Fisker Lights Fire Under CEO Post, Hires Former Chevy Volt Head

Tyler Durden's picture

Fisker, whose Karma superburningcar made headlines two days ago for being the latest addition to America's New Spontaneously Combusting Green Normal, has decided to double down on that elusive spark, and has released the incendiary news that it has hired as CEO none other than head of that other hot selling eco-car, the Chevy Volt. From Reuters: "Fisker Automotive named the former head of General Motors Co's (GM.N) Chevrolet Volt program as chief executive on Tuesday, marking the second time the troubled, government-funded start-up has replaced its top executive this year. Tony Posawatz, who oversaw the development of the Chevy Volt plug-in hybrid for six years before he left GM this summer, will replace outgoing CEO Tom LaSorda. "I've been recruiting him for quite a while and certainly had some people assist me in giving him the full story," LaSorda said during a conference call with reporters. "He's come in with eyes wide open."" Hopefully he's also come in with a fire extinguisher.

The farce continues:

Posawatz is Fisker's third CEO this year and he joins the company as it struggles to rebound a series of high-profile quality and financial setbacks with the launch of its flagship plug-in hybrid sports car, the Karma.

 

In March, a Karma battery, made by A123 Systems Inc (AONE.O), failed during a test conducted by Consumer Reports magazine. Fisker recalled 239 Karma cars in December to fix a battery defect that raised the risk of a fire.

 

Earlier this year, the Department of Energy froze the remainder of a $529 million loan to Fisker due to a one-year delay in its Karma launch. The bulk of that loan was slated to help Fisker build the new model, called the Atlantic.

 

LaSorda was named as CEO of Fisker in February to replace Henrik Fisker, a one-time Aston Martin designer, who founded the automaker carrying his name in 2007.

 

Under LaSorda, Fisker overhauled its business plan so it could be profitable without the DOE loans. LaSorda said he will be on hand to provide "fatherly advice" but will not have a formal role.

 

Fisker is hoping to regain footing with the launch of its Atlantic sedan, which will cost about half of the Karma, which carries a price tag of more than $100,000.

And now, the moment you've all been burning waiting for: cars on fire. Guess which is which.