Fisker is still likely to be rescued by a Chinese savior, but it won’t be Geely. Reuters is reporting that Fisker’s outstanding obligations to the Department of Energy have scared off the Chinese auto maker, leaving Dongfeng as the sole suitor for the beleagured EV maker.
According to Reuters, the strings attached to the $529 million loan – such as commiting to restoring jobs and production capacity at American plants on a set timetable – were too daunting for Geely.
“Those obligations are too complicated to handle and seem too risky,” one of the sources said. “The plan’s footprint was too big. It would take a long, long time to fill up the plant with products and restore employment there.”
Originally, Geely was said to be eyeing Fisker’s Delaware plant as a means of producing Volvos in the United States. As of now, Dongfeng is said to be the sole bidder in the final round. Meanwhile, Fisker has yet to produce any cars since July of 2012, and is looking for funding to help produce the smaller Atlantic plug-in sedan.