Geely No Longer Interested In Fisker

geely no longer interested in fisker

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.

Comments
Join the conversation
6 of 9 comments
  • Cargogh Cargogh on Mar 18, 2013

    I guess "Henrik Fisker Pulls The Chute" story ruined the deal, but at least the Chinese read the comments.

  • Nzecowitz Nzecowitz on Mar 18, 2013

    I think Fisker is a giant exercise in ego extension, and this is why it has failed. And that the car is stupid. And we will never see the "Atlantic" second model.

  • Ranwhenparked Ranwhenparked on Mar 18, 2013

    They're probably better off with Dongfeng, they're a much bigger company and can better afford to absorb losses & make the needed investments. That said, Geely had a better chance of actually utilizing the capacity at Wilmington on something approaching a timely schedule. I really don't know what DFM can make of Fisker, I mean they get the technology of course, but there's got to be cheaper ways of getting that.

  • Ronnie Schreiber Ronnie Schreiber on Mar 18, 2013

    I don't know why anyone would buy Fisker unless they think there's some kind of value to the brand name. It's not like they developed their own tech for the drivetrain. That was done by Quantum, a military vendor that was one of Fisker's original investors.

    • See 1 previous
    • Kuman Kuman on Mar 20, 2013

      well... honda can buy it and make next gen legend out of it... they just need to replace the drivetrain with their owns. If i have the money, i'll buy it and places corvette's engine on it... or some snazzy euro diesel at the same time ditch the battery, reduce its overall weight and free up some interior space. Then sell it as Jag / 5 series or E Class alernatives

Next