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Karma Automotive

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Karma Automotive LLC
Company typePrivate
IndustryAutomotive
PredecessorFisker Automotive
Founded2014
HeadquartersIrvine, California
Key people
Marques McCammon (President)
Products
  • Karma Revero
  • Karma Revero GT
  • Karma GS-6
  • Karma Gysera
  • Karma Kaveya
OwnerWanxiang Group
Number of employees
625 (2016)[1][needs update]
Websitekarmaautomotive.com karmanewsroom.com

Karma Automotive is a privately owned American luxury electric vehicle company founded in 2014 and now owned by Chinese conglomerate Wanxiang Group. Headquartered in Irvine, California[2] with an assembly plant located in Moreno Valley, Karma sells vehicles via its dealer network of locations in North America, Europe, South America, and the Middle East.[3][4][5][6]

History

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In February 2014, Chinese auto-parts supplier Wanxiang Group purchased assets of Fisker Automotive for $149.2 million in a bankruptcy auction. These assets included designs, a plug-in hybrid powertrain, and the former Wilmington Assembly factory in Wilmington, Delaware.[1][7][8] Fisker Automotive was founded in 2007 by Henrik Fisker and his business partner Bernhard Koehler.[8] Its Fisker Karma plug-in hybrid sports sedan debuted in 2011, and about 2,000 of the vehicles were sold.[8] After Fisker's battery supplier A123 Systems filed for bankruptcy after two battery recalls, Fisker Automotive could not continue its business operations, and the company declared bankruptcy in February 2014, which led to the Wanxiang acquisition.[8] The purchase excluded the Fisker brand and trademarks owned by Henrik Fisker.[9] Wanxiang also purchased A123 Systems following its bankruptcy declaration.[10]

In early 2016, Karma Automotive enlisted a straw buyer in an attempt to reverse engineer technology from a parts supplier and former employee.[11]

In October 2016, the Wilmington, Delaware factory was put up for sale by Wanxiang Group.[12][needs update]

The company began building the Revero in 2016 at its factory in Moreno Valley, California, with production set to begin in late 2016.[13] The Revero debuted on September 8, 2016.[14] Karma planned to manufacture 3,000 of the vehicles.[1][7][15][needs update] Karma hopes to build close to 150 cars in 2018, and in the 200 to 300 range of cars in 2019 and beyond.[16][needs update] On April 11, 2019, Karma Automotive issued a recall and stop-sale order on all Revero vehicles, due to a flaw in the roll over sensors which would disable the side-curtain airbags.[17][needs update]

In 2019, the company opened the Karma's Innovation and Customization Center.[18] In conjunction with the opening, Karma announced a design and manufacturing partnership with electric vehicle company AYRO to build 20,000 electric delivery vehicles by 2023. Karma's Innovation and Customization Center has the ability to build the frames, chassis and bodies, integrate the powertrain and finish the cars in its robotic paint shop.[4]

In November 2019, Karma Automotive laid off 200 employees at its Irvine, California headquarters due to financial difficulty.[19] In February 2020, the company laid off an additional 60 employees.[20]

In July 2020, the company raised US$100 million from outside investors. Karma announced its intentions to license its electric vehicle platform to other automakers in order to generate more revenue.[21][needs update]

In November 2020, Karma sued Lordstown Motors in a technology dispute.[22]

Models

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Production models

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Revero

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The Revero is a luxury plug-in hybrid electric vehicle (PHEV). The sedan model was awarded Luxury Green Car of the Year by Green Car Journal in 2018.[23] The model's total cruising range is approximately 300 miles with combined electric and combustion engine power, while electric power alone provides an estimated 50 miles (80 km).[1][7][24][15]

Revero GT

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The Revero GT is a luxury plug-in hybrid electric vehicle (PHEV). The model was awarded the 2020 Luxury Green Car of the Year Award from Green Car Journal in 2020.[25] The GT model is differentiated from the standard Revero model by a launch control feature and increased acceleration (0 to 60 mph in approximately 4.5 seconds).[26] The model's total cruising range is approximately 360 miles (580 km) with combined electric and combustion engine power, and approximately 80 miles (130 km) with only electric power.[27] Karma plans to remake the Revero GT as its halo vehicle, upgrading the model with an all-wheel-drive powertrain said to offer in excess of 1,100 hp.[28]

GS Series

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The GS Series is a new vehicle line introduced in 2021. The series includes the company's first battery-electric sedan. In addition, the company announced plans to reduce the prices of the GS line.[25]

GS-6
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Karma GS-6

The GS-6 is a range-extended, plug-in hybrid vehicle capable of traveling up to 330 miles (530 km) with combined electric and combustion engine power.[28] The GS-6 has a 400-kw, two-motor propulsion system that outputs 536 hp and 550 lb-ft of torque.[29]

GSe-6
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The GSe-6 is an all-electric vehicle, holding an 85-kWh battery pack that provides up to 230 miles (370 km) of range. A version with a 105-kWh pack & more than 300 miles (480 km) of range is in development.[28] The GS-6 has a 400-kw, two-motor propulsion system that outputs 536 hp and 550 lb-ft of torque.[29]This vehicle's development was canceled in 2023.

Concept cars

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Karma GT by Pininfarina

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Karma GT by Pininfarina

The Karma GT by Pininfarina is a range-extender luxury electric hybrid coupe, based on the 2020 Revero chassis with a body by Pininfarina. It was introduced at the 2019 Shanghai Auto Show.[30][31]

SC1 Vision Concept

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Karma Automotive SC1

The Karma SC1 Vision Concept is a roofless scissor-doored working fully electric sports car concept. It was introduced at the 2019 Shanghai Auto Show.[32]

SC2 Concept

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Karma Automotive SC2

The Karma SC2 Concept is a scissor-doored working fully electric sports car concept. It was unveiled on the eve of the 2019 Los Angeles Auto Show.[33] It was named 2020's Concept Car of the Year by Robb Report in their "Best of Best" issue.[34]

See also

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References

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  1. ^ a b c d Kirsten Korosec, "Karma Automotive's Rapid Growth Prompts Move to a New Home," Fortune, August 26, 2016.
  2. ^ "Karma Automotive moves into its new Irvine HQ, and it’s hiring," OC Register, October 26, 2017.
  3. ^ "Karma Automotive cranks out $130,000 cars in Moreno Valley". June 5, 2017. Retrieved August 4, 2019.
  4. ^ a b Sebastian Blanco). "Karma Automotive Will Build 20,000 Electric Vehicles With Ayro By 2023". Forbes. Retrieved November 23, 2020.
  5. ^ Manish Kharinta. "Karma Automotive Expanding Retail Operations to 20 Countries". FutureCar. Retrieved November 23, 2020.
  6. ^ "Karma Automotive starts its EU expansion". FormaCar. Retrieved November 23, 2020.
  7. ^ a b c Charles Fleming, "Karma comes around again: California's newest car factory aims to rival Tesla," Los Angeles Times, June 17, 2016.
  8. ^ a b c d Jim Gorzelany, "Specialty Carmaker Fisker Reborn As Karma Automotive," Forbes, September 30, 2015.
  9. ^ Angela Greiling Keane, "Fisker to Sell Assets in Bankruptcy at $139 Million Loss," Bloomberg Businessweek, November 22, 2013.
  10. ^ Michael Bathon, "Wanxiang Wins U.S. Approval to Buy Battery Maker A123," Bloomberg Businessweek, January 29, 2013.
  11. ^ Torchinsky, Jason (August 11, 2017). "The Bewildering Story Of How Karma Funded A 'Spy Car' To Maybe Steal A Startup's Tech".
  12. ^ Mordock, Jeff (October 20, 2016). "Officials see variety of uses for Fisker site". The News Journal. Wilmington, DE. Retrieved August 4, 2017.
  13. ^ Benjamin Zhang, "Karma Revero EV: Pictures, details, specs 2018," Business Insider January 8, 2018.
  14. ^ Darrell Etherington, "Karma Revero hybrid electric sports car revealed, complete with solar roof," TechCrunch, August 11, 2016.
  15. ^ a b "Karma Automotive Revero revealed," Fox News, August 11, 2016.
  16. ^ Jon Wong, "2017 Karma Revero Release Date, Price and Specs - Roadshow," CNET September 5, 2017.
  17. ^ Jake Holmes, "Karma Revero recalled because airbag rollover sensors were disabled" CNET April 22, 2019.
  18. ^ Ireson, Nelson (April 16, 2019). "Inside Karma Automotive: How the Company Is Fusing Coachbuilding with High Tech". www.automobilemag.com. Automobile (magazine). Retrieved November 26, 2020.
  19. ^ Ramsey, Jonathon. "Karma Automotive whistleblower paints a grim picture". www.autoblog.com. autoblog. Retrieved November 26, 2020.
  20. ^ Korosec, Kirsten (February 12, 2020). "Karma Automotive to lay off 60 more workers at California headquarters". www.techcrunch.com. Techcrunch. Retrieved November 26, 2020.
  21. ^ Etherington, Darrell (July 8, 2020). "Karma Automotive raises $100 million as it looks to resell it EV platform to other automakers". www.techcrunch.com. Techcrunch. Retrieved November 26, 2020.
  22. ^ Lambert, Fred (November 20, 2020). "More drama in EV land: now Karma is suing Lordstown over theft of technology". Electrek.
  23. ^ Ron Cogan. "Karma Revero: An Electric with Sensuous Style". Green Car Journal. Retrieved December 1, 2020.
  24. ^ Mike Ramsey, "Karma Automotive Renames Updated Electric Car, Moves Production to U.S.," Wall Street Journal, April 25, 2016.
  25. ^ a b Joshua S. Hill (September 23, 2020). "Karma Automotive teases first all-electric luxury sedan". The Driven. Retrieved November 23, 2020.
  26. ^ Mark Vaughn (June 26, 2019). "Here's what the Karma Revero GT prototype is like to drive". Autoweek. Retrieved November 23, 2020.
  27. ^ Steven Ewing. "2020 Karma Revero GT first drive review: Third time's the charm". CNET. Retrieved November 23, 2020.
  28. ^ a b c "Karma GS-6 First Look: PHEV Power Ranger". Motortrend. February 22, 2021.
  29. ^ a b Brian Wong (April 13, 2021). "First drive review: 2021 Karma GS-6 goes over the top on style and fun, comes up short on range". Green Car Reports.
  30. ^ Anthony Kerr (April 16, 2019). "Karma Debuts Beautiful Pininfarina-Designed Electric Coupe". Motor 1.
  31. ^ Vijay Pattni (April 16, 2019). "Check out Karma's new Pininfarina-designed GT car". Top Gear.
  32. ^ Vijay Pattni (April 16, 2019). "Karma has built an electric scissor-doored hypercar". Top Gear.
  33. ^ Cole, Craig (November 19, 2019). "Karma SC2 concept car has 1,100 hp". CNET. Retrieved January 2, 2020.
  34. ^ "KARMA SC2 NAMED 'BEST OF THE BEST 2020: CONCEPT CAR'". The Speed Journal. June 27, 2020. Retrieved November 23, 2020.
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