Fisker Automotive, the Anaheim, California-based company co-founded by Henrik Fisker has announced plans to change their name to Karma Automotive.
Fisker gained worldwide acclaim for producing the Karma, one of the world's first production plug-in hybrid electric vehicles, and subsequently jumpstarted the market for premium green cars.

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Repeated delays in the production of its car, the bankruptcy of its battery supplier, and the resignation of Fisker, its CEO, led the company to eventually declare bankruptcy too in November 2013. In February, it was bought by Chinese auto-parts conglomerate Wanxiang Group.The name change is designed to help distance the company from its tumultuous past. The new name and logo will appear on the updated Karma sedan which is scheduled to go into production in mid-2016. The cars will be assembled at a new 556,000-square-foot manufacturing facility in Moreno Valley, California.

"Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it-which we characterize as acting with intention-is what we stand for, it's authentic," said Karma Chief Marketing Officer James Taylor in a statement.