Things are stirring at Fisker Automotive. New owner Wanxiang plans to relaunch the Karma plug-in luxury sedan next year, and the company is hiring – its online job board lists some 45 open positions, including engineers, managers and interns. Fisker is renewing its relationship with Quantum Fuel Systems Technologies, the supplier of the Karma’s powertrain… Read more »
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Could Wanxiang relaunch the Fisker as early as next year?
An unnamed source has told Reuters that the company is rushing to finish a new version of the Fisker Karma, and hopes to reintroduce it “by next year.” “It will have to be nearly identical to the 2012 model, or it would need to go through [safety] testing and certification again,” a supplier source said…. Read more »
Fisker needs to fix 250 “bugs” before production resumes
The Chinese auto parts giant Wanxiang Group, Fisker’s new owner, is working to restart production of the Karma at a plant in Finland, and hopes to eventually assemble the luxury PHEV in the US. Two of the company’s top execs have been on a US tour, meeting with officials and politicians in Delaware, where Fisker… Read more »
Creditors queue up with claims against bankrupt Fisker
Some 618 parties have filed claims against Fisker Automotive, which declared bankruptcy in November. The outstanding claims total $985.4 million, including about $594 million in unsecured claims, and $383 million in secured claims, according to the bankruptcy court. Wanxiang America has been approved by the court to purchase Fisker’s assets, including a former GM plant… Read more »
Wanxiang wins auction, will pay $149 million for Fisker
(Updated 2/17/2014 – 11:30 am ET to correct/clarify details of the Fisker’s DOE loan.) China’s Wanxiang Group won an auction for the assets of bankrupt Fisker with a $149.2 million offer, beating out rival bidder Hybrid Tech Holdings. The courtroom drama lasted three days and went through 19 rounds of bidding. Fisker’s creditors were delighted with… Read more »
Fisker bidder Hybrid Tech forms alliance with battery maker Boston-Power
Hybrid Tech Holdings, one of the companies seeking to acquire Fisker Automotive’s assets in bankruptcy court, has formed an alliance with Massachusetts-based battery supplier Boston-Power. As reported by Delaware Online, the new alliance could help Hybrid Tech compete with Chinese auto parts giant Wanxiang, which has submitted a rival bid. Fisker’s future is expected to… Read more »
Wanxiang bids for Fisker again in last-minute offer
The assets of bankrupt automaker Fisker Automotive are scheduled to be transferred to Hybrid Technology LLC, which bought the automaker’s outstanding $168 million DOE loan for $25 million in October. However, just days before a hearing in which a judge will decide whether to give final approval to the deal, Chinese auto parts giant Wanxiang… Read more »
Fisker finally files for bankruptcy, reveals creditors
Fisker Automotive finally filed for Chapter 11 bankruptcy protection this week, some 18 months after building its last car. Hybrid Technology LLC, which bought the automaker’s outstanding $168 million DOE loan for $25 million in October, said that the purchase of the government loan was a first step toward restarting production of the Karma. “As… Read more »
Sources say Hong Kong tycoon buys Fisker loan at auction
An investor group led by Hong Kong tycoon Richard Li seems to have won the bidding for Fisker’s DOE loan, Reuters reported, citing a confidential source. The DOE plans to publicly announce the winner once the sale was closed. Fisker owes the DOE $168 million, but bids at Friday’s auction started at $30 million. Buying… Read more »
DOE to auction off Fisker loan
Got a plan to bring Fisker back to life? You’ve got a couple of weeks to put an offer together. The DOE has announced that it plans to conduct an auction for Fisker’s loan, which has a $168 million unpaid balance, on October 11. The deadline for submitting initial bids is October 7. “After exhausting… Read more »