2012 Fisker Karma in motion

Releasing its first-ever business report, Fisker Automotive announced today that the company's revenues for the first four months of 2012 exceeded $100 million and that total funding in the company has exceeded a billion dollars. Not bad for a company that only has one product, the plug-in hybrid Karma that has received plenty of critical press and driver reception. Oh, and recalls. Speaking of the Karma, Fisker has already found homes for 1,000 of them since starting deliveries last December.

A thousand Karmas sold in six months equals an average of about 167 a month, or around five-and-a-half a day. That's a good pace for a $100,000+ car from a new company, but it's far from enough to move the 15,000 Karmas Fisker said it would make in 2012. To sell all those vehicles, Fisker would have to move 1,250 a month, or roughly 42 a day. Still, Fisker CEO Tom LaSorda said in a statement that, "We are encouraged by solid demand for the Karma, our unique extended-range luxury model. Pending completion of investment sourcing, we are poised to press ahead with further market expansion and development of our higher volume model, the Fisker Atlantic."

Earlier this year, Fisker unveiled the Atlantic, a less expensive model that has already attracted a lot of positive attention for its looks. Of course, the Karma was lauded, too, before the dark times.
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Fisker Automotive Issues Inaugural Business Update

05.28.2012
  • Over $100 million revenue generated in four months to April 30
  • 1000 vehicles delivered to customers since launch
  • Private equity funding exceeds $170 million in 2012
  • Total funding passes $1 billion milestone
  • New Atlantic model unveiled in New York
  • Record sales in Netherlands signal European progress
  • Distribution deal agreed in Middle East
Anaheim, California USA – May 29, 2012: Fisker Automotive, the leading manufacturer of luxury Electric Vehicles with extended range (EVer™), today published its first business update by announcing that revenues had exceeded $100 million in the first four months of 2012.

The company, which began deliveries of the Fisker Karma luxury four-door electric sedan in December 2011, also revealed that it has delivered 1000 vehicles to customers in the US and Europe.

Tom LaSorda, Chief Executive Officer of Fisker Automotive, said: "We are encouraged by solid demand for the Karma, our unique extended-range luxury model. Pending completion of investment sourcing, we are poised to press ahead with further market expansion and development of our higher volume model, the Fisker Atlantic."

In the first few months of 2012, Fisker has continued to raise private equity investment to fund its expansion plans, securing $174 million of additional private financing since the start of the year. The latest funding has lifted the overall financing beyond $1 billion since the start of the company in 2007.

Fisker has also become the first manufacturer to launch vehicles under the Federal Government's Advanced Technology Vehicle Manufacturing (ATVM) program.

Henrik Fisker, Executive Chairman of the company, said: "There is great confidence from the investment community, our customers and the media in what we have achieved in bringing such a beautiful and innovative car to the marketplace in record time.

"Treading a new path in any industry is never easy, but we have set out to re-define and re-shape the way the world thinks about cars, and I am proud of what the Fisker team has achieved so far."

He was commenting amid positive feedback from customers and dealers about the quality and performance of Fisker's flagship model, the Karma – the world's first luxury four-door electric vehicle.

Strong customer demand for the Karma has continued internationally. In the Netherlands, considered one of the most competitive markets for premium vehicles, the Karma ranked second in volume to the Porsche Panamera in the segment for four-door luxury sedans (of all powertrain types) in the January-April, 2012 period.

Success in such markets is expected to continue with further expansion into new territories, including the Middle East. Earlier this month, Fisker signed an exclusive agreement with the Al-Futtaim Group, one of the Middle East's most experienced automotive distributors, to build Fisker's sales presence in fast-growing markets for performance and luxury cars. Al-Futtaim and its network of experienced retailers will allow Fisker to reach customers in the U.A.E, Saudi Arabia, Qatar, Oman, Bahrain, and Egypt.

ABOUT FISKER AUTOMOTIVE, INC.
Fisker Automotive is an American car company, founded in 2007, committed to producing electric vehicles with extended range (EVer) that deliver uncompromised responsible luxury. The company is designing and developing the world's first line of premium electric plug-in hybrids representing the company's firm belief that environmentally conscious cars need not sacrifice passion, style, or performance. Fisker Automotive is a global company that is redefining luxury for the modern sports car buyer. For more information on the brand and the Fisker Karma Sedan, please go to http://fiskerautomotive.com.