Hybrid car maker Fisker Automotive has a new leader. Again.
Tony Posawatz was tapped as the startup’s new CEO on Tuesday. He becomes the third chief executive for Fisker in the last twelve months, succeeding Tom LaSorda, who was named CEO in February, the Mercury News notes.
Formerly a General Motors (NYSE:GM) executive, Posawatz managed the manufacturing of GM’s much-promoted hybrid vehicle, the Chevy Volt.
According to company officials, Posawatz was initially considered for the position of chief operating officer, but was eventually offered the top role.
Fisker currently produces as luxury hybrid car, the Karma, which retails for $102,000. It has sold about 1,000 Karmas. The company is planning to launch a new sedan, called the Atlantic, in two years, but is facing increased competition from other hybrid vehicles.
The company received a $529 million federal loan guarantee, but has accessed only about $193 million of the funding, with the rest frozen until it meets certain requirements. Fisker is looking to attract an additional $300 million in financing from other sources.
Posawatz’s experience with the Volt is seen as key to reversing various production problems that Fisker has encountered.