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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.

Fisker Ocean EV production to ramp up to 300 units a day in fourth quarter

Electric-vehicle startup Fisker said on Thursday it expects to increase the production of its Ocean sports utility vehicle to about 300 units a day in the fourth quarter from around 180 units. The company has a manufacturing tie-up with Canadian auto part supplier Magna International, which produces its vehicles for the European and North American markets. Vehicle deliveries are expected to accelerate in North America in September, CEO Henrik Fisker said. As of Sept. 4, Magna has manufactured 3,123 vehicles, with just under 3,000 handed over to Fisker, the company said, adding that more than 450 Fisker Oceans in the US have been either delivered to customers or are in the process of being delivered. Last month, Fisker cut its annual production target due to supply chain issues. That overshadowed a smaller-than-expected quarterly loss and its first revenue from deliveries of electric sport utility vehicles. Even as suppliers recovered from a "COVID hangover" to keep pace with Fisker's production ramp-up, one key supplier of a complicated part which needs specific skilled labor, is taking longer than expected, the company had said. Green Plants/Manufacturing Fisker Crossover Electric

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.