Fisker Automotive has named a new CEO, a longtime auto industry insider who once ran Chrysler and immediately takes over day-to-day operations as the company faces turbulent times.
Tom LaSorda, who joined the upstart automaker in December as vice chairman of the board, takes the reins from founder Henrik Fisker, who will become board chairman.
The boardroom shuffle comes as Fisker Automotive ramps up production of the Karma plug-in hybrid and attempts to renegotiate a $529 million Department of Energy loan. LaSorda, who also held several executive positions during 23 years at General Motors, brings the four-year-old company more credibility as it restructures its financing and tries to raise money.
More than that, it opens new possibilities for the upstart automaker as LaSorda seeks strategic alliances with larger automakers.
This makes sense, given that LaSorda led Chrysler during the last two years of its takeover by Daimler and he was an advocate of the Chrysler-Fiat merger before leaving the company in 2009.
"As part of our future strategy, we will be seeking strong partnerships and alliances as Fisker continues to grow as a brand," LaSorda said, according to The Detroit News.
LaSorda didn't comment further, but Car & Driver reads his comments as "a pretty good sign Fisker will wind up working with a big company down the road."
As far as the Karma goes, the company says it has built 2,000 cars and delivered 840 to dealers. Many, but not all, have been delivered to customers.
LaSorda has particular knowledge of manufacturing, but financing is a bigger issue at this point. Fisker has received $193 million from its $529 million loan, but the remainder has been frozen by the feds.
The first disbursements included $169 million to help develop the Karma, which was developed in the United States, built in Finland and sells for about $100,000. The remaining money is earmarked for development of a more affordable car codenamed "Nina." That car is to be built in Delaware, but the project is on hold. Access to the federal financing was contingent upon meeting development and sales milestones for the Karma, which Fisker missed.
Fisker Automotive says it may consider private financing to continue retooling the former General Motors factory in Delaware and it still plans to introduce the Nina "with the help of a loan from the DOE or other sources."
LaSorda said he personally invested money in the company as part of his agreement to become CEO. "I wouldn't do it any other way," he said, according to The Wall Street Journal.
Fisker, the former BMW and Aston Martin designer who co-founded the company in 2007, will focus on building his company's brand and designing future models.
