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 »
Posts Tagged: Fisker Karma
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 »
Start-ups are tough. The majority of them do not succeed, particularly those built around new technologies in burgeoning industries. Nowhere is this more evident than in the EV industry. Even with political support and government grants, many companies have miscalculated the market and the capital required to make it into the black. In October 2012,… Read more »
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 »
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 »
Fisker seems to be in limbo – it hasn’t declared bankruptcy, but so far its few prospective suitors have left it standing at the altar. Karma fans haven’t lost their faith, however. Lately, online discussion groups have been abuzz with hopeful rumors, and one frequent participant claims to have heard from insiders that a pleasant… Read more »
Henrik Fisker has teamed up with an investor group led by Hong Kong billionaire Richard Li in hopes of salvaging Fisker Automotive by buying the DOE’s loan and staving off bankruptcy.
If anybody can save Fisker, it might just be automotive superstar Bob Lutz – with help from a deep-pocketed Chinese firm. Reuters has reported that VL Automotive, a boutique automaker led by the plain-speaking former GM executive, together with the Wanxiang Group, China’s largest auto parts supplier, submitted an offer to buy the troubled automaker… Read more »
There were few surprises at Thursday’s House hearing on failing carmaker Fisker Automotive. The title of the hearing, Green Energy Oversight: Examining the Department of Energy’s Bad Bet on Fisker Automotive, made it clear up front that Fisker and its DOE champions were in for a roasting. Five witnesses testified, including company co-founder Henrik Fisker,… Read more »
Crippled carmaker Fisker Automotive suffered yet another indignity this month, as the DOE helped itself to $21 million of Fisker’s cash, which will go towards paying down the $192 million that Fisker owes the government.