The Case Of The 500+ Unsold, Missing New Fisker Karmas

12 months ago by Jay Cole 11

There Is A Heck Of A Lot Of Unsold Fisker Karmas Out There Somewhere

There Is A Heck Of A Lot Of Unsold Fisker Karmas Out There Somewhere

Over the past several years, while tracking the sales of the Fisker Karma, we have always noted the disconnect between VIN numbers and the amount of cumulative sales.  And while this could have been chalked up to random allotment sequencing of cars yet to be built (as found with the the Tesla Model S), Fisker’s recent bankruptcy told the whole story.

The first tip-off to a pile of unsold Karmas at some random port or holding pen  in Europe or North America was a declared estimated residual value on the company assets in excess of $100 million.

Fisker's Chapter 11 Shows $100,000,000+ Worth Of Assets

Fisker’s Chapter 11 Shows $100,000,000+ Worth Of Assets

Considering that Karma manufacturuer Valmet Automotive is holding all machining, parts and work in progress in lieu of debt owing, that really left only the Delaware facility that Fisker purchased off of GM’s bankruptcy proceedings in July of 2010 for $21 million on the books, at least past the value of the IP itself.

Then we come to first day motions on the Fisker bankruptcy, and this disclosure on production:

“…the Karma sedan retailed for approximately $100,000 to $120,000, subject to consumer specifications and corresponding purchase price adjustments. The Debtors (Fisker Automotive) assembled approximately 2,700 Karma sedans, and approximately 1,800 Karma sedans have been sold to individual customers.”

Superstorm Sandy Destroyed 338 New Fisker Karmas

Superstorm Sandy Destroyed 338 New Fisker Karmas

Using our amazing calculator skills, this would leave 900 unsold Karmas unaccounted for…except for we know the company lost 338 of them in Hurricane Sandy on October 29th, 2012.  (Fisker did put in an insurance claim of $30 million for the wholesale value, but ended up settling privately for a fraction of that).

Fisker also noted this transaction in their Chapter 11 proceedings as well:

“(Fisker) suffered an additional loss on October 29, 2012, when Hurricane Sandy and its related windstorms, storm surges, and floods, destroyed approximately 338 Karma sedans located at the port in Newark, New Jersey. These vehicles represented substantially all of Fisker’s then-available Karma inventory in the United States. The Debtors’ insurance carriers denied coverage for the loss. After filing suit, the Debtors settled their coverage claims for an amount far less than the approximately $30 million wholesale value of the destroyed vehicles in order to avoid the risk and cost of protracted litigation with their insurance carriers.”

This leaves us with around 562-odd Karmas outstanding, the bulk of which most likely piled up somewhere in Europe.  Where are these cars and why hasn’t an attempt been made to sell them as of yet?  We don’t know.

Although it seems like that Bob Lutz and his VL Automotive have a pretty good idea where and who are holding onto all these cars, as they announced not so long ago that they had secured 25 new Fisker Karmas to serve as the base for the company’s de-electrified, Corvette-powered Destino (either that or they are buying some of the old dealer inventory still available in the US).  At the time of the announcement VL Automotive also noted that  they had “secured a source of body panels and gliders.”

So, who wants a discounted new 2012 Fisker Karma…or 500?

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11 responses to "The Case Of The 500+ Unsold, Missing New Fisker Karmas"

  1. Dan Frederiksen says:

    Cluster something.

    1. dfjohnson says:

      What?

      1. Dan Frederiksen says:

        Hehe there is no freedom of speech. Otherwise I would spell it out for you.
        It’s a word that means a massive screw up. And involves screwing as well.

        Fisker is a mess. It’s a cluster f…
        The term doesn’t make a lot of sense but it works :)

  2. Evil Attorney says:

    If there was some way of getting these things repaired when they break, I would certainly consider one. The used ones around the LA area are selling in the mid-$50k. Would be a nice upgrade from a Volt.

    1. Dr. Kenneth Noisewater says:

      IFF they opensource their infotainment system, which given the youtube vids I’ve seen is a horrible abortious nightmare :p

  3. Emc2 says:

    The 1,800 figure corresponds to units sold through December 2012. If you check the monthly reports from the Netherlnds, Switzerland, Germany … you will account for between 200 to 300 sold in Europe + the around 50 you have reported for the US. That leaves about 200 missing

  4. Nix says:

    Anyone have a link to the full 4 page bankruptcy filing?

  5. Dan Frederiksen says:

    You might also ask where are the 500 Mini’s that BMW took back.. rather expensive hardware in those. Just goes to show you how easy it is to keep secrets.
    And yes of course UFOs are real ET ships and it has been kept secret (more or less) since at least 1940. Globally.

  6. chuck says:

    I think I found 1, Roswell Fisker. Corp take back due to battery short, they can’t find anyone to give back too

  7. Sam says:

    Fisker is the most beautiful car ever produced. I drove one last year and it’s fantastic. I also drove the Tesla and other than the large nav and entertainment screen, I prefer the Fisker. I would love to buy one at under 60,000 on eBay, but will wait until January 4th when all parties convene on the purchase by hybrid technologies. I hope to be driving one by the spring.

  8. Sam says:

    Btw, if I win mega millions tonight, I will purchase Fisker or partner with Mr. LI and pay all former employees to come back to work.