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Wanxiang's last-minute bid for Fisker could restart Karma production, add Atlantic hatchback [UPDATE]

The remains of bankrupt Fisker Automotive are supposed to be sold by the Department of Energy to Hybrid Tech Holdings LLC for $25 million. But, the new year brings a new possibility for the troubled plug-in hybrid automaker and now we hear that Wanxiang America Corp. wants to jump in at the last minute and snatch Fisker up in a 'stalking horse' deal. A hearing is scheduled for tomorrow. Stalking horse offers are intended to prevent undervalued deals from taking place. Since the DOE is reportedly losing $139 million on its Fisker holdings, it seems like any pressure to increase the $25 million bid would be welcomed. Wanxiang's bid isn't that much different than what Hybrid Tech Holdings was offering, though, since WHYY reports that Wanxiang is offering to pay "$24.7 million and will assume some of Fisker's liabilities." The big difference is that a Wanxiang purchase could bring Fisker production back to life. The big difference is that a Wanxiang purchase could bring Fisker production back to life. In court documents, Wanxiang mentions a new Fisker design (a hatchback version of the Atlantic, pictured above) and proposed restarting Karma production at Valmet in Finland, the place where all of the Karmas built to date have been made. At an unspecified future date, production would be moved to VL Automotive's manufacturing facility in Michigan. Wanxiang calls VL a business partner, but you might remember it as the Bob-Lutz-connected company that wants to put small-block Corvette V8 engines into Karma bodies, creating the Destino. Lutz and Wanxiang previously tried to buy Fisker in early 2013. You can find the court documents below, and the concept is on page 11 of the Wanxiang Presentation. On page six you will find mention of a "Karma / Destino production line" and then on page 12 we hear about trucks, cargo vans and SUVs, all of which hints at Wanxiang's big dreams. How big? Wanxiang thinks it could sell 1,000 Karma/Destinos in the first 18 months in the US, along with 500 a year in Europe. The last stalking horse in the plug-in vehicle industry happened when Coda went under. Before that, Johnson Controls acted as a stalking horse against Wanxiang Group Corp. when Wanxiang bought the remains of A123 Systems. A123 batteries were used in the Fisker Karma powertrain, but the relationship between the two companies was troubled. Perhaps when everything is owned by the same corporate entity, things will run smoother.

Recharge Wrap-up: Fisker owner Wanxiang owns a lot of US real estate, carmakers gaming EU emissions system

Wanxiang Group says it might now be China's largest corporate investor in American real estate. The owner of both Fisker Automotive and battery company A123 Systems, and parts supplier to Mazda and Chrysler, Wanxiang has invested in over 60 projects in the US since 2010. Returns on those investments have been "very, very, very" high, according to Wanxiang America President Pin Ni. "We can invest in clean energy, auto, real estate or anything, but the key is pegging it well to the economic cycle," says Ni. Read more at Bloomberg. Cars sold in 2014 in Europe are exceeding 2015 targets for emissions, but not necessarily for the right reasons. The cars produce 2.6 percent (or 123.4 g/km) less CO2 than cars sold in 2013, which is nearly 7 g/km less than 2015 targets. Unfortunately, these results are influenced in part by manufacturers taking advantage of flaws in the EU testing procedures for better results. Real-world fuel economy is about 31 percent less than official ratings. "These figures need to be treated with extreme caution," says Greg Archer, clean vehicles manager at Transport & Environment. Most of the measured improvement is being delivered through manipulating tests, not delivering real-world improvements. We need the new test to be introduced without further delay." Read more at DieselNet, or from Transport & Environment. Ballard will supply fuel cell modules for eight hydrogen-powered buses in China. Shipping later this year, the FCvelocityTM-HD7 power modules will power buses in multiple Chinese for cities. "We are now beginning to see meaningful evidence of growing demand for clean energy mass transportation alternatives in China, including both buses and trams," says Ballard President and CEO Randy MacEwen. "This demand is being driven by a pressing need to address China's challenging air quality issues, for which fuel cell technology is seen as an emerging option." Read more from Ballard in the press release below. Ballard Inks Deal to Supply Next-Generation Fuel Cell Power Product For Eight Buses in China April 15, 2015 Vancouver, Canada – Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) today announced that it has received an order from a Chinese customer to supply its next-generation FCvelocityTM-HD7 power modules for 8 buses to be deployed in a number of Chinese cities. Ballard expects to ship all of the modules in 2015.

Karma Automotive to offer Sports and Performance Packages on 2020 Revero GT

Although Karma Automotive is busy working on numerous electric vehicle projects, the company announced this week a new batch of options for its Revero GT plug-in hybrid. On 2020 models, customers will have the choice to upgrade the GT's capabilities and aesthetic with a Sports Package or a Performance Package. The Revero GT, which was originally born as the Fisker Karma back in the day, is a rear-wheel-drive luxury performance sedan with a plug-in hybrid powertrain. It features a 28-kWh nickel-manganese-cobalt lithium-ion battery pack, two electric motors, and a BMW i8-sourced three-cylinder that acts as a generator. Karma says it has 536 horsepower and 550 lb-ft of torque. The Revero GT can run in pure electric mode for 80 miles and has a total range of 360 miles. The Sports and Performance Packages offer the same performance upgrades but with different looks. The Performance package stays undercover with virtually no exterior changes, but the Sports Package adds a little extra style. A Revero GT with the Sports Package will have Borrego Black paint, blacked-out chrome, carbon fiber exterior bits, GTS fender badges, and a monochrome Karma badge, which was previously seen on the SC2 concept car. It will also have red brake calipers, cross drilled rotors, and 22-inch Dune Twist Midnight Chrome wheels. Inside, the GT Sports Package will have carbon fiber trim, a blacked-out steering wheel Karma badge, and a GTS badge on the center console. Regarding the performance upgrades brought by both the Sports and Performance packages, Karma doesn't say much. The Packages bring electronic torque vectoring, and the 0-60-mph time is now 3.9 seconds. Without the package, the Revero GT is capable of 0-60 mph in 4.5 seconds in Sport Mode and 3.9 seconds in Launch Mode. The Revero GT is available now and starts at $146,600, including destination. Related Video: