Fisker Atlantic sedan production pushed back at least two years

Fisker Automotive, the hybrid sports-car startup backed by venture investors and the U.S. government, aims to start production of its second model in late 2014 or 2015, the automaker said on Monday, at least two years later than initially planned.

The Atlantic, a mid-size gasoline-electric sedan, is slated to enter pre-production in 2014, according to slides prepared by Fisker for an investor presentation.

The Atlantic is really the volume car that begins to build growth, Chief Executive Tony Posawatz said during a conference call with investors and analysts. It creates a business model that is one where we can really generate cash in the future.

The presentation was the first time Fisker disclosed a production timetable for the Atlantic, whose target base price is $55,000. The car will underpin Fisker's future models, which may include sport-utility vehicles and crossovers.

Fisker also may engage with some discussions with partners to use this platform, use this technology, which very few people have, Posawatz added.

The Atlantic is essential for Fisker to regain its credibility after delays and quality issues hurt the launch of its $100,000-plus Karma flagship sedan.

Fisker was also dealt a blow in February when the U.S. Department of Energy froze the bulk of its $529 million loan to Fisker due to delays in launching the Karma.

Posawatz and Chief Financial Officer Jim Yost are part of a slate of new executives hired recently to spearhead Fisker's turnaround. Fisker has raised $1.2 billion from private investors since it was founded in 2007.

We're looking at the next phase of our investment and progression as a company to restart the (Atlantic) program in earnest, Posawatz told investors and analysts on Monday.

this month, Posawatz said Fisker was in talks with potential strategic partners to cut costs and raise money to build the Atlantic. The company is also laying the groundwork to go public, he added.

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