Lithium battery company A123 Systems has lowered its yearly revenue guidance significantly and says it is because of an unexpected reduction in orders for batteries to its customer VC-backed electric car startup Fisker Automotive. A123 Systems lowered its yearly 2011 revenue guidance to $165 million to $180 million, from its previous estimates of $210 million to $225 million.
Fisker initially planned to start delivering its plug-in hybrid electric car the Karma in the Summer, but hadn’t yet gotten the car certified by federal and state regulators, and deliveries were pushed back by several months. That was after Fisker delayed launching the car by over a year. A couple weeks ago its first shipment of close to 40 Karmas were shipped to the U.S. from its manufacturer in Finland.
A123 Systems says it expects the the lowered orders to Fisker to be temporary.
“Our relationship with Fisker remains strong, and we expect that this reduction in volume is temporary as we understand the Karma plug-in hybrid electric vehicle has received EPA certification as well as an all-electric range rating of 51.6 miles from the European regulatory body Technischer Ueberwachungs Verein (TUV), clearing the way for vehicles sales.”
Fisker has raised over $1 billion in private capital and loans, including a $529 million loan from the Department of Energy. Fisker’s investors include Kleiner Perkins Caufield & Byers, and Advanced Equities.
Here’s 10 things you should know about Fisker. And a video of the car: