Photo credit: Karma Automotive

Karma Automotive, a luxury electric car maker that traces its origins to Fisker Automotive, an electric car company that was bought out of bankruptcy, has raised $100 million in outside funding as it seeks even another $300 million. The funding seemingly comes on the heels of high hopes and market cheers for electric car companies, mainly the publicly-traded ones. The likes of Tesla and newer entrants Nikola Motor Corp and Workhorse Group have seen their valuations soar on the public markets, with Tesla even recently surpassing Toyota to become the world’s most valuable automaker.

Karma Automotive is an offshoot of Fisker Automotive, an electric car maker that produced the Fisker Karma, one of the world’s first production electric cars. Despite selling more than 2,000 cars, Fisker struggled financially and filed for bankruptcy in 2013. In the following year, the company’s assets were purchased by Chinese automotive supply company Wanxiang Group, which now operates the Karma Automotive brand. Karma Automotive has actually begun producing vehicles and delivered 500 units on its plug-in Revero vehicle last year. The company also plans to begin selling its electric vehicle platform as well as parts and systems to other automakers.

Karma Automotive aims to launch an electric sedan, a supercar, and plug-in delivery vans in future time.

The company’s $100 million raise was first reported by Bloomberg.