Olinghouse Corporation and Karma Automotive, LLC entered into an agreement to form Karma Automotive, which will become a new publicly-traded company and is expected to be created in 2016. Olinghouse, the parent company of Fisker Automotive, will continue its involvement with Karma Automotive through a strategic investment in the newly created company.

Olinghouse Corporation founder and CEO Tony Jin will become Chairman of the Board of Directors of Karma Automotive. This agreement follows a purchase option exercised by Fisker Automotive in October of this year as part of its acquisition agreement with Hybrid Technology Holdings, LLC – the entity that acquired substantially all assets of Fisker Automotive in 2013. Fisker will proceed with due diligence and finalize the transaction subject to customary closing conditions.

The 2023 Karma expands the way the plug-in hybrid can be, as it promises not only fuel efficiency but also specialty, comfort, and performance. The 2023 Karma is designed to deliver a hyper GT experience with power, torque and all-electric driving range comparable to its gasoline counterparts. The 2023 Karma will redefine what it means to own an electric vehicle; With projected performance numbers that rival or exceed those of many sports cars on the market today,

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