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Wanxiang increases Fisker bid by $10m, hints at Delaware production

Just before a judicial hearing tomorrow on the fate of bankrupt Fisker Automotive, one of the two companies fighting over the company's remains, Wanxiang America Corp., said it is willing to increase its submitted bit by a cool $10 million in cash. Wanxiang is ready to bring its total starting bid to $35.7 million and said it is willing to pay 'considerably' more if US bankruptcy judge Kevin Gross approves the sale. Wanxiang says it would pay Fisker's unsecured creditors 50 cents (or more) on each dollar they are owed, while a competing bid from Hybrid Technology LLC would net them less than a penny per dollar. Wanxiang has also said that if it gains control of Fisker, it could restart Karma production in Finland and then wants to build a next-gen model (a hatchback Atlantic, which you can see here) in Michigan alongside the gas-powered version of the Karma, the Destino. Wanxiang is also hinting that it could build future models in Delaware, "if there's enough consumer demand." Remember, attorneys for Fisker wanted the judge to deny Wanxiang's initial bid altogether and want the plug-in vehicle company to be sold to Hybrid Tech. Last year, Hybrid Tech bought the Department of Energy's failed loan to Fisker for $25 million. The loan was originally valued at $529 million, but Fisker only ever accessed $192 million of that before the DOE got suspicious and stopped funding. Featured Gallery Fisker Karma by GS Automotive Art News Source: ABC News, Washington PostImage Credit: Gijs Spierings Green Fisker Electric Hybrid PHEV wanxiang destino

Recharge Wrap-up: Karma expands in Michigan, Genovation to attempt another record

Karma Automotive (Fisker's successor) is expanding its engineering and program management team at its new Michigan office as it plans to launch the Revero. "Detroit is the home of some of the top technical resources and leading suppliers in the world," says Karma VP of Engineering Darren Post. Recent hires include former Ford GT engineer Kip Ewing, newly appointed President & Chief Operations Officer Dennis Dougherty, and other employees who "bring with them expertise in many technical areas and deep experience with many great companies such as Aston Martin, Rolls Royce, Tesla, Ford, FCA, and GM," according to Post. Read more in the press release from Karma. Businesses and developers in Phoenix, Arizona are planning their endeavors around the city's light rail project. Mixed use space The Newton, DeSoto Central Market, and Luhrs City Center are all located along the Valley Metro rail line. Not only does the light rail system help bring in customers, it is also a great way for employees to get to work. Valley Metro recently gave a tour of several businesses to highlight how light rail has been an important part of growth and development in the city. Read more at Mass Transit. Genovation is looking to set a new speed record for a street-legal electric car. The company recently set a record of 186.8 miles per hour in its GXE (Genovation eXtreme Electric car), which uses the frame and body of a Chevrolet Corvette. Now, Genovation is looking to push those limits further. We'll update you when we have more details, but for now, read more in the note below. Genovation Looks to Set Second World Speed Record With Proprietary All-Electric Vehicle WHAT: Genovation Cars is looking to make history once again by breaking the top speed world record for a street legal all electric car. Genovation currently holds the world record, achieved on February 23, 2016 by reaching a top speed of 186.8 mph with its GXE (Genovation eXtreme Electric car). Genovation's custom vehicles combine cutting edge green technology with the Corvette's lightweight frame and aerodynamic body that allow the vehicles to reach record-breaking speeds. The record breaking attempt is open to select media with advance security clearance. Join us to learn more about Genovation Cars and the behind-the-scenes work that goes into building the fastest all-electric vehicle on the planet.

Karma Automotive partners with BMW for powertrains

Now in the process of rising from the ashes of Fisker, the newly renamed Karma Automotive has announced a powertrain supply deal with BMW. Only instead of Karma providing BMW with technologies (as Tesla has for Daimler and Toyota), this deal goes the other way around. It is BMW that will be providing Karma with its powertrain components moving forward. Little in the way of specifics was disclosed regarding precisely what the supply deal will entail. However according to the statement below, it will include "high voltage battery charging systems and a wide range of hybrid and EV systems." BMW has demonstrated its competence in developing and manufacturing such components with vehicles like the i3 and i8, and ActiveHybrid versions of the 3 Series, 5 Series, and 7 Series sedans. Karma Automotive is what Chinese component manufacturer Wanxiang renamed the company formerly known as Fisker Automotive once it acquired the rights to the company and the Fisker Karma which it previously produced. The brand name, however, remained the property of Henrik Fisker's coachbuilding operation. The original Fisker Karma was powered by a 2.0-liter turbo four supplied by General Motors, with a lithium-ion battery pack from A123 systems. Karma Automotive Signs Supply Agreement With BMW COSTA MESA, Calif., Nov. 12, 2015 /PRNewswire/ -- Karma Automotive announced today that BMW has agreed to be a supplier in ensuring their vehicles are built with the highest quality automotive parts. BMW will supply Karma Automotive with their latest powertrain components, including high voltage battery charging systems and a wide range of hybrid and EV systems. Throughout automotive history, BMW has been globally recognized for engineering and manufacturing world-class products. They are a proven technology leader and renowned for conceiving and delivering groundbreaking innovations. Karma Automotive will integrate the first BMW components into its plug-in hybrid flagship vehicle, which will re-launch in 2016. The next generation of vehicles already in development will utilize more of BMW's powertrain technology. "The Wanxiang Group is giving Karma Automotive the opportunity to bring a stunning car back to the market, and the partnership with BMW and their outstanding track record is a great fit for the future," said Karma's CEO Tom Corcoran.