Like many distressed American companies in our post-recession economy, Fisker Automotive is now under full Chinese ownership.
Earlier this week, the U.S. Bankruptcy Court in Delaware approved Fisker’s sale to Illinois-based Wanxiang America Corp., a subsidiary of China’s largest auto-parts conglomerate, for $149.2 million. In January 2013, Wanxiang snapped up Fisker’s battery supplier, A123 Systems of Waltham, Mass.—which previously was granted $249 million in federal grants—after that company’s bankruptcy forced Karma production to shut down in 2012. The $149.2 million price, while far less than what Fisker’s 60-plus creditors are owed, beat a $55 million bid by Hong Kong-based Hybrid Tech Holdings, which bought Fisker’s $168 million federal debt in November for $25 million.
According to Reuters, Wanxiang said it could restart production in the coming months and “would sell more than 1000 Karma hybrids in the first 18 months in the United States and 500 in Europe.” Note the conditional language. Last month, the Department of Energy said it “may achieve” its goal to keep Fisker’s technology and production in the U.S., but admitted it couldn’t force any new buyer to do so. The Wall Street Journal reports that Wanxiang plans to buy the old GM plant in Wilmington, Del.—which Fisker was supposed to have reopened to build the Atlantic—but nothing has been officially announced. Before that even happens, Fisker’s suppliers, including Magna Steyr, Continental, ZF, and General Motors, will have to negotiate individual payments from the bankruptcy sale. Adding to the confusion: Hybrid Tech, which is now a creditor, now claims to be owed the full value of the outstanding $168 million federal loan—or more than Wanxiang agreed to pay for all of Fisker’s assets.
- Comparison Test: 2012 Chevrolet Volt vs. 2012 Fisker Karma EcoSport
- First Drive: 2013 Tesla Model S
- Instrumented Test: 2014 Infiniti Q50S Hybrid
Even if Wanxiang does restart production exactly as it claims, Fisker dealers have been struggling to sell the 2012 models they have left, even with $30,000 discounts. We’ll be straight: Fisker has a future when we palm the keys to a working 2014 model, and not a lick before that.
Source : https://blog.caranddriver.com/wanxiang-my-fisker/