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Wanxiang wants to restart Fisker Karma production as quickly as possible

It appears that Wanxiang America's $149.2-million acquisition bid was about more than just owning the assets of Fisker Automotive. The Chinese auto parts maker is apparently serious about getting the Karma plug-in hybrid luxury vehicle back on the production line. "We will want to get the Karma back online as quickly as possible." "We will want to get the Karma back online as quickly as possible," Pin Ni, president of Wanxiang America, told The Boston Globe. More details will likely be released by Wanxiang now that US Bankruptcy Judge Kevin Gross has officially approved the purchase. Gross was satisfied that the purchase price includes a 20-percent stake in Fisker for creditors valued at $15 million – something that was not addressed by the original bids from Wanxiang and Hong Kong-based Hybrid Tech Holdings. Wanxiang also owns the maker of the Karma's lithium battery pack, A123 Systems. Creditors were delighted to see Wanxiang's bid, according to attorney William Baldiga, whose law firm represented creditors. "The value is six times what [Fisker] said it was worth when it filed for bankruptcy," Baldiga said, describing the negotiations as "two and a half days of yelling, screaming, bidding." In documents that Wanxiang filed with the federal court in January, Wanxiang mentioned a three-phase plan: building a hatchback version of the Fisker Atlantic (pictured above); restarting production of the Karma at Valmet in Finland, the plant where all the Karmas have so far been built; and then moving production to VL Automotive's manufacturing facility in Michigan. That means Bob Lutz, ex-General Motors vice chairman, could come back into the picture. In the first part of 2013, Lutz and Wanxiang tried to purchase Fisker. Lutz has as ownership stake in VL Automotive and wants to put small-block Corvette V8 engines into Karma bodies, calling the resulting vehicle the Destino. Wanxiang has said VL is the "soul of Fisker," so now that the company has the body, the revival can't be far behind. Featured Gallery Fisker Atlantic: New York 2012 News Source: The Boston Globe Green Plants/Manufacturing Fisker Electric PHEV a123 systems wanxiang karma

Fisker assets will be auctioned tomorrow, here's the situation today

The remains of Fisker Automotive - which might not even include the name and logo - are supposed to finally be sold off tomorrow, but the scene before the auction is anything but clear. As as reminder, the two bidding parties are Wanxiang and Hybrid Tech Holdings. Hybrid Tech was denied an emergency motion in court last week that would have lifted an earlier ruling that limited how much debt it can use to try and buy Fisker. The limit remains at $25 million. Bloomberg says that the winner's spoils are not so much the cars or the design but the 36 patents involved (about half are pending) as well as an established vehicle brand in both the US and China. The chief economist for the National Automobile Dealers Association, Steven Szakaly, told Bloomberg that, "[the auction is] not about the manufacturing, It's about the intellectual property." The patents include things like the electric drivetrain tech, the solar technology and the design of the mustache grille. Fisker executives have been hit with a $20-million lawsuit that claims they misled investors. And because lawsuits are easier to get than a DOE loan, a number of Fisker executives and the company's legal team have been hit with a $20-million lawsuit that claims Fisker misled investors. The Wall Street Journal reports that Fisker is accused of withholding information that would have given a clearer picture of Fisker's financial situation. According to the WSJ, the lawsuit says the Fisker team kept the negative news quiet, "because they needed huge sums of additional cash to fund Fisker Automotive to position the Company for a sale or an initial public offering...without plaintiffs' and other investors' money, Fisker Automotive was not a viable company." Meanwhile, Hybrid Tech Holding has hired a former Ford executive, Martin Leach, to be better prepared to manage the Fisker assets should Hybrid Tech win tomorrow. Leach told Reuters that he has been working on a business plan "for months," and it starts with the company taking care of current Karma owners and re-engaging suppliers. The most difficult challenge, we imagine, will be with A123 Systems, which supplied the Karma's batteries but was bought by Wanxiang over a year ago. Leach said that Hybrid could get new batteries from Boston Power. Featured Gallery Fisker Atlantic News Source: Bloomberg, The Wall Street Journal, Reuters, AP Green Fisker Electric Hybrid PHEV lawsuit fisker atlantic martin leach

Henrik Fisker again teases new EV crossover — and maybe a pickup

Henrik Fisker, founder of the eponymous luxury EV company, is looking to make a grand comeback with some new models alongside his EMotion EV. The renowned automotive designer and entrepreneur has been teasing two new models on his Twitter feed while divulging some quick details about some additional new cars. On Thursday he tweeted about his new all-electric crossover from Fisker Automotive. He's been talking about this crossover, at "close" to a $40,000 price point, since spring, and just a few days ago he tweeted about its "enhanced +80 KWh lithium-ion battery pack" and 300-mile range. The latest tweet is accompanied by an overhead picture of the crossover, showing a photovoltaic solar panel built into its roof, a design once pioneered by the Fisker Karma from several years ago.   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.   A tweet from Wednesday previews what looks to be a new all-electric pickup truck, one of two additional new models that will accompany the new crossover.   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.   That tweet's digital rendering appears to be of a pickup's tailgate. The look is Ford F-150-esque, and with Tesla rumored to be working on a new EV pickup along with rivals such as Rivian and Workhorse, Fisker’s proposal doesnÂ’t seem too far-fetched. Though the rear view could also be of a more rugged SUV, also potentially aimed as a direct competitor to RivianÂ’s offerings. Fisker is reviving Fisker Automotive after it went bust back in 2013 and a Chinese parts conglomerate, Wanxiang, purchased the manufacturing, design and rights to make the Karma. Wanxiang rebranded as Karma Automotive, and Fisker took the sale money to start anew. News Source: Twitter Auto News Green Green Fisker SUV Electric