Report: Fisker wants to raise more cash before producing Atlantic sedan

Fisker Automotive, which just appointed Tony Posawatz, the former head of the Volt program at GM, as company’s new CEO, is hoping to raise $150 million in additional funds to remain stable until it launches its second production model.

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Fisker, which has already raised more than $1 billion private financing from venture backers and others since its founding in 2007, hopes to launch the Atlantic sedan by 2014.

“We need money on our balance sheet” to fund operating expenses, said Ray Lane, a Fisker director and a managing partner at venture firm Kleiner Perkins Caufield & Byers. “And we need money to fund the development of the next car.”

Lane said that once Fisker breaks even, the company could file an initial public offering or a sale to a strategic investor, which could come in late 2013.

– By: Omar Rana

Source: AutoNews