Last week, Rueters reported that Wanxiang, a Chinese parts supplier, had won the bankruptcy auction for Fisker Automotive. The bid was valued around $149.2 million. The deal comes to close after a bidding war between Wanxiang and Hybrid LLC — a group who includes Richard Li, a Fisker investor and Hong Kong billionaire. In November, Fisker asked for Hybrid Technology LLC to purchase the bankrupt company for $25 million, but creditors objected the deal in November and brought Wanxiang into the case in December.
Today Delaware, U.S. Bankruptcy Judge Kevin Gross approved of the sale to Wanxiang. He stated that the auction “shows that a fair process is a good thing.” (Read More…)
Fisker did put its entire workforce, all 200 of them, on furlough, “while it continues to search for a strategic partner,” Reuters says. That search is not going so well. And quite possibly, the workforce will never come back. (Read More…)
When Henrik Fisker left last week, all we knew was that he “disagreed on business strategy” with the management, code for “board-room brawl, founder leaves in a huff.” Now we know where the disagreement was. It was whether to ask Uncle Sam or Auntie Zhang for money. (Read More…)
Not Dongfeng, but China’s Geely currently looks best positioned to profit from U.S. government largesse by buying beleaguered and DOE-funded plug-in car maker Fisker, Reuters reports. According to the report, “Zhejiang Geely Holding Group is favored to secure a majority stake in troubled U.S. electric car maker Fisker Automotive, according to two sources familiar with Fisker’s search for a strategic investor or partner.”
Also according to the report, red flags are sure to flutter over Fisker’s HQ in Anaheim, as Fisker “is currently weighing bids from two Chinese auto makers: Geely, the owner of Sweden’s Volvo, and state-owned Dongfeng Motor Group Co.” (Read More…)
It isn’t often one of the biggest news items coming out of NAIAS 2013 is from a tuning house … especially a tuning house nobody has ever heard of before. Attach the name Bob Lutz to a car, along with a brand new, fire breathing, tire shredding 6.2L LT1 V8 from the new Corvette, you are bound to turn some heads. Oh, and they wedged it into a Fisker Karma.
Fisker wanted to sell its $100,000-plus Karma plug-in hybrid in China by the end of this year. It’s not happening. Fisker “encountered a slight delay in obtaining final certification to sell cars in China” spokesman Roger Ormisher told Reuters. The company now targets “the first quarter of next year to take advantage of China’s rapidly growing market for luxury cars.” Good luck with that. (Read More…)
Fisker concluded its investigation into the fire that consumed one of their Karmas in Woodside, CA. According to a Fisker statement, neither the Lithium-ion battery pack, nor “new technology components, engine component packaging or unique exhaust routing of the Fisker Karma” were responsible for the conflagration. Rather, it was a lowly cooling fan, that, well, overheated. In the guessing game for the fire’s cause, TTAC’s independent accident investigator Ronnie Schreiber came closest when he suspected a low voltage unit.
A recall of approximately 2,400 Fisker Karma has been initiated. (Read More…)
Henry Ford was no gifted artist, yet he made a car worthy of the common man. William Durant didn’t especially like cars, but created a marketing and distribution empire that inspired us all. And while Henrik Fisker’s car-centric life isn’t fully wikipedia’d, the first creation of the company that bears his name is an object of wonder and inspiration. The Fisker Karma, like every concept from any auto show, is a dream car: flaws and compromises intact. (Read More…)
One of my Transportation Design teachers insisted that cars were just like restaurants: success depends on proportion, proportion, proportion! And while the mere thought of his lectures makes me want to vomit in terror, the dude is right: cars need to be perfectly proportioned to prove a point. And my goodness, the Fisker Karma is just that. Put another way… (Read More…)