By 2023". Forbes. Retrieved November 23, 2020.
  5. Manish Kharinta. "Karma Automotive Expanding Retail Operations to 20 Countries". FutureCar. Retrieved November 23, 2020.
  6. "Karma Automotive starts its EU expansion". FormaCar. Retrieved November 23, 2020.
  7. Charles Fleming, "Karma comes around again: California's newest car factory aims to rival Tesla," Los Angeles Times, June 17, 2016.
  8. Jim Gorzelany, "Specialty Carmaker Fisker Reborn As Karma Automotive," Forbes, September 30, 2015.
  9. Angela Greiling Keane, "Fisker to Sell Assets in Bankruptcy at $139 Million Loss," Bloomberg Businessweek, November 22, 2013.
  10. Michael Bathon, "Wanxiang Wins U.S. Approval to Buy Battery Maker A123," Bloomberg Businessweek, January 29, 2013.
  11. Torchinsky, Jason. "The Bewildering Story Of How Karma Funded A 'Spy Car' To Maybe Steal A Startup's Tech".
  12. Mordock, Jeff (October 20, 2016). "Officials see variety of uses for Fisker site". The News Journal. Wilmington, DE. Retrieved August 4, 2017.
  13. Benjamin Zhang, "Karma Revero EV: Pictures, details, specs 2018," Business Insider January 8, 2018.
  14. Darrell Etherington, "Karma Revero hybrid electric sports car revealed, complete with solar roof," TechCrunch, August 11, 2016.
  15. "Karma Automotive Revero revealed," Fox News, August 11, 2016.
  16. Jon Wong, "2017 Karma Revero Release Date, Price and Specs - Roadshow," CNET September 5, 2017.
  17. Jake Holmes, "Karma Revero recalled because airbag rollover sensors were disabled" CNET April 22, 2019.
  18. Ireson, Nelson. "Inside Karma Automotive: How the Company Is Fusing Coachbuilding with High Tech". www.automobilemag.com. Automobile (magazine). Retrieved November 26, 2020.
  19. Lambert, Fred (November 20, 2020). "More drama in EV land: now Karma is suing Lordstown over theft of technology". Electrek.
  20. Ramsey, Jonathon. "Karma Automotive whistleblower paints a grim picture". www.autoblog.com. autoblog. Retrieved November 26, 2020.
  21. Korosec, Kirsten. "Karma Automotive to lay off 60 more workers at California headquarters". www.techcrunch.com. Techcrunch. Retrieved November 26, 2020.
  22. Etherington, Darrell. "Karma Automotive raises $100 million as it looks to resell it EV platform to other automakers". www.techcrunch.com. Techcrunch. Retrieved November 26, 2020.
  23. Ron Cogan. "Karma Revero: An Electric with Sensuous Style". Green Car Journal. Retrieved December 1, 2020.
  24. Mike Ramsey, "Karma Automotive Renames Updated Electric Car, Moves Production to U.S.," Wall Street Journal, April 25, 2016.
  25. Joshua S. Hill. "Karma Automotive teases first all-electric luxury sedan". The Driven. Retrieved November 23, 2020.
  26. Mark Vaughn. "Here's what the Karma Revero GT prototype is like to drive". Autoweek. Retrieved November 23, 2020.
  27. Steven Ewing. "2020 Karma Revero GT first drive review: Third time's the charm". CNET. Retrieved November 23, 2020.
  28. Anthony Kerr (April 16, 2019). "Karma Debuts Beautiful Pininfarina-Designed Electric Coupe". Motor 1.
  29. Vijay Pattni (April 16, 2019). "Check out Karma's new Pininfarina-designed GT car". Top Gear.
  30. Vijay Pattni (April 16, 2019). "Karma has built an electric scissor-doored hypercar". Top Gear.
  31. Cole, Craig (November 19, 2019). "Karma SC2 concept car has 1,100 hp". CNET. Retrieved January 2, 2020.
  32. "KARMA SC2 NAMED 'BEST OF THE BEST 2020: CONCEPT CAR'". The Speed Journal. Retrieved November 23, 2020.
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