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Plug-in maker Fisker gets a funding recharge

By raising $65 million in a series C round, Fisker Automotive says it's still on target to deliver the Fisker Karma, a $80,000 plug-in hybrid sports car, by the end of next year.

Fisker Automotive on Tuesday said it raised $65 million to build the Fisker Karma, a planned $80,000 plug-in hybrid sports car.

The series C funding, first reported earlier in May, was led by Qatar Investment Authority (QIA) and joined by existing investors Palo Alto Investors and Kleiner Perkins Caufield & Byers. The company had previously raised $25 million, CEO Henrik Fisker said in May.

Fisker Automotive's Fisker Karma plug-in hybrid sports car.
The plug-in hybrid Fisker Karma sports sedan is designed to have a 50-mile range on battery alone. Fisker Automotive

The company expects to start delivering the four-door Fisker Karma in the fourth quarter of next year, with planned production of 15,000 units a year.

Unveiled last year, the Karma is designed for daily driving of up to 50 miles from its custom-designed lithium ion battery. A four-cylinder gasoline engine will be used to charge the battery for longer rides.

The Karma will be able to go from zero to 60 miles per hour in 5.8 seconds. Top speed will be 125 miles per hour.

Fisker has also said the company plans to make a $40,000 sedan in about four or five years.

Henrik Fisker and a designer were sued by rival electric sports car maker Tesla Motors for breach of contract and allegedly stealing trade secrets. The case is expected to go to arbitration.