Reincarnating Karma Automotive: inside the luxury electric carmaker's bold plan to reinvent itself—again
or a company that produces electric vehicles, Karma has been awfully silent lately—and for good reason. The luxury automaker has been undergoing a top-to-bottom overhaul under the direction of its CEO, Lance Zhou.
Backed by a federal loan from the U.S. Department of Energy, Fisker built a sleek, plug-in hybrid sports sedan called the Karma with a starting price of more than $100,000. It attracted notable investors and celebrity clients such as Leonardo DiCaprio and Justin Bieber. But the car was plagued with mechanical and technical problems and quickly became a severe cash suck for the company.
By the time the 52-year-old Zhou assumed control of Karma, the company was desperately in need of an experienced automotive executive. Zhou had the résumé. He began his career as an engineer at one of China’s largest automakers, Dongfeng Liuzhou Motor, in 1992, after earning a master’s in engineering from the country’s Northwestern Polytechnical University and a Ph.D. in engineering management from Nanjing University of Science and Technology.
He is also emphasizing Karma’s ability to customize its vehicles. “Nobody wants to buy a standard product,” he insists. “They want to have something different, something to reflect their status.” Buyers will work directly with Karma designers to co-create a car based on individual taste. That can range from changing the paint color and souping up the engine to creating a one-of-a-kind vehicle.
The second model is the Karma Pininfarina GT, a collaboration with the legendary Italian coach builder that shows just how much customization is possible. Pininfarina retained the underpinnings of the Revero GT and handcrafted the body style and interior, offering a sexy alternative to Karma’s design.
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