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04/25/2008 07:24 AM
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Fisker Responds to Tesla's Allegations
SustainableBusiness.com News
Today, Fisker Automotive, Inc., a joint venture between Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) and Fisker Coachbuild, responded to allegations made by competitor Tesla Motors in a recently filed law suit.
Fisker Automotive said Tesla breached an arbitration agreement in its contract with Fisker by filing "meritless claims" in San Mateo County court and said it will "vigorously" defend itself.
"The lawsuit is nonsense," said Henrik Fisker, CEO, Fisker Automotive and founder of Fisker Coachbuild. "Fisker Coachbuild has non-exclusive design contracts as shown by the cars we have designed for a variety of manufacturers."
Earlier this month Tesla said it paid Henrik Fisker's Coachbuild almost $800,000 in 2007 to design the interior of its forthcoming sedan, called WhiteStar. The company accused Fisker of fraud, misappropriation of trade secrets and breach of contract, saying his access to Tesla's business plan and other information was unfairly used in developing Fisker Automotive's competing vehicle, Fisker Karma, a plug-in hybrid electric that was unveiled at the 2008 North American International Auto Show.
Alan Niedzwiecki, CEO of Quantum Technologies, said, "In January of 2007 I first met Henrik Fisker. Soon thereafter, I became convinced that a strategic alliance joining together Quantum's (PHEV) unique technology position with Fisker's design expertise could be leveraged into a company capable of launching the first premium sports sedan for the (PHEV) segment. In August 2007 that vision became a reality with the inception of Fisker Automotive Inc."
Ray Lane of VC firm, Kleiner Perkins Caufield and Byers, an investor in Fisker Automotive, said "We are confident that Fisker Automotive continues to be a tremendous investment opportunity. The design innovation of Henrik Fisker combined with the hybrid drive train experience of Quantum is unique in the automotive market."
Fisker Automotive also said it is on track for delivery of the Fisker Karma in Q4 2009.
