Electric Dreams

How did a celebrated car designer get two chances to build an automaker, only to see both companies end in bankruptcy?

Henrik Fisker made his reputation designing cars for BMW and Aston Martin. With the Karma, a striking luxury plug-in hybrid, he set out to build a car company of his own. He attracted wealthy investors, secured government backing and persuaded buyers to take a chance on an unfamiliar manufacturer. But getting those cars into customers’ hands proved far harder than winning their attention.

After Fisker Automotive collapsed, he returned with another company and a new vehicle, the all-electric Ocean. This time, an experienced manufacturing partner would build the cars, while Fisker concentrated on design and developing the business. Investors poured in money during the electric-vehicle boom. Fisker appeared to have a remarkable second chance.

As Oceans finally reached their owners, however, problems mounted. Software faults frustrated buyers, deliveries fell behind expectations and the company struggled to account for its business while spending more money than it could afford. Employees fought to keep it operating as executives searched for a rescue. Owners faced the prospect of being left with expensive cars that nobody could repair.

In Electric Dreams, Neil Smyth traces the extraordinary history of both Fisker companies, from the excitement surrounding their first cars to the desperate negotiations and courtroom battles that followed. Drawing on company records, bankruptcy filings, contemporary reporting and documented customer experiences, he explains the financial and operational problems in clear, accessible language without losing the people caught up in them.

For readers fascinated by cars and the companies behind them, this is a story of ambition, reinvention and the immense difficulty of turning a beautiful automobile into a lasting business.