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The billionaire's passion behind Wanxiang's Fisker bid

If it weren't for billionaire Lu Guanqiu, founder of Chinese auto parts giant Wanxiang Group, the Fisker Automotive bankruptcy bailout deal might have closed earlier this month. Hong Kong tycoon Richard Li, along with Li's affiliate company Hybrid Tech Holdings, assumed their offer was going to be accepted. Instead, the US bankruptcy court judge called for an open auction bid for Fisker's assets on February 12. Lu made a few convincing points to the judge. There's another interesting part of the story that Lu didn't share it with the judge. If the Fisker deal doesn't work out, Lu and Wanxiang might increase their working relationship with Tesla Motors. Lu told US bankruptcy judge Kevin Gross that Wanxiang, which now owns Fisker's supplier of lithium batteries, A123 Systems, is better placed than Hybrid Tech Holdings to restart and expand production at Fisker. Better yet, Wanxiang could move production from Finland to the US. That was convincing enough for Gross to schedule the auction. Lu's move toward taking over ownership and restoring Fisker seems to be driven by two motivations: converting his company from a parts maker to an automaker; and to grow the yet-to-be profitable "new energy " business such as lithium battery and electric vehicle makers. For Lu, it's not so much about believing in Fisker – it's more about playing a leading role in electric vehicles – and that could come through deepening its connection to Tesla Motors. "Of course we want to pocket Fisker. But we will bid rationally," he said to Reuters. "Whatever the result, nothing can stop us from making electric cars." Check out more about Lu in this Reuters piece, including how he and six other farmers pooled together $500 in 1969 to start what would become Wanxiang. Featured Gallery Fisker Karma at Laguna Seca News Source: Reuters Government/Legal Green Fisker Tesla Electric wanxiang

Aston Martin drops Fisker lawsuit, Thunderbolt will not be produced

If you were perhaps looking forward to getting your hands on one of Henrik Fisker's Project Thunderbolt cars, you're out of luck. In order to quickly resolve a lawsuit from Aston Martin, Fisker has agreed to not produce his one-off take on the Vanquish coupe. Fisker made a splash at this year's Amelia Island Concours d'Elegance when he showed Project Thunderbolt. It was Henrik's own take on the already pretty Aston Martin Vanquish coupe, and apparently, the guys and gals in Gaydon didn't take too kindly to Fisker's creation, issuing a lawsuit that "centres on Henrik Fisker's creation and promotion of automobiles that Aston Martin contends infringes Aston Martin's rights, by an improper and unauthorised attempt to exploit and free-ride off them," according to a statement obtained by Autoblog last month. In a new statement issued Wednesday, the two parties have agreed to resolve their differences. Aston Martin has agreed to drop the lawsuit so long as Fisker does not produce his Project Thunderbolt coupe. So, sorry, Fisker fans. The official statement is pasted below. On March 26, 2015, Aston Martin filed a lawsuit against Henrik Fisker and other parties alleging various infringements by "Project Thunderbolt" of Aston Martin's intellectual property rights. The parties are pleased to report that they have been able to swiftly and amicably resolve their differences. The terms of the resolution are confidential except that the Parties wish to confirm 3 points: 1. Henrik Fisker has decided that "Project Thunderbolt" will not be produced; 2. Aston Martin will withdraw the lawsuit; and 3. In view of some apparent misunderstandings surrounding reports of the case, the Parties wish to expressly confirm that the contentions made by AML were those, and only those, made in the lawsuit. The Parties confirm that that they have amicably resolved those matters, as well as any attendant misunderstandings. The Parties will not be commenting further.

New Fisker owner Wanxiang is a $23-billion-a-year auto parts company

If you thought early Fisker Karma buyers like celebrities Leonardo DiCaprio and Cee Lo Green had deep pockets, get a load of the company's new owners. China's Wanxiang Group, which earlier this year acquired the extended-range plug-in vehicle maker in a bankruptcy auction, generates more than $23 billion in annual revenue, Automotive News says. Billion with a "b." In fact, the company generates about $3 billion a year from US autoparts sales alone, so it's no stranger to the domestic automotive industry. That said, there's plenty of work to be done to revive the company. Wanxiang US chief Pin Ni said the Karma has "hundreds of issues" that need fixing before the sleek but troubled sedan is manufactured again. One hurdle cleared, though, is the fact that Wanxiang also bought lithium-ion battery maker A123 Systems out of bankruptcy for $257 million. As for Fisker, Wanxiang beat out Hong Kong-based Hybrid Tech Holdings for the right to buy the automaker earlier this year for $126.2 million in cash and $8 million in assumed liabilities. And, while Wanxiang Group Chairman Lu Guanqui has recently been making the rounds with dignitaries such as US Vice President Joe Biden, Michigan Governor Rick Snyder and Delaware Governor Jack Markell, no details have been revealed about when Fisker will start making cars again.