Karma Automotive has actually raised a$100 million lifeline from outside investors, as reported by Bloomberg, with the struggling electric lorry maker’s fortunes most likely buoyed by the current market optimism on other EV business, including Tesla. Karma is the reincarnated version of Fisker Automotive, which previously dealt with personal bankruptcy prior to being acquired by Wanxiang Group in 2014.
Karma Automotive has actually made more progress than Fisker ever did, including really providing around 500 of its inaugural Revero electric sport sedan in 2019. The company will be continuing to sell the Revero, which retails starting at around $140,000, and will likewise be seeking to add a high-horsepower GTE version, as well as a supercar for an even higher-tier client.
The automaker also says that it’s in conversations with a partner for a business delivery van, which it intends to develop in model form by year’s end. There are a variety of different business pursuing shipment vans for usage by courier business, including UPS and FedEx, and the boost in e-commerce costs provides an opportunity for numerous gamers to prosper in this category, even as there is a rush on in regards to entrants.
Karma will also look for to leverage and extend the benefits of its fresh financial investment by looking around its EV platform to other car manufacturers and OEMs, the company states, and likewise will eventually expand beyond pure EVs to hybrid fuel vehicles. In other words, it seems like Karma wants to attempt just about whatever and anything to chart a course towards profitability, however time will inform if that’s intelligent opportunism, or scattershot desperation.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.