Fisker Plans to Enter China image

Fisker announced its plans to enter the Chinese market in the first quarter of 2013.

“We still aren’t in all the markets where we want to be,” said Henrik Fisker, the company founder and executive chairman. “We have just launched in the Middle East, which we see a lot of interest and potential sales there, and then we are going to go into China next year.”

According to Chief Executive Tony Posawatz, currently Fisker sells about two-thirds of its Karmas in the US and the rest in Europe. Expanding in China and the Middle East is of utmost importance for Fisker whose growth strategy has been affected by quality issues and financial setbacks with its Karma launch, which made the U.S. Department of Energy froze a $529 million credit line for the automaker.

Analysts expect luxury car sales in the world’s largest auto market to increase to 2.7 million units by 2020, surpassing the US as the world’s leading luxury car market. Fisker is now looking to make alliances with larger automakers to fund its expansion.

“I don’t think for us it’s anymore about how are we going to be around next year,” Henrik Fisker said. “It’s more about how can we find the fastest possible way to get our products into the market and how can we find the most efficient way to expand.”