By on February 15, 2013

Reports by Bloomberg suggest that Fisker could sell up to an 85 percent stake to Chinese automaker Dongfeng. The automaker apparently bid $350 million for the beleaguered plug-in car maker, according to sources close to the company.

With a $200 million Department of Energy loan still outstanding, and a possible cash crunch looming mid-year, Fisker has been looking for a buyer. Company spokesman Roger Ormisher told Bloomberg

“The company has received detailed proposals from multiple parties in different continents, which are now being evaluated by the company and its advisers,”

If Fisker were to be sold to Dongfeng, the possibility exists that production of its vehicles would move from Finland to China, without the ex-GM factory in Delaware having ever produced any cars. Fisker’s battery supplier, A123 Systems, declared bankruptcy in 2012, and was sold to a Chinese firm.

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26 Comments on “Fisker May Follow A123 To China...”


  • avatar
    Summicron

    I welcome every stupid investment by our Han overlords.

  • avatar
    CoastieLenn

    There goes another $200m in taxpayer dollars that we’ll never see again.

    • 0 avatar
      CJinSD

      Elections have consequences.

    • 0 avatar
      thelaine

      Eh, we can always borrow more…from the Chinese.

    • 0 avatar
      icemilkcoffee

      Why wouldn’t you see it again? Whoever buys the company assumes the debt.

    • 0 avatar
      highdesertcat

      It is naive to think that this wouldn’t happen for a spend&tax administration that markets the concept to the taxpayers as “investment” and “raising revenue”. It’s pulling the wool over the eyes of the beholder, by another name maybe.

      If the capitalist market determines that there is no money to be made from these ventures, they’re not going to invest in them. Investment in solar and wind by the administration have done nothing for us but dramatically raise our electricity rates, in my case almost double since 2008.

      So A123, Solyndra and now Fisker, should come as no surprise to anyone even remotely interested in how the government spends the tax dollars.

      Does anyone wonder how many more of these “investment” failures and “revenue” losses are looming ahead in the next four years?

      I don’t know the answer, but with Dr Chu leaving the administration it seems to me that is an admission that his ideas didn’t work and his failed ideals left the administration open to criticism from the co-equal branches of government.

      My money is on GM to get another 50-billion bailout within the next couple of years. I kid you not! Creative accounting can only go so far until the lights have to be turned off and the doors closed.

      • 0 avatar
        Chocolatedeath

        “My money is on GM to get another 50-billion bailout within the next couple of years.”
        Ill take that bet. If they are in need of another bail out anytime soon they will be allowed to close its doors.

      • 0 avatar
        highdesertcat

        Chocolatedeath, if GM needs more bailout bucks, GM will get it with a rousing endorsement from all three branches of government, because we, the people, are collectively “in for a penny, in for a pound”.

        The time to liquidate or otherwise dispose of GM was when the Obama administration dumped Chrysler on Fiat with a $1.3Billion bribe.

        It didn’t happen then. It ain’t ever going to happen.

        We’re stuck with this albatross, even though we all can see that GM’s partnerships elsewhere are dragging GM down at an ever-increasing rate of descent.

        Right now GM truck sales are keeping the company afloat but they have to sell an ever-increasing number of units just to maintain where they are at now.

    • 0 avatar
      tatracitroensaab

      Look $200 million is like what, 60 cents per person in the United States? Our economy is measured in the trillions of dollars, $200 million just isn’t very much in the scheme of things. It doesn’t even do anything to our budget deficit which is somewhere around a trillion dollars — $200 million dollars is 1/5000 of our overall deficit.

      These government grants are like any other investment — sometimes you win sometimes you lose. The American government has invested billions in green energy and not all of the investment has been a failure. I’m giving it a decade before I judge whether or not the money has been well spent.

      • 0 avatar
        thelaine

        It is a hell of a lot of money. It is 200 million dollars, every one of them earned by a working taxpayer and then taken by the government. Now, repeat it 100 thousand times. Now, assume the people dispensing the money are either corrupt or wholly ignorant about business, or both, and have no personal financial stake in the success or failure of the enterprise they are funding. Now assume they are doing it all with money they have taken by force from people who earned it and you can see the problem. The “green energy” scams are particularly corrupt, as virtually none of them are economically viable without taxpayer subsidies. Ethanol, wind and solar in particular are a giant suckhole of graft and waste. If you pay taxes, you should be infuriated by it.

      • 0 avatar
        highdesertcat

        In my state they doubled my electricity rate in increments since 2009 because we are forced to subsidize solar and wind, even though my supplier does not use any of the solar and wind we are subsidizing.

        We have two legs that supply us, one from the oil&gas fired Texas grid, and one from the Palo Verde Nuclear plant in Arizona. Neither of those is supplemented by either solar or wind.

        And thelaine is right. It’s a lot money better spent on something else. There are many ventures that government should not get entangled with, subsidized EVs and battery-tech are another example.

        If private capital avoids a venture it means that it is a sure failure, even with government subsidies. If there was money to be made, VCs would be all over it like stink on sh.t.

  • avatar
    tikki50

    who is partnered with Dongfeng? GM?

  • avatar
    raph

    Eh to bad for Fisker, I still maintain it would have been a sweet ride with a nice big V12 and some sort of of silly mild hybrid drivetrain (ala’ GM’s small battery and generator/motor thingy) to appease people to ashamed of thier wealth to flaunt it.

  • avatar
    gslippy

    I’ll believe this when it happens.

    Finding suitors for Fisker is like doing so for Saab.
    1. Fisker hasn’t produced a car in over 6 months.
    2. They’re slow sellers and fraught with problems, with no hope of ever making a profit.
    3. They’re not even very ‘green’, getting only 52 MPGe in EV mode and 20 MPG gas.

    I can’t see what Dongfeng gets from such a deal.

  • avatar
    GoesLikeStink

    Guy here at work drives one of these. I figure he is one of the execs, (I work in the music business in Santa Monica CA)

  • avatar
    Conslaw

    Fisker going to China is no big loss. Sorry, Delaware, maybe you can find a company with a real business plan to fill the factory.

  • avatar
    Thinkin...

    In other news, Tesla went cash-flow-positive a few weeks ago. But that’s not newsworthy around these parts, right?

  • avatar
    RobertRyan

    This really raises the viability of the return of Electric Cars. You get the impression there is a lot more to be done with EV’s before they become in anyway mainstream. Who killed the Electric Car? Technology that is not truly matured.


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