The former General Motors Wilmington Assembly Plant, which cranked out Saturns, Oldsmobiles and Pontiacs before falling victim to economic and corporate forces, is looking for a new owner.
This time, however, it wants a buyer that isn’t a luxury plug-in electric car maker that folds before a single vehicle can leave the factory. (Read More…)
Everyone needs an SUV. That’s the mantra in today’s automotive market, and it’s not solely applicable to consumers.
Jaguar, an automaker that’s traditionally sold sedans and grand touring coupes, has seen its sales skyrocket atop an F-Pace emblazoned missile. Also from England, the Bentley Bentayga sports a fascia only a mother could love. Yet, it seems Bentley has found a number of maternal mothers with deep, offshore bank accounts more than willing to adopt Crewe’s latest offspring, resulting in 56 percent of Bentley’s total U.S. sales coming from its new SUV in August, the Bentayga’s first month on sale.
But those are established, luxury automakers. Surely, a small, single-model automaker can buck the SUV trend if its plan is to offer a limited number of models.
Or maybe it’s more important that it offers an SUV to its deep-pocketed clientele.
Rising like the Phoenix from the ashes of bankruptcy, the Fisker Karma has been reborn as the Karma Revero.
Karma Automotive, the company created by China’s Wanxiang Group after buying Fisker Automotive’s assets, just released images and video of the sort-of new Revero. The lightly refreshed plug-in hybrid luxury sedan has all the style of its short-lived predecessor, with an added bonus: reliability (or so the company hopes). (Read More…)
Reuters reports that U.S. Bankruptcy Judge Kevin Gross ruled that an auction for the assets of defunct hybrid sports car maker Fisker Automotive will be held on February 12. The auction will be held in the New York offices of the law firm of Kirkland & Ellis and attendance will be limited to representatives of Fisker, the unsecured creditors’ committee, and the two bidders, the American unit of China’s Wanxiang Group, an automotive supplier, and Hybrid Tech Holdings, which is affiliated with Hong Kong investor Richard Li. Other potential bidders have until February 7th to tender offers. (Read More…)
Company founder Henrik Fisker and Fisker Automotive Inc.’s former directors have been sued in a Delaware court by an investor. Atlas Capital Management LP blames the defendants for over $2 million in losses it allegedly suffered when the now bankrupt hybrid car startup failed. According to the lawsuit filed Dec. 27 in U.S. District Court in Wilmington, Fisker allegedly misled investors by failing to disclose problems the company knew it was having with a government loan and by keeping a 2011 safety recall secret from potential investors.
In the filing, Atlas said that if it had known the truth about the situation, it “would not have purchased or otherwise acquired its Fisker securities, or, if it had purchased such securities, it would not have done so at the artificially inflated prices which it paid.” (Read More…)
What do Justin Bieber, Ashton Kutcher and Al Gore all have in common? They may soon — baring a miracle — become the proud owners of the first orphan cars made in the 21st century for well-moneyed consumers by an automaker born in the 21st century, as Fisker Automotive has filed for Chapter 11 bankruptcy protection.
The United States Department of Energy has announced on its website that it will auction off the loan that it made to Fisker Automotive, a loan for which the hybrid luxury startup carmaker only repaid a small fraction of the principal. Peter Davidson, the executive director of the department’s Loan Program Office, told Automotive News that the DOE decided to auction off the loan, “after exhausting any realistic possibility for a sale that might have protected our entire investment.”
Henrik Fisker paired up with Hong Kong billionaire Richard Li to get his company back. Fisker is a co-founder of severely troubled Fisker Automotive. Li and Fisker are trying to buy the U.S. government loan to Fisker at a big discount. Henrik Fisker was ousted in March. (Read More…)