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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.

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.