agent Entrepreneur logo
MenuMENU
SearchSEARCH

Founder, Executive Chairman of Fisker Automotive Quits

March 13, 2013
3 min to read


Via CNBC


Henrik Fisker, the founder and Executive Chairman of Fisker Automotive, told CNBC he is leaving the company due to differences with the company's current leadership.

Ad Loading...


"There are a lot of issues and differences I have with this company and the management team right now," Fisker said. "This is the best move for me right now."


Fisker leaves at a tumultuous time for the electric car company that has struggled with slow sales and a lack of liquidity. The company's first model, the extended range electric Karma, has been criticized as being too heavy and too inefficient. Since the Karma went on sale in 2011, Fisker Automotive has sold fewer than 2,000 models. The Fisker Karma sells for more than $100,000.


Under Henrik Fisker's leadership, Fisker Automotive was granted a $529 Million loan from the Department of Energy in September of 2009. It was hailed by environmentalists as an example of the government working with the auto industry to help develop electric cars and revive America's auto industry. After all, Fisker planned to eventually build cars at a former General Motors assembly plant in Delaware. That never happened. Instead, Fisker built the Karma in Finland saying there were no assembly plants in the U.S. that could build the luxury electric car on a contract basis.


The decision ignited a firestorm of controversy as critics blasted Fisker and the Obama Administration for using federal money to fund auto manufacturing in Europe. For a while, the Fisker DOE loan became a central point of the U.S. race for President as Republican nominee Mitt Romney blasted President Obama for lending federal money to a company that was struggling and building cars in Finland.


In 2011, the DOE suspended the Fisker Automotive line of credit after loaning the company $190 million of the $529 million the company was authorized to receive.

Ad Loading...


Meanwhile, as Fisker tried to get its finances in order, its launch model seemed to constantly be in the news for having problems. In 2011, the EPA rated the high priced EV as delivering the equivalent of 52 MPG, and an all-electric range of just 32 miles.


The results were well below what Fisker had promised and what auto enthusiasts expected. Early last year, the $107,000 Karma model Consumer Reports bought and was test driving stalled during its initial drive and had to be towed to a service center. Pictures of the Karma being loaded onto a flatbed tow truck became an embarrassing symbol of Karma problems.


Finally, during Hurricane Sandy last year, Fisker lost 300 new Karma models that were damaged in the storm. An estimated $30 Million dollars in vehicles lost at a time when Fisker was struggling to get models into showrooms and into the hands of potential buyers.


More Industry

Blue and white RV parked on beach facing the ocean.
Industryby Lauren LawrenceSeptember 3, 2026

RV Group Expands Carolina Footprint

Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.

Read More →
Photo of two men and one woman on a discussion panel
Industryby Hannah MitchellSeptember 1, 2026

Agent Acumen

An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.

Read More →
Gloved hand holding two wrenches next to “Turn Overdue into Opportunity” Graphic
Industryby Lauren LawrenceAugust 27, 2026

Missed Maintenance Creates Opportunity

As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.

Read More →
Ad Loading...
Mitsubishi shadow line-up
Industryby Hannah MitchellAugust 25, 2026

Mitsubishi Unveils U.S. Plan

The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.

Read More →
Photo of a laptop, cellphone and eyeglasses on a desk next to an office window
IndustryAugust 24, 2026

Selling to Grow

The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.

Read More →
Mechanic holding a vehicle diagnostic device while standing above an open car hood
Industryby Hannah MitchellAugust 24, 2026

Recalled Vehicles Hit 5-Year High

Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.

Read More →
Ad Loading...
outside of car dealership with cars parked in front
Industryby Lauren LawrenceAugust 20, 2026

Auto Group Acquires Top-Performing Rooftop

Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.

Read More →
Cars from the rear on a Shanghai freeway
Industryby Hannah MitchellAugust 19, 2026

China as Pacesetter

Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.

Read More →
Orange BMW car on empty road.
Industryby Hannah MitchellAugust 14, 2026

BMW Concept Car Makes Fuel to Burn

The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.

Read More →
Ad Loading...
Six men standing for photo outside of car dealership
Industryby Lauren LawrenceAugust 13, 2026

South Carolina Auto Group Downsizes

Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.

Read More →
Ad Loading...