Fisker changes name to Karma Automotive

Now settled on branding, the company plans to relaunch the Karma hybrid sedan next year.

Fisker Automotive has officially changed its company name to Karma Automotive.

Now under the wing of China's Wanxiang Group, the automaker appears to have completely dropped the Fisker branding. The company had been founder Henrik Fisker's namesake, however the famed designer resigned in 2013 amid bankruptcy proceedings.

"Why Karma? It's in our DNA. It's a name that respects our past, while simultaneously reinventing our future," the new website says. "We will deliver a unique combination of advanced-technology with timeless design ... We don't have to do things as anyone has done them before."

Despite the promise of a fresh start, the company's hybrid car, also known as the Karma, will likely keep the same exterior design as it had when entering the market four years ago. Its powertrain will be updated, however, with a driving range of 350 miles on a single tank of gasoline and an all-electric range of 50 miles, according to Bloomberg.

The company is said to be run by 300 employees as it attempts to restart production. The workers are based in California, where the headquarters and production facilities are both located.

A time-frame for market arrival is unclear, though previous reports suggest Karma Automotive is aiming for a 2016 launch.

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