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Bye bye Fisker; hello Karma Automotive!

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Fisker Automotive is no more, being replaced by Karma Automotive. And according to the company’s website, a first vehicle will be introduced in 2016. 

Represented by a brand new logo, Karma Automotive recently signed a lease for a new assembly plant in Moreno Valley, California, near its headquarters in Costa Mesa, Green Car Reports claims. It is estimated that 150 jobs will be created there.

Before Fisker went bankrupt in 2013, its cars were built in Finland by Valmet Automotive.

Chief Marketing Officer Jim Taylor told Bloomberg that the new Karma plug-in hybrid will offer a range about 50 miles (80 kilometres) in full EV mode, and up to 350 miles (560 kilometres) when mixing gasoline and battery power. 

While Karma Automotive is currently focusing on this single model, there are plans for other vehicles in the future including an all-electric car.

Henrik Fisker, the man behind the Aston Martin DB9, founded Fisker Automotive and started selling the Karma in 2012. After a production run of nearly 1,800 units, however, a lack of funds, repeated recalls (due to fires, among other things), the bankruptcy of its battery supplier (A123), the departure of Mr. Fisker, and stock damage suffered during Hurricane Sandy led to the company’s demise in November 2013. Wanxiang then purchased both Fisker and A123. 

What markets will Karma Automotive target? Previous reports have The Detroit Bureau saying that China and the U.S. are the most likely destinations.