Fisker Automotive lets go most of its workforce

fisker.jpgHere's one more nail for the OC-based electric car company, which was unable to find a sucker... er, partner to infuse more money into the place. About 160 people out of the 200-person workforce are losing their jobs, what Fisker describes as "a necessary strategic step in our efforts to maximize the value of Fisker's core assets." Translation: We're screwed. Talk about your money pits: Fisker has raised $1.2 billion from investors and tapped nearly $200 million in government loans - all for a company that has not produced a single car since last summer, when the supplier of the car's lithium- ion batteries filed for bankruptcy. From Bloomberg:

Fisker has faced many challenges over the past month, including the abrupt resignation in March of its founder, Henrik Fisker, over "several major disagreements" with top management. Its efforts to find an investor in China also stalled. The company had been in talks with Chinese automakers Dongfeng Motor Group Co Ltd and Zhejiang Geely Holding Group to gauge interest in acquiring a majority stake. Both Geely and Dongfeng balked at the terms of Fisker's loan agreement with the DOE. Fisker's chief executive, Tony Posawatz, visited China to try to rekindle those deals, sources said.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Driving stories:
President Obama's arrival timed to rush hour (again)
Final Wilshire@405 fly-over ramp to open Thursday
First flyover ramp opens at Wilshire and the 405
Bills pass for $10 minimum wage, licenses for non-resident drivers
Cal Worthington, SoCal TV ad icon was 92

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook