from the company plus $25 million from the sale of the loan to Hybrid Technology, months before assets of Fisker Automotive were sold to Wanxiang for $149.2 million). The New York Times described the company as the "Solyndra of the electric car industry" and a "debacle". Fisker resigned as chairman from Fisker Automotive in March 2013, after the company failed to meet a series of production deadlines. Later that year, the company declared voluntary bankruptcy. Assets of Fisker Automotive were sold at a bankruptcy auction in 2014 to Chinese automotive parts firm Wanxiang for $149.2 million. In September 2015, Fisker Automotive was renamed Karma Automotive. The Fisker Karma was renamed the Karma Revero in 2016. Fisker is not affiliated with Karma Automotive or its parent company Wanxiang. HF Design (2013–present) In 2013, Fisker formed HF Design & Technology, a Los Angeles-based design house. In November 2014, Fisker designed the Galpin-Fisker Mustang Rocket, a coachbuilt custom-bodied Mustang. The car was a collaboration between HF Design and Galpin Auto Sports. In 2017, it was renamed the VLF Rocket V8. Benetti Fisker 50 yacht In 2015, Fisker's HF Design teamed with Benetti Yachts to create a series of superyachts named the Benetti Fisker 50. It has yet to be produced as of 2022. VLF Automotive (2016–2019) In January 2016, Fisker formed VLF Automotive with manufacturer and former Boeing executive Gilbert Villarreal, and auto engineer and former General Motors executive Bob Lutz, to manufacture small-run handcrafted luxury cars. Based in Auburn Hills, Michigan, VLF is the successor to VL Automotive, which was launched in 2013 and led by Villarreal and Lutz. VLF designed the Force 1 V10 car in 2016. Production began at VLF's Auburn Hills manufacturing facility in August 2016, with approximately 50 of the two-seaters scheduled to be manufactured. Only five cars were actually produced. Fisker Inc. (2016–present) In 2016, Fisker launched Fisker Inc. The company's first vehicle is the Fisker Ocean, which began production in 2022. The first deliveries of the launch edition, the Ocean One, are expected early 2023. As of 2022, the Ocean had 63,000 preorders. On July 8, 2020, Fisker announced the completion of a $50 million Series C financing round funded by Moore Strategic Ventures, the private investment arm of Louis Bacon. On July 13, 2020, Fisker announced that Fisker Inc. would offer an initial public offering on the New York Stock Exchange through a merger with