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Hybrid Technologies LLC increases Fisker bid to $55 million

Will more money equal more Karma? In the continuing fight over the assets of extended-range plug-in vehicle maker Fisker Automotive, a Hong Kong-based investor is ready to up the stakes. Hybrid Tech Holdings has announced it will increase its bid for the maker of the Karma to $55 million. A bankruptcy court judge recently ruled that Hybrid Tech couldn't use any more than $25 million of its Fisker debt for an on-credit bid for Fisker. Hybrid Tech bought Fisker's $193 million line of credit from the US Department of Energy for $25 million. "When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum," the company said in a statement. "Hybrid is working to achieve a rapid relaunch of Fisker." AutoblogGreen asked Hybrid spokeswoman Megan Grant for more details, but she said, "The statement distributed ... is the only information I am able to provide at this time." You can read the full statement below. At this point, Hybrid Tech's offer would trump Wanxiang Group's bid of $25.8 million (plus assumed debt) that was issued in late December and then boosted to $35.7 million earlier this month. Fisker favors the Hybrid Tech bid because it believes Wanxiang, which acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, helped speed up Fisker's shut-down by stopping battery deliveries. Fisker filed for bankruptcy in late 2012. The auction for the remains will be held in February. Statement by Hybrid LLC Today, Hybrid Tech Holdings, LLC ("Hybrid"), a Delaware limited liability company, announced that it has modified the terms of its bid for Fisker Automotive Holdings, Inc. ("Fisker"), to reflect a purchase price of US$55 million. Hybrid intends to utilize Fisker's existing plant in Delaware to meet consumer demand and address market conditions. "Hybrid's confidence in Fisker's future is strong and unwavering. The Hybrid group has been an investor in Fisker for many years. When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum, as well as taking on the US$25 million risk of purchasing the Department of Energy loan. We did so for a simple reason; we believe deeply in Fisker's technology and we stand by the talent in the company who can bring the promise of this technology to life," said Hybrid spokeswoman Megan Grant.

Fisker plans lineup of four electric vehicles by 2025

Fisker recently declared it wants to secure the rights to use Volkswagen's MEB platform to underpin an electric crossover named Ocean. Although the deal hasn't been finalized yet, it released a preview image that sheds light on some of the other cars it plans to release. Company founder Henrik Fisker envisions a four-car range by 2025. Introduced as a concept at CES 2020, the Ocean takes the form of a battery-powered soft-roader that's about the same size as the Ford Mustang Mach-E. Although we don't know which platform it will be built on yet, it's expected to enter production in early 2021 and land with a base price in the vicinity of $38,000 before local and federal incentives enter the equation. Fisker announced it will also launch a flexible lease program. Fisker described its second vehicle as "a segment-busting super-sports sedan based on the EMotion concept," and its preview image shows the design study it introduced during CES 2018. There's no word yet on how it will evolve as it makes the transition from a show car to a production car, but Fisker explained it delayed the sedan's introduction until 2022 at the very earliest, in part because the solid-state battery technology it hopes to make available isn't ready for production yet. It also anticipates the Ocean will sell in greater numbers than the EMotion. The California-based company's range will also include a "sports crossover," which looks like a fastback on stilts in the vein of the BMW X4. Shown for the first time, it seemingly receives a much sportier design than the Ocean. Finally, it reaffirmed its plans to enter the burgeoning electric pickup segment, but the truck it plans to catapult into this increasingly crowded ring is hidden under a sheet. Fisker added all of the aforementioned models will be built using "platforms, battery packs, and components" sourced from the world's leading manufacturers and suppliers. They'll all be electric — gasoline-, diesel- and hybrid-powered vehicles aren't part of Fisker's plan. Fisker can talk the talk, there's absolutely no doubt about it, but now it needs to prove it can walk the walk. It's in the process of going public by merging with a blank-check company backed by Apollo Global Management. The deal will give it a $2.9 billion value, and provide it with $1 billion in gross proceeds it will use to make the Ocean a reality. Proceeds from that model will presumably be used to develop and launch production of its other cars.

Henrik Fisker reveals the face of his upcoming electric vehicle

Henrik Fisker, once again, took to Twitter to release another image of his new company's, Fisker Inc., 400-mile electric vehicle. This time, the Tweet revealed the front end of the upcoming car. The picture, which has the patina of old video game CGI, hints at a design more likely to be seen on a Matchbox car instead of an actual street-legal vehicle. According to Fisker, the front of the car is heavily influenced by aerodynamics. Besides the grille-less front end, a feature also found on the refreshed Tesla Model S, the vehicle is fitted with adaptive LED headlights, as well as a centrally-located radar and camera sensor combination. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. A few days ago, Fisker Tweeted out a side profile of the vehicle with its gorgeous dihedral doors. It was a promising tease for the rest of the design. But the reptilian front end looks doesn't really do anything for this writer. It's almost hard to believe that the same man that created this vehicle also designed the Aston Martin DB9 and Aston Martin V8 Vantage. The upcoming electric car from Fisker Inc. is meant to serve as a "spiritual successor" to the now-dead Fisker Karma (and resurrected as the Karma Revero). Other than revealing that the vehicle will have butterfly doors, Fisker stated the car will be "sporty and spacious" and not much else. The new car, which is expected to come out late next year, will be the first for Fisker Inc. and will have battery technology from the company's own division – Fisker Nanotech. Related Video: News Source: @FiskerOfficial Design/Style Green Fisker Electric Future Vehicles Sedan Henrik Fisker nanotech fisker inc