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Tuesday, May 29, 2012

Fisker revenues top $100M as Karma deliveries pick up

Fisker Automotive 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. By comparison it took Tesla 18 months to deliver it's first 1000 Roadsters.

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.

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