Fisker Close to Resume Karma Production image

Fisker’s co-founder announced that the automaker will resume production soon.

Henrik Fisker, the automaker’s executive chairman and former CEO, didn’t specify the exact date when the automaker will resume production. Currently, the maker of the $103,000 rechargeable Karma sedan is in a difficult situation since battery supplier A123 Systems filed for bankruptcy in October 2012, forcing the automaker to halt Karma production.

At the end of 2012 Fisker hired Evercore Partners to find potential partners of investors as the company plans to raise money and restart production. Wanxiang, which recently won approval from the US Committee on Foreign Investment to purchase most A123’s assets, said that it is willing to help Fisker.

“We are negotiating with them,” Henrik Fisker said of Wanxiang and A123 regarding the batteries.

Last year Fisker had to deal with fires, floods and recalls, forcing the automaker to stop production of its plug-in hybrid Karma, blaming A123 Systems and the automaker’s renegotiation of the Velmet production contract.

” We took the prudent decision to conserve our battery stock and we already have sufficient supply of Karmas through Q1 of this year. By that time we hope to have renegotiated our battery supply with A123′s new owners Wanxiang,” said company’s spokesman, Roger Ormisher.