Karma can be a bitch. Tesla better watch out.

Despite the fact that luxury electric vehicle manufacturer Fisker was beleaguered with issues a couple of years back, with Elon Musk finding scope for improvement in its every aspect, little did anyone think that it would rise from its grave and jump back in the race to define tomorrow’s electric car.

Now a Chinese automobile part manufacturer is resurrecting the brand, albeit under a new name – “Revero.”

The Wall Street Journal has reported that the Wanxiang Group is all set move its production to California, the EV-hotbed, from Finland and is set to unveil a model sometime in July or August. It has yet to disclose its asking price, but if one were to approximate a ballpark figure it would be at least $100,000 since in its previous avatar – Karma – that was its asking price.

It would be interesting to note, how the new management will address the reliability issues that had plagued its predecessors. Incidentally, the Wall Street Journal has reported that the new management plans on licensing BMW’s charging systems as well as its electric vehicle control system. Expect a deal of this nature to be finalized by the end of this year.

“There are huge, serious, major upgrades throughout the electronics systems, wiring, charging, battery,” said Jim Taylor, Karma’s chief marketing officer.

In the looks department though, it doesn’t appear that anything significant will undergo any change. The overhauling will all be under the hood, according to Taylor.

This deal could be a win-win for all concerned: if Wanxiang, who acquired

Fisker for $149 million a couple of years ago, can make a stand and compete with the likes of Ford and Tesla, it could make a name in the industry. As for BMW, the licensing deal could help it come out and move past its checkered past.

Increased competition is said to be good for us, consumers. Let us hope, those playing at these high stakes come out to party in one piece.