Fisker Ocean, page #18

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Fisker asset sale may not include name, logo

Always read the fine print before you sign the contract. That platitude is taking on new life as word comes that the winning bidder for bankrupt plug-in hybrid manufacturer Fisker may not actually earn the rights to use the company's name and logo. According to Delaware Online, that's because Fisker Automotive doesn't actually own either – they're the property of a different company called Fisker Coachbuild, LLC, and they have been used under license by the carmaker since 2008. This interesting bifurcation of assets brings to mind a previous bit of auto history - Rolls-Royce and Vickers. As it turns out, Fisker Coachbuild not only designs cars and components, it also has the merchandising rights to the Fisker name and logo for things like apparel and branded tchotchkes. How did this happen? According to the report, Coachbuild is a Fisker stockholder, and in 2008, a contract was signed by Bernhard Koehler (co-founder of Fisker and then-chief operating officer of Coachbuild) and designer and company namesake Henrik Fisker. Koehler and Fisker are actually in the logo, in a fashion, since it is supposed to represent the two men (the vertical lines) looking at the sunset (the red half circle) over the ocean (blue). Fisker Coachbuild attorneys have now put the bankruptcy court on official notice about their ownership of these key assets, and it's unclear if this news will affect the actions of leading bidders Wanxiang America, Inc. and Hybrid Tech Holdings. Coachbuild does sound somewhat conciliatory, saying "...it is likely that Coachbuild will consent to the assignment of the rights provided for under the Trademark Agreement as part of the proposed sale" while simultaneously "reserving its rights under applicable law to bar the assumption and assignment of Trademark Agreement without its prior written consent." This interesting bifurcation of assets brings to mind a previous bit of auto history. Back in 1998, British industrial conglomerate Vickers executed a now-legendary bit of wheeling-and-dealing that saw it sell the physical assets of luxury automaker Rolls-Royce to the Volkswagen Group. We say 'legendary' because it only sold the physical assets to VW – not the trademarks associated with them. Those trademarks included the Rolls-Royce name, famed double-R iconography and other assets – assets Vickers subsequently sold to BMW.

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

DOE Secretary Moniz announces $50 million for cleaner vehicles, sees upside in Fisker loan failure

The Washington Auto Show started today with an announcement by US Department of Energy Secretary Ernest Moniz about a new, $50-million boost for the DOE's work on supporting more fuel-efficient vehicles. The $50 million, Moniz said, will support advanced vehicle technologies. $30 million will go towards making plug-in vehicles better and charging more convenient, including extra support for the EV Everywhere Grand Challenge. The DOE said years ago that it would focus on supporting electric vehicles, but Moniz said that he expects the money announced today to support a wide variety of things. This includes advanced batteries, lightweight materials, advanced combustion and better tires, all in an effort to help the auto industry meet the higher fuel economy ratings of 54.5 miles per gallon by 2025. The DOE is "very bullish" on EV sales as costs continue to drop - Secretary Moniz Moniz said that the DOE has played a huge role in getting the national average MPG up to the level it is as today, citing the example that nearly every hybrid on the road has some DOE-supported technology in it with better nickel-metal hydride batteries. Also, since Americans bought nearly 100,000 plug-in vehicles last year, about twice as much as in 2012, Moniz said the DOE feels "very bullish seeing this [EV progress] continue in the years ahead" as costs continue to drop. Not every DOE investment has been a hit, of course, but Moniz is Okay with that. The DOE's broader loan program has worked, he said, adding that a portfolio "probably shouldn't be 100 percent successful." The biggest green-car-related DOE loan failure to date has been Fisker Automotive, which will be sold at auction February 12. Moniz said he didn't want to voice support for one side or the other (Wanxiang Group from China and Hybrid Tech Holdings from Hong Kong), but said that no matter who drives away the winner will not be able to just take the technology to Asia. "What's key for us is that the terms of our loan are respected," he said. "We have technology transfer limitations, so no matter who the winner is, we will be looking at both engineering and manufacturing in the United States. ... Even though our note was sold at a discount, we still may achieve our fundamental goals of seeing engineering and manufacturing continuing in our country." Secretary Moniz Announces Nearly $50 Million to Advance High-Tech, Fuel Efficient American Autos WASHINGTON – At the Washington Auto Show today U.S.

Fisker bankruptcy auction scheduled for February 12

Will the long, twisted tale of Fisker Automotive and it bankruptcy assets finally end on February 12? It might, because that's the date a bankruptcy court has now set for an auction to let the bidders decide who will take home the plug-in automaker's goods. The auction will be held at the law offices of Kirkland & Ellis in New York, according to a new report in Reuters. As we know, China's Wanxiang Group and Hybrid Tech Holdings are the two companies who are most vocal in their desire for Fisker. After an initial bid of around $25 million, Hybrid Tech is now ready to start the bidding on the 12th at $55 million and basically called itself Fisker's best friend during this troubling time in a recent statement. The controllers of the Fisker assets say they prefer Hybrid Tech's bid to Wanxiang's. Fisker stopped making the plug-in hybrid Karma in late 2012 and filed for Chapter 11 bankruptcy last year. Fisker's assets were supposed to be sold to Hybrid Tech Holdings in early January, but a last-minute stalking horse bid by Wanxiang set in motion the series of events that will lead to the auction next month.

Will Bob Lutz's VL Automotive really offer V8 conversions for Tesla Model S?

VL Automotive is closely tied up with Fisker. The company's first product, the Destino, is a converted Karma and the Destino Red Concept, just unveiled at the Detroit Auto Show, is the same hardtop Karma convertible that Fisker showed in 2009. So, what a surprise it was to see that Bob Lutz, who owns half of VL Automotive, is ready to convert a brand new electric vehicle: the Tesla Model S. A gas-powered Tesla? Say what? A gas-powered Tesla? Say what? That's at least one way to read this short article in The Detroit News. There's not a lot of context and a distinct lack of details, so we're left wondering if maybe Lutz just meant that Model S owners can buy a Destino. You can read the exchange for yourself here. What we do know is that Lutz said that VL Automotive has already sold nine Destino conversions. The cars cost $200,000, up from the previous estimate of $180,000, and well above the $116,000 max price tag on the original Karma. For your money, you get a 6.2-liter V8 taken from a Chevrolet Corvette that puts out 636 horsepower and can beat the 135-mile-per-hour top speed that the Karma has. Lutz said that all could add up to sales of around 200 or 300 Destinos each year. Featured Gallery VL Destino Red Concept: Detroit 2014 View 21 Photos News Source: The Detroit News via Green Car ReportsImage Credit: Copyright 2014 Drew Phillips / AOL Green Detroit Auto Show Fisker Tesla Electric Hybrid PHEV vl automotive destino

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.

Judge rules Fisker assets will be auctioned in February

The Fisker Automotive saga will continue until at least next month, now that a bankruptcy court judge has ruled that the automaker's assets will go up for auction in February instead of being acquired flat out by a Hong Kong investor. Wanxiang Group, which owns A123 Systems, is competing with Hybrid Tech Holdings LLC for Fisker. The judge says Hybrid Tech, which holds debt on Fisker, can't use any more than $25 million of that debt as part of its bid for the California-based automaker, according to Bloomberg News. Hybrid Tech is run by Richard Li, son of Li Ka-Shing, Hong Kong's wealthiest man, and the company bought Fisker's loan from the US Department of Energy. Fisker's line of credit from the DOE was originally for $529 million, but 'only' $192 million was drawn down before the government shut that spigot off. Wanxiang Group bid $25.8 million (plus assumed debt) for Fisker in late December, then increased its offer to $35.7 million earlier this month. Wanxiang Group acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, and Fisker has maintained that Wanxiang hastened Fisker's demise by holding off battery deliveries. Fisker shut down production of its extended-range plug-in Karma in 2012 and filed for Chapter 11 bankruptcy last year.

VL Automotive hints at Fisker-based Destino convertible for Detroit

Last year around this time, we were prepping to see the first iteration of the VL Destino; a Fisker Karma with a Corvette ZR1 heart transplant. Now, with the 2014 Detroit Auto Show looming just over the horizon, there are fresh hints that the Destino is due for a sequel. VL Automotive – co-founded by Gilbert Villarreal and Bob Lutz – has revealed a few sketches of a convertible version of the Destino, this time wearing a high-zoot cabin courtesy of the auto-leather specialists at Katzkin. The interiors company was charged with crafting the custom cockpit for the original VL Destino, as well, and from what we can see in these concept drawings, the tailoring here shows real, hidebound promise. Quick studies will note that the vehicle in the images above only has two doors, while the standard Karma was only ever built with four. It's possible this is a ground-up concept, but it seems every bit as likely that the showcar's execution has been informed by the never-was Karma S folding hardtop convertible. Either way, just as striking is the removal of the former Fisker's roof. The twin cowls at the rear of the passenger compartment seem to meet up beautifully with a chrome accent piece, but of course, details like those will be won or lost in the final execution. We can't wait to see it. Any other significant changes to the VL Destino concept figure to be unleashed in Detroit, as the press release below focuses mainly on the interior work. AUTOMOTIVE LEATHER LEADER KATZKIN PARTNERS WITH VL AUTOMOTIVE TO CREATE EXCLUSIVE LUXURY PERFORMANCE CAR EXPERIENCE Katzkin Senior Advisor Bob Lutz Debuts All-New Concept Destino Featuring a Custom Katzkin Interior at the 2014 Detroit Auto Show MONTEBELLO, Calif., January 10, 2014 / PRNewswire / - Katzkin, the global leader in automotive interior transformation, continues its design mantra and enters into the ultra-premium sports car arena by partnering with VL Automotive, co-founded by Gilbert Villarreal and Bob Lutz. VL's newest concept Destino luxury performance vehicle will debut at the 2014 North American International Auto Show in Detroit at Cobo Center, January 13-26, 2014. Based on an award-winning design by Henrik Fisker, restyled by Bob Lutz, and powered by the Chevrolet Corvette ZR1 powertrain, the Destino sedan was first shown at the 2013 North American International Auto Show.

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

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.