Fisker completes investigation of latest Karma hybrid EV fire, issues vehicle-wide cooling fan recall

MEDIA STATEMENT — Woodside, CA Incident
ANAHEIM, CA — August 18, 2012:

Fisker has completed a detailed investigation into the roadside fire involving a Fisker
Karma sedan on August 10 in Woodside, CA.

The investigation conducted by Fisker engineers, working with an independent fire
expert from Pacific Rim Investigative Services Group, has identified the root cause of
the incident.

The investigation located the ignition source to the left front of the Karma, forward of the
wheel, where the low temperature cooling fan is located. The final conclusion was that
this sealed component had an internal fault that caused it to fail, overheat and start a
slow burning fire.

Fisker has today voluntarily elected to conduct a recall with respect to this cooling fan
unit. The company is working with the responsible supplier and this recall campaign is
not expected to have a material financial impact on Fisker.

Fisker has already contacted its retailer network. Customers are expected to be
contacted by retailers, ahead of their receiving formal notice from the company by mail,
to have the cooling fan replaced with a unit that meets the required specifications. At
the same time an additional fuse will be installed for added protection.

In their investigation, independent experts established that the incident was not caused
by the Lithium-ion battery pack, new technology components, engine component
packaging or unique exhaust routing of the Fisker Karma.

“We are committed to responding swiftly and decisively to events such as this to ensure
total customer satisfaction,” says Executive Chairman and Co-Founder, Henrik Fisker.
“This incident resulted from a single, faulty component, not our unique EVer powertrain
or the engineering of the Karma. As this situation demonstrates, Fisker Automotive is
dedicated to doing whatever is necessary to address safety and quality concerns.”

The owner of the car involved in the Woodside incident, Mr. Rudy Burger commented:
“I have been incredibly impressed with the way Fisker has handled this incident. I have
personally started seven technology companies and know from direct experience that
the US needs more innovative companies of this type, especially in the automobile
sector.

“Fisker is a great company and one that I am personally planning to invest in. I look
forward to getting behind the wheel of my next Fisker.” ”