Posted Aug 16th 2012 2:15PM
So what is the first order of business for new Fisker CEO Tony Posawatz? Certainly putting out fires. But he's also going to be doing some hat-in-hand work, according to a report from Reuters.
Posawatz knows what it takes to get an electric car to market, but Fisker is some US$150 million short of cash it needs before it launches the Atlantic, according to the report. One of Fisker's directors told the news organization that bolstering the balance sheet is necessary not only to cover operating expenses, but also to fund more product development.
Fisker's financial shortfall is the effect of losing over half its $529 billion loan from the American Department of Energy, according to the report. The company says it plans to raise the additional funds through more private financing.