Luxury electric carmaker Karma has found a lifeline with $100 million in new funding as the company and its parent look to cash in on the popularity of Tesla in order to raise $300 million, Bloomberg reported.
The Chinese-owned company formerly known as Fisker Automotive has struggled to break out in the capital-intensive world of carmaking. Owned by auto-supplier Wanxiang Group, which bought the company in 2014, Karma is selling stakes to private equity partners, according to the report. By raising cash from U.S. investors, Karma officials aim to reduce Chinese ownership below 50%, making it easier to win government fleet contracts.
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- Karma Automotive Lays Off 60, Mostly in Irvine - dot.LA ›
Los Angeles County is cementing its position as the nation's center of the electric vehicle industry, where some 118,000 jobs working on everything from car design to better batteries.
The Los Angeles Economic Development Corp. said Monday, in its study on the industry, that L.A. controls 43% of California's massive EV industry. The growth helps the state compete with Michigan in what the LAEDC is calling a "hometown industry."
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- Karma Automotive Comes Up with $100M in New Funding - dot.LA ›
Luxury electric carmaker Karma Automotive laid off 60 people mostly from its Irvine headquarters as its repositions itself from a retail auto seller to a designer for larger vehicle makers and technology companies. That's on top of another 200 workers cut three months ago, shrinking their workforce by about 25% since October.
Many of those pink slipped are engineers, according to filings with the California Employment Development Department earlier this month.