Skip to content
Subscriber Only

Electric-Car Bonanza Allows Karma to Tap Lifeline

The Karma Automotive LLC Revero GT.

The Karma Automotive LLC Revero GT.

Photographer: Patrick T. Fallon/Bloomberg

Karma Automotive, maker of the Revero plug-in hybrid luxury car, has raised $100 million from outside investors as the company and its parent seek to tap into an electric-car stock surge by seeking a total of $300 million.

The fresh funding coincides with at least the fourth makeover for a company formerly known as Fisker Automotive Inc. since past Aston Martin design director Henrik Fisker founded it in 2007, only to leave as it headed toward bankruptcy six years later. Owner Wanxiang Group Corp., which bought the carmaker in 2014 and renamed it Karma, now aims to launch a new all-electric sedan, a supercar and plug-in delivery vans.