The U.S. National Highway Traffic Safety Administration closes its preliminary investigation of 7,745 Fisker Ocean SUVs after the electric vehicle startup implemented corrective actions, including a recall and a software update to fix safety problems. &nbsp;

An investigation earlier this year looked into Fisker Ocean 2023 models where information surfaced that it had reported unintended vehicle movement on approximately 4,000 models. Issues with not being able to shift into park mode or the intended gear were highlighted to complaints, including those regarding the potential rollaway risk of accidents or injuring people. &nbsp;

Fisker responded by recalling 7,745 Ocean SUVs and pushed out a software update dubbed "OS 2.0." This update added an 'Auto Vehicle Hold' feature that keeps the car from rolling down the hill due to gravity by verifying proper engagement of the park gear and the electronic parking brake. &nbsp;

After reviewing the recall and the software fixes, the NHTSA determined the corrective measures were sufficient to address risks found during its investigation. The agency said on Monday that “Fisker's response to the issue was effective” and that the addition of the new feature reduces rollaway risks by improving safety. &nbsp;

One key part of the company’s efforts to enter an increasingly competitive EV market has been Fisker Ocean, a flagship electric SUV. But, challenges startups face in achieving robust systems, the likes of which were raised earlier this year, underscore safety concerns. &nbsp;

It is a milestone for Fisker which now closes on a chapter without the shadows of safety doubts hanging over its head. As the company expands, the need for strict safety protocols will become increasingly important to win consumer trust and confront entrenched automakers in the rapidly evolving EV space. &nbsp;

With the NHTSA’s endorsement of its corrective actions, Fisker appears poised to reinforce its commitment to safety while advancing its market ambitions. The Ocean SUV remains a centerpiece of Fisker’s strategy to carve a niche in sustainable mobility.

The U.S. National Highway Traffic Safety Administration closes its preliminary investigation of 7,745 Fisker Ocean SUVs after the electric vehicle startup implemented corrective actions, including a recall and a software update to fix safety problems.

The U.S. National Highway Traffic Safety Administration closes its preliminary investigation of 7,745 Fisker Ocean SUVs after the electric vehicle startup implemented corrective actions, including a recall and a software update to fix safety problems. An investigation earlier this year looked into Fisker Ocean 2023 models where information surfaced that it had reported unintended vehicle movement on approximately 4,000 models. Issues with not being able to shift into park mode or the intended gear were highlighted to complaints, including those regarding the potential rollaway risk of accidents or injuring people. Fisker responded by recalling 7,745 Ocean SUVs and pushed out a software update dubbed "OS 2.0." This update added an 'Auto Vehicle Hold' feature that keeps the car from rolling down the hill due to gravity by verifying proper engagement of the park gear and the electronic parking brake. After reviewing the recall and the software fixes, the NHTSA determined the corrective measures were sufficient to address risks found during its investigation. The agency said on Monday that “Fisker's response to the issue was effective” and that the addition of the new feature reduces rollaway risks by improving safety. One key part of the company’s efforts to enter an increasingly competitive EV market has been Fisker Ocean, a flagship electric SUV. But, challenges startups face in achieving robust systems, the likes of which were raised earlier this year, underscore safety concerns. It is a milestone for Fisker which now closes on a chapter without the shadows of safety doubts hanging over its head. As the company expands, the need for strict safety protocols will become increasingly important to win consumer trust and confront entrenched automakers in the rapidly evolving EV space. With the NHTSA’s endorsement of its corrective actions, Fisker appears poised to reinforce its commitment to safety while advancing its market ambitions. The Ocean SUV remains a centerpiece of Fisker’s strategy to carve a niche in sustainable mobility.

NHTSA closes probe into Fisker Ocean SUVs following software update

Fisker, the once-promising EV startup, has approached the bankruptcy court with an unusual request. The company, which filed for Chapter 11 bankruptcy protection last month, is seeking approval to sell a substantial portion of its Ocean electric SUV inventory at a dramatically reduced price.

According to court documents filed on Tuesday, Fisker is proposing to sell 3,321 Ocean electric SUVs to American Lease, a New York-based vehicle leasing company, for a total of USD 46.25 million. This translates to approximately USD 14,000 per vehicle, a stark contrast to the original pricing of some Ocean variants, which reached up to USD 70,000.

This move comes as Fisker grapples with severe financial difficulties that led to its bankruptcy filing. The company had been facing significant logistical challenges in selling its Ocean SUVs, prompting a shift to a dealer-partner model earlier this year. However, this strategic pivot came too late to stem the tide of financial losses, as Fisker had already burned through a substantial amount of cash.

The proposed sale to American Lease represents a last-ditch effort by Fisker to generate some capital from its unsold inventory. It's worth noting that prior to filing for bankruptcy, Fisker had already slashed prices on its cheapest Ocean variant to around USD 25,000 in an attempt to raise funds and meet its debt obligations. The current proposed sale price of USD 14,000 per unit underscores the desperate nature of Fisker's financial situation.

Interestingly, the roots of this deal can be traced back to May 30, just two weeks before Fisker's bankruptcy filing. At that time, American Lease had agreed to purchase 2,100 Ocean EVs. Subsequently, the leasing company increased its offer to acquire all 3,321 Ocean SUVs that were ready for sale, demonstrating confidence in the vehicle's potential despite Fisker's troubles.

American Lease's interest in the Fisker Ocean fleet aligns with broader trends in the transportation sector, particularly in New York City. The leasing company primarily serves rideshare drivers in and around the city, providing a fleet of vehicles for lease or rent. This acquisition could be strategically timed, given New York City's recent mandate requiring the transition of its rideshare fleet to either zero-emission vehicles or wheelchair-accessible vehicles by 2030.

The potential sale of Fisker's Ocean SUVs at such a reduced price raises questions about the future of the company and the broader electric vehicle market. While it represents a significant loss for Fisker, it could provide an opportunity for American Lease to offer affordable electric vehicles to rideshare drivers, potentially accelerating the adoption of EVs in urban transportation.

However, the deal is not yet finalised. It hinges on the approval of the bankruptcy judge overseeing Fisker's Chapter 11 proceedings. If approved, this sale could provide Fisker with much-needed liquidity as it navigates the bankruptcy process and potentially explores options for restructuring or selling the company.

This development also highlights the challenges faced by new entrants in the highly competitive and capital-intensive automotive industry, particularly in the electric vehicle sector. Fisker's journey from a promising startup to bankruptcy underscores the difficulties of scaling production, managing supply chains, and competing with established automakers in the EV space.

Fisker, the once-promising EV startup, has approached the bankruptcy court with an unusual request. The company, which filed for Chapter 11 bankruptcy protection last month, is seeking approval to sell a substantial portion of its Ocean electric SUV inventory at a dramatically reduced price.

Fisker, the once-promising EV startup, has approached the bankruptcy court with an unusual request. The company, which filed for Chapter 11 bankruptcy protection last month, is seeking approval to sell a substantial portion of its Ocean electric SUV inventory at a dramatically reduced price. According to court documents filed on Tuesday, Fisker is proposing to sell 3,321 Ocean electric SUVs to American Lease, a New York-based vehicle leasing company, for a total of USD 46.25 million. This translates to approximately USD 14,000 per vehicle, a stark contrast to the original pricing of some Ocean variants, which reached up to USD 70,000. This move comes as Fisker grapples with severe financial difficulties that led to its bankruptcy filing. The company had been facing significant logistical challenges in selling its Ocean SUVs, prompting a shift to a dealer-partner model earlier this year. However, this strategic pivot came too late to stem the tide of financial losses, as Fisker had already burned through a substantial amount of cash. The proposed sale to American Lease represents a last-ditch effort by Fisker to generate some capital from its unsold inventory. It's worth noting that prior to filing for bankruptcy, Fisker had already slashed prices on its cheapest Ocean variant to around USD 25,000 in an attempt to raise funds and meet its debt obligations. The current proposed sale price of USD 14,000 per unit underscores the desperate nature of Fisker's financial situation. Interestingly, the roots of this deal can be traced back to May 30, just two weeks before Fisker's bankruptcy filing. At that time, American Lease had agreed to purchase 2,100 Ocean EVs. Subsequently, the leasing company increased its offer to acquire all 3,321 Ocean SUVs that were ready for sale, demonstrating confidence in the vehicle's potential despite Fisker's troubles. American Lease's interest in the Fisker Ocean fleet aligns with broader trends in the transportation sector, particularly in New York City. The leasing company primarily serves rideshare drivers in and around the city, providing a fleet of vehicles for lease or rent. This acquisition could be strategically timed, given New York City's recent mandate requiring the transition of its rideshare fleet to either zero-emission vehicles or wheelchair-accessible vehicles by 2030. The potential sale of Fisker's Ocean SUVs at such a reduced price raises questions about the future of the company and the broader electric vehicle market. While it represents a significant loss for Fisker, it could provide an opportunity for American Lease to offer affordable electric vehicles to rideshare drivers, potentially accelerating the adoption of EVs in urban transportation. However, the deal is not yet finalised. It hinges on the approval of the bankruptcy judge overseeing Fisker's Chapter 11 proceedings. If approved, this sale could provide Fisker with much-needed liquidity as it navigates the bankruptcy process and potentially explores options for restructuring or selling the company. This development also highlights the challenges faced by new entrants in the highly competitive and capital-intensive automotive industry, particularly in the electric vehicle sector. Fisker's journey from a promising startup to bankruptcy underscores the difficulties of scaling production, managing supply chains, and competing with established automakers in the EV space.

Fisker seeks bankruptcy for bulk sale of Ocean EVs at a steep discount

Electric vehicle startup Fisker is on the brink of liquidation, as attorneys previewed a battle between creditor factions over payment priorities in a U.S. bankruptcy court on Friday. The court hearing in Wilmington, Delaware, revealed the financial and operational struggles that led Fisker to this critical juncture.

Background on Fisker's bankruptcy filing

Fisker filed for bankruptcy protection on Monday after exhausting its cash reserves while trying to ramp up production of its Ocean SUVs. Initially, the company aimed to secure additional financing to sustain "reduced operations," but Fisker's attorney, Brian Resnick, stated in court that the company does not anticipate obtaining the necessary funds.

Resnick informed U.S. Bankruptcy Judge Thomas Horan that Fisker plans to liquidate its assets. The company has tentatively agreed to sell its 4,300 vehicles to a single buyer, marking a significant step towards its winding down.

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Financial troubles and creditor disputes

Founded by automotive designer Henrik Fisker, the California-based company never achieved profitability. In 2023, Fisker reported $273 million in revenue but incurred a net loss of $940 million. The company owes over $850 million to two groups of bondholders, leading to a contentious dispute in court.

Attorneys for the larger group of bondholders accused a minority faction led by Heights Capital Management of taking control of Fisker's debt through a questionable transaction in November. At that time, Fisker had failed to provide audited financial statements required by its debt agreements. Heights Capital seized this opportunity to claim all of Fisker's assets as collateral for its bonds.

"They basically handed the whole business over to Heights," said Alex Lees, an attorney for the larger group of bondholders. Lees argued that Fisker should have filed for bankruptcy in November, asserting that the company has been liquidating assets outside of the court's supervision to benefit a single creditor.

Heights Capital Management's position

Heights' attorney, Scott Greissman, rejected Lees' accusations, describing them as "outrageous." He asserted that Heights had tried to help Fisker survive through its challenging period. "There may be a lot of disappointed creditors, but none more than Heights," Greissman said, noting that the expected sale of Fisker's fleet would cover only a fraction of Heights' $185 million debt.

Potential conversion to Chapter 7 liquidation

Linda Richenderfer, representing the U.S. Department of Justice's bankruptcy watchdog, indicated that Heights Capital holds all the leverage in the situation. She suggested that Fisker's bankruptcy might convert to a straightforward Chapter 7 liquidation once the vehicle fleet is sold. "Heights is getting everything it wants," Richenderfer noted, adding that Heights has no incentive to agree to further concessions.

Failed partnership and industry challenges

Fisker's fate was effectively sealed in March when it failed to secure a partnership with a major vehicle manufacturer, reportedly Nissan. This failure prompted Fisker to halt production and lay off staff to conserve cash. Resnick highlighted these steps as necessary measures amid the company's dire financial situation.

The hyper-competitive electric vehicle market has been challenging for many startups. Companies such as Proterra, Lordstown Motors, and Electric Last Mile Solutions have also filed for bankruptcy in the past two years. These firms have struggled with weakening demand, difficulties in raising funds, and operational challenges exacerbated by global supply chain issues.

Fisker's liquidation marks another casualty in the turbulent EV sector. The legal battle between its creditors underscores the complexities involved in the bankruptcy process. As Fisker prepares to liquidate its assets, the broader implications for the EV industry highlight the financial and operational hurdles that many startups face in this rapidly evolving market.

(Inputs from Reuters)

Electric vehicle startup Fisker is on the brink of liquidation, as attorneys previewed a battle between creditor factions over payment priorities in a U.S. bankruptcy court on Friday.

Electric vehicle startup Fisker is on the brink of liquidation, as attorneys previewed a battle between creditor factions over payment priorities in a U.S. bankruptcy court on Friday. The court hearing in Wilmington, Delaware, revealed the financial and operational struggles that led Fisker to this critical juncture. Background on Fisker's bankruptcy filing Fisker filed for bankruptcy protection on Monday after exhausting its cash reserves while trying to ramp up production of its Ocean SUVs. Initially, the company aimed to secure additional financing to sustain "reduced operations," but Fisker's attorney, Brian Resnick, stated in court that the company does not anticipate obtaining the necessary funds. Resnick informed U.S. Bankruptcy Judge Thomas Horan that Fisker plans to liquidate its assets. The company has tentatively agreed to sell its 4,300 vehicles to a single buyer, marking a significant step towards its winding down. Also read: Honda faces labour law violation charges at Indiana plant Financial troubles and creditor disputes Founded by automotive designer Henrik Fisker, the California-based company never achieved profitability. In 2023, Fisker reported $273 million in revenue but incurred a net loss of $940 million. The company owes over $850 million to two groups of bondholders, leading to a contentious dispute in court. Attorneys for the larger group of bondholders accused a minority faction led by Heights Capital Management of taking control of Fisker's debt through a questionable transaction in November. At that time, Fisker had failed to provide audited financial statements required by its debt agreements. Heights Capital seized this opportunity to claim all of Fisker's assets as collateral for its bonds. "They basically handed the whole business over to Heights," said Alex Lees, an attorney for the larger group of bondholders. Lees argued that Fisker should have filed for bankruptcy in November, asserting that the company has been liquidating assets outside of the court's supervision to benefit a single creditor. Heights Capital Management's position Heights' attorney, Scott Greissman, rejected Lees' accusations, describing them as "outrageous." He asserted that Heights had tried to help Fisker survive through its challenging period. "There may be a lot of disappointed creditors, but none more than Heights," Greissman said, noting that the expected sale of Fisker's fleet would cover only a fraction of Heights' $185 million debt. Potential conversion to Chapter 7 liquidation Linda Richenderfer, representing the U.S. Department of Justice's bankruptcy watchdog, indicated that Heights Capital holds all the leverage in the situation. She suggested that Fisker's bankruptcy might convert to a straightforward Chapter 7 liquidation once the vehicle fleet is sold. "Heights is getting everything it wants," Richenderfer noted, adding that Heights has no incentive to agree to further concessions. Failed partnership and industry challenges Fisker's fate was effectively sealed in March when it failed to secure a partnership with a major vehicle manufacturer, reportedly Nissan. This failure prompted Fisker to halt production and lay off staff to conserve cash. Resnick highlighted these steps as necessary measures amid the company's dire financial situation. The hyper-competitive electric vehicle market has been challenging for many startups. Companies such as Proterra, Lordstown Motors, and Electric Last Mile Solutions have also filed for bankruptcy in the past two years. These firms have struggled with weakening demand, difficulties in raising funds, and operational challenges exacerbated by global supply chain issues. Fisker's liquidation marks another casualty in the turbulent EV sector. The legal battle between its creditors underscores the complexities involved in the bankruptcy process. As Fisker prepares to liquidate its assets, the broader implications for the EV industry highlight the financial and operational hurdles that many startups face in this rapidly evolving market. (Inputs from Reuters)

Fisker faces liquidation amid creditor disputes

In a significant blow to the electric vehicle (EV) industry, Fisker Group Inc., an American EV manufacturer, has filed for Chapter 11 bankruptcy. The decision follows the collapse of crucial deal talks with a major automaker, compounded by a rapid cash burn in efforts to deliver its Ocean SUV in the United States and Europe.

Fisker Group Inc. has officially filed for Chapter 11 bankruptcy in Delaware. The company has reported estimated assets ranging from $500 million to $1 billion and liabilities between $100 million and $500 million. According to court filings, Fisker has between 200 and 999 creditors. This financial turmoil reflects the broader challenges facing many EV startups as they navigate market volatility and operational difficulties.

Market and economic pressures

The company released a statement addressing the factors leading to its bankruptcy filing: "Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company."

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Failed deal and financing efforts

Fisker had flagged concerns about its financial stability earlier in February, signalling doubts about its ability to sustain operations. Subsequent reports indicated that the company was in discussions to secure a substantial investment from a major automaker. However, these negotiations ultimately failed, leaving Fisker with limited options. Despite this setback, the company remains in advanced talks with financial stakeholders to secure debtor-in-possession financing, which could provide the necessary liquidity to navigate the bankruptcy process.

Industry context

Fisker's bankruptcy is part of a troubling trend within the EV sector. Other notable EV makers, such as Proterra, Lordstown Motors, and Electric Last Mile Solutions, have also filed for bankruptcy in the past two years. These companies have struggled with dwindling cash reserves, fundraising challenges, and the complexities of scaling production. The rapid pace of technological advancement and the high capital requirements of the EV industry have created a volatile environment where only the most robust companies can thrive.

Fisker's journey and challenges

Founded by renowned automotive designer Henrik Fisker, the company had high aspirations and innovative designs that garnered significant attention. Fisker's Ocean SUV, aimed at the mid-range EV market, was a key part of its strategy to capture a share of the burgeoning EV market in the United States and Europe. However, execution challenges, coupled with financial missteps, have hindered its progress. The bankruptcy filing marks a critical juncture in the company’s journey, as it seeks to restructure and potentially find new ownership or partnerships.

Looking ahead

As Fisker navigates the bankruptcy process, the outcome remains uncertain. The company’s advanced talks for debtor-in-possession financing indicate a potential lifeline, but the broader implications for its operations and workforce are still unfolding. The EV market continues to be a battleground of innovation and financial resilience, and Fisker's situation underscores the high stakes involved.

Fisker's Chapter 11 bankruptcy filing is a stark reminder of the financial and operational hurdles faced by EV manufacturers. As the industry evolves, companies must balance innovation with prudent financial management to survive and thrive. Fisker’s next steps will be closely watched by industry stakeholders and investors, highlighting the ongoing challenges and opportunities within the electric vehicle sector.

In a significant blow to the electric vehicle (EV) industry, Fisker Group Inc., an American EV manufacturer, has filed for Chapter 11 bankruptcy. The decision follows the collapse of crucial deal talks with a major automaker, compounded by a rapid cash burn in efforts to deliver its Ocean SUV in the United States and Europe.

In a significant blow to the electric vehicle (EV) industry, Fisker Group Inc., an American EV manufacturer, has filed for Chapter 11 bankruptcy. The decision follows the collapse of crucial deal talks with a major automaker, compounded by a rapid cash burn in efforts to deliver its Ocean SUV in the United States and Europe. Fisker Group Inc. has officially filed for Chapter 11 bankruptcy in Delaware. The company has reported estimated assets ranging from $500 million to $1 billion and liabilities between $100 million and $500 million. According to court filings, Fisker has between 200 and 999 creditors. This financial turmoil reflects the broader challenges facing many EV startups as they navigate market volatility and operational difficulties. Market and economic pressures The company released a statement addressing the factors leading to its bankruptcy filing: "Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company." Also read: Ultium Cells workers ratify new labour agreement with 30 per cent wage hike Failed deal and financing efforts Fisker had flagged concerns about its financial stability earlier in February, signalling doubts about its ability to sustain operations. Subsequent reports indicated that the company was in discussions to secure a substantial investment from a major automaker. However, these negotiations ultimately failed, leaving Fisker with limited options. Despite this setback, the company remains in advanced talks with financial stakeholders to secure debtor-in-possession financing, which could provide the necessary liquidity to navigate the bankruptcy process. Industry context Fisker's bankruptcy is part of a troubling trend within the EV sector. Other notable EV makers, such as Proterra, Lordstown Motors, and Electric Last Mile Solutions, have also filed for bankruptcy in the past two years. These companies have struggled with dwindling cash reserves, fundraising challenges, and the complexities of scaling production. The rapid pace of technological advancement and the high capital requirements of the EV industry have created a volatile environment where only the most robust companies can thrive. Fisker's journey and challenges Founded by renowned automotive designer Henrik Fisker, the company had high aspirations and innovative designs that garnered significant attention. Fisker's Ocean SUV, aimed at the mid-range EV market, was a key part of its strategy to capture a share of the burgeoning EV market in the United States and Europe. However, execution challenges, coupled with financial missteps, have hindered its progress. The bankruptcy filing marks a critical juncture in the company’s journey, as it seeks to restructure and potentially find new ownership or partnerships. Looking ahead As Fisker navigates the bankruptcy process, the outcome remains uncertain. The company’s advanced talks for debtor-in-possession financing indicate a potential lifeline, but the broader implications for its operations and workforce are still unfolding. The EV market continues to be a battleground of innovation and financial resilience, and Fisker's situation underscores the high stakes involved. Fisker's Chapter 11 bankruptcy filing is a stark reminder of the financial and operational hurdles faced by EV manufacturers. As the industry evolves, companies must balance innovation with prudent financial management to survive and thrive. Fisker’s next steps will be closely watched by industry stakeholders and investors, highlighting the ongoing challenges and opportunities within the electric vehicle sector.

Fisker files for chapter 11 bankruptcy after failed automaker deal

Henrik Fisker unveiled his $129,000 electric luxury car Tuesday, in a rebooted effort by the renowned auto designer to take on Tesla and other luxury automakers.&nbsp;

The Fisker EMotion, which made its debut at the Consumer Electronics Show in Las Vegas, is part of a comeback effort for Henrik Fisker, a former BMW and Aston Martin designer whose first venture was halted in 2013 after selling only a few thousand vehicles.&nbsp;

This time, the company Fisker Inc. is pulling out all the stops for the vehicle, designed with butterfly doors and a sleek sportscar look, semi-autonomous driving, and a range of some 400 miles (650 kilometres) on a single charge.&nbsp;

The car, which is still two years from deliveries, &quot;is a new take on the future of a luxury sedan,&quot; Fisker said on the CES show floor.&nbsp;

Fisker said the features such as the extended driving range &quot;will make even people sitting on the fence (about electric cars) look at it.&quot;&nbsp;

The new effort nonetheless faces an uphill battle in an industry where Tesla is showing rapid growth and other rivals from major automakers to start-ups -- including one other making a debut at the tech show -- are producing new electric cars.&nbsp;

Fisker is also working on its own battery technology aimed at improving range and speeding the charging time.&nbsp;

He hopes to have a charging system that can enable an extra 125 miles in nine minutes.&nbsp;

The company is also working on a solid-state battery that Fisker maintained could achieve a full charge in one minute. Like Tesla, Fisker is also working on a more affordable vehicle that would be priced around $40,000 after the Emotion. And it has designed a self-driving shuttle bus called the Orbit that could also launch in the next few years.&nbsp;

Partnering with Fisker is California-based technology firm Quanergy, which is developing the LIDAR used for autonomous driving.&nbsp;

The Emotion uses five LIDAR sensors integrated into the body and &quot;it&#39;s the only LIDAR with no moving parts,&quot; said Quanergy CEO Louay Eldada.&nbsp;

The launch by Fisker&#39;s new company comes after a high-profile bankruptcy by Fisker Automotive.&nbsp;

Before launching his own venture and the Fisker Karma, Fisker designed vehicles including the BMW Z8 and Aston Martin DB89.&nbsp;

Other firms at CES appear to be making a play for Tesla clients with electric vehicles with autonomous capabilities.&nbsp;

China-based start-up Byton announced this week it planned to launch a $45,000 electric car featuring a &quot;digital&quot; lounge with a panoramic display acting as a hub for navigation, entertainment and even monitoring the health of its occupants.&nbsp;

Last year, Chinese-backed Faraday Future unveiled its premium electric vehicle but since then have offered few clues on its availability.&nbsp;

Still, Tesla remains a target for both established automakers and start-ups.&nbsp;

&quot;In my opinion Tesla is vulnerable,&quot; said Jack Gold, an analyst who follows the tech sector and who was attending CES.&nbsp;

In addition to the companies presenting at CES, Gold said, there are a number of other Chinese firms which could use the shift in consumer trends to break into new markets.&nbsp;

&quot;I think it`s a big opening for the Chinese. And the Chinese government is subsidizing them.&quot; &nbsp;

The electronics show is often used to debut new automotive technology even though it takes place just days ahead of the big Detroit auto show.&nbsp;

The launch by Fisker's new company comes after a high-profile bankruptcy by Fisker Automotive

Henrik Fisker unveiled his $129,000 electric luxury car Tuesday, in a rebooted effort by the renowned auto designer to take on Tesla and other luxury automakers. The Fisker EMotion, which made its debut at the Consumer Electronics Show in Las Vegas, is part of a comeback effort for Henrik Fisker, a former BMW and Aston Martin designer whose first venture was halted in 2013 after selling only a few thousand vehicles. This time, the company Fisker Inc. is pulling out all the stops for the vehicle, designed with butterfly doors and a sleek sportscar look, semi-autonomous driving, and a range of some 400 miles (650 kilometres) on a single charge. The car, which is still two years from deliveries, "is a new take on the future of a luxury sedan," Fisker said on the CES show floor. Fisker said the features such as the extended driving range "will make even people sitting on the fence (about electric cars) look at it." The new effort nonetheless faces an uphill battle in an industry where Tesla is showing rapid growth and other rivals from major automakers to start-ups -- including one other making a debut at the tech show -- are producing new electric cars. Fisker is also working on its own battery technology aimed at improving range and speeding the charging time. He hopes to have a charging system that can enable an extra 125 miles in nine minutes. The company is also working on a solid-state battery that Fisker maintained could achieve a full charge in one minute. Like Tesla, Fisker is also working on a more affordable vehicle that would be priced around $40,000 after the Emotion. And it has designed a self-driving shuttle bus called the Orbit that could also launch in the next few years. Partnering with Fisker is California-based technology firm Quanergy, which is developing the LIDAR used for autonomous driving. The Emotion uses five LIDAR sensors integrated into the body and "it's the only LIDAR with no moving parts," said Quanergy CEO Louay Eldada. The launch by Fisker's new company comes after a high-profile bankruptcy by Fisker Automotive. Before launching his own venture and the Fisker Karma, Fisker designed vehicles including the BMW Z8 and Aston Martin DB89. Other firms at CES appear to be making a play for Tesla clients with electric vehicles with autonomous capabilities. China-based start-up Byton announced this week it planned to launch a $45,000 electric car featuring a "digital" lounge with a panoramic display acting as a hub for navigation, entertainment and even monitoring the health of its occupants. Last year, Chinese-backed Faraday Future unveiled its premium electric vehicle but since then have offered few clues on its availability. Still, Tesla remains a target for both established automakers and start-ups. "In my opinion Tesla is vulnerable," said Jack Gold, an analyst who follows the tech sector and who was attending CES. In addition to the companies presenting at CES, Gold said, there are a number of other Chinese firms which could use the shift in consumer trends to break into new markets. "I think it`s a big opening for the Chinese. And the Chinese government is subsidizing them." The electronics show is often used to debut new automotive technology even though it takes place just days ahead of the big Detroit auto show.

With pricey electric car 'EMotion', Fisker eyes comeback

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