20 Sep 09 Carmaker Fisker Automotive Looking Towards 2011 Profits

Privately held startup Fisker Automotive, Inc. is aiming to profit on its first vehicle, called the Karma, by 2011. Fisker’s chief executive has been quoted as saying that he expects sales of the luxury plug-in hybrid to reach 15,000 annually by that time. The Karma is now being prepared for its production launch and will be built by Valmet Automotive in Finland.

Already, Fisker has received 1,400 orders for the four door sedan that is priced at $87,800 and will hit showrooms around the world in June of 2010. In the United States, more than 45 dealers have signed with Fisker and the company intends to expand into the European market by the first quarter of next year.

The California based automaker will also be launching another model of plug-in hybrid car that costs less and will be higher volume in 2012. For this model, the company applied to the US Department of Energy for loans to finance the car’s development. This model will sell for around $39,000 and potentially used close automotive factories in the US for its assembly. Volume of sales would be expected to reach 100,000 annually.

Although Fisker has been approached for joint ventures with other major automakers they have declined such offers for the Karma, preferring to remain independent.