Fisker wins further finance for its Karma electric car

Electric vehicle developer Fisker Automotive said that it closed an $85m round of venture funding this week to help bring its luxury electric car to market.

The company is working to put the four-door Karma electric vehicle on sale at an expected cost of almost $88,000 (£60,000). The Karma will be a range-extended electric car: able to travel for 50 miles on its lithium ion battery, charged from the mains, plus another 250 miles between fill-ups using conventional fuel to power an on-board generator. The vehicle made its debut at the Geneva Motor Show last year, and will come in a saloon version and a hard top convertible version. The company is aiming for 100mpg fuel economy and hopes to deliver its first vehicles next year.

Late last month Fisker also signed up its first group of US retailers. A total of 32 companies agreed to sell the vehicles, which the firm said puts it on track for a network of 40 retailers across the US by June.

Renewable-sector funding giant Kleiner Perkins Caufield & Byers participated in the round, having already contributed to an earlier $68m funding round. Eco-Drive Capital Partners also contributed to the current funding round.

Fisker's main competition is likely to be Tesla Motors, which recently unveiled its own four-door electric sports saloon, which relies on mains battery power alone. Tesla had earlier filed suit against Fisker in a dispute over intellectual property. Fisker won in arbitration, leaving it clear to go ahead with its vehicle design.