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Why the $142M Fisker sale won't help DOE loan get its $168M back

At the beginning of 2014, it looked like Hybrid Tech Holdings LLC was going to buy the remains of Fisker Automotive for $25 million. Just before that sale was to take place, however, Wanxiang stepped in and an auction was therefore scheduled for the middle of February. After 19 rounds of apparently frantic bidding, Wanxiang drove away the winner with a $149.2-million bid. Despite the massive dollar run-up, the Department of Energy will not be recouping any extra money from its failed loan to Fisker in the Advanced Technology Vehicles Manufacturing Loan Program. Way back in 2010, the DOE made Fisker a loan commitment of $528 million but only ever gave the automaker $192 million before problems were identified and the ATVMP spigot was turned off. The DOE later said it "recouped more than $28 million from the company's accounts," which left $168 million unaccounted for. The DOE thus announced it would hold an auction for the remainder of Fisker's loan obligation, which was decidedly not all of the Fisker remains. That loan sale auction took place in December and was won by Hybrid Tech Holdings for $25 million, which means that the final cost to the DOE was $143 million. The important thing to realize is that the $25 million in cash that made up Hybrid's original bid for the rest of the Fisker assets in the February auction in a Delaware bankruptcy court were the apples to the oranges of the $25 million used to buy the loan obligation in December. Since the DOE did not control - and never wanted to control - the Fisker assets, the DOE didn't get to recoup any more of the $143 million that Fisker owed on the loan despite the higher-than-expected ending price. Clear as mud, right?

Fisker and Lutz hot-rod the Karma as V8-powered Destino [w/video]

You didn't think Henrik Fisker was done with the Karma, did you? The father of that stylish hybrid is returning to the design, teaming up with Bob Lutz and Gilbert Villarreal to transform the hybrid into an all-American, eight-cylinder performance sedan. As you may recall, Lutz and Villarreal formed VL Automotive a few years ago with plans to retrofit Fisker Karmas with Corvette V8s, calling the reworked product the VL Destino. Now Henrik Fisker has signed on to the project as head of design and product strategy, with Lutz serving as chairman and Villarreal as CEO under the newly renamed VLF Automotive. The joint plan calls for swapping the hybrid powertrain out of the Karma and replacing it with the 6.2-liter supercharged V8 from the previous Corvette ZR1. In stock form, the LS9 makes 638 horsepower and 604 pound-feet of torque. The VLF Destino is estimated to hit 60 in 3.9 seconds and top out at around 200 miles per hour. That will make it a world-class performance sedan capable of tangling with the finest imports, but will be retrofitted right here in America – in Auburn Hills, MI, near the Chrysler headquarters where Lutz once occupied the big corner office. VLF Automotive is showing the revised Destino at the Detroit Auto Show alongside the Force 1. We're trying not to get too excited about the prospect of a Fisker sedan with American muscle, as the Destino is slated to retail for $229,000 – which is even more than Aston Martin, for example, gets for the Rapide S or Porsche does for a Panamera Turbo S. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. VLF AUTOMOTIVE IS BORN A New American Luxury Sports Car Company Is Born Auburn Hills, MI January 8, 2016 - VLF Automotive, a new, US-based luxury sports car company, officially launches today through a partnership between legendary automotive designer Henrik Fisker, former General Motors Vice Chairman Bob Lutz and entrepreneur and manufacturer Gilbert Villarreal. Fisker is a VLF shareholder and third member of the executive management team alongside Lutz and Villarreal. "It's a circle," Lutz explained. "When Gilbert and I formed VL Automotive in 2012, we wanted to take Henrik's beautifully proportioned design, replace the hybrid gas-electric power train with a Chevrolet Corvette ZR1 drivetrain, and create a bespoke four-door luxury car with outstanding performance.

Galpin Auto Sports and Fisker turn the Mustang into a Rocket in LA [w/video]

Galpin Auto Sport and Henrik Fisker made big promises about the Rocket before its debut at the Los Angeles Auto Show today, calling it the "ultimate American muscle car." Now that this 725-horsepower carbon-fiber Ford Mustang has officially been revealed, we've now got a chance to see if their vision backs up all the bluster. The Rocket is based off the latest 2015 Mustang, but the entire exterior design has been substantially reworked by Fisker. "This is a project born out of passion, it's a dream come true, to have the opportunity to 'touch' a Mustang and apply my design ideas to it," he says in the model's announcement. The biggest changes come up front, where Fisker has added a gaping hexagonal grille with a polished bar running and two nearly hidden driving lights at the top corners. Long nostrils run down each side of the hood, taking their inspiration from the 1968 Shelby GT500. The Rocket's design also emphasizes its scalloped sides, which run back to functional ducts at the rear to cool the Brembo Grand Turismo brakes. When checking out the Rocket from the rear, it's easy to spot the wider fenders that are beautifully blended into the integrated spoiler. The interior has been left mostly alone beyond some eye-grabbing red leather and carbon-fiber trim. Under the hood, Galpin spokesperson Nathan Hoyt has confirmed to Autoblog that the Rocket employs a 5.0-liter V8 with a Whipple supercharger which can be called to attention with a six-speed manual gearbox. It took only a few months for the vehicle to go from conception to reality. Fisker showed Galpin President Beau Boeckmann early sketches at this year's Pebble Beach Concours d'Elegance, and the two parties went from there. "When Henrik showed me his ideas, I got chills - it's literally the most beautiful Mustang I have ever seen," says Boeckmann in the company's release. Production is set to begin in December, with deliveries starting in early 2015. There's no set production total in mind for now, but Hoyt tells Autoblog that the price will be "just over $100,000." Scroll down to read all of the details about Fisker and Galpin's Rocket.