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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

Musk says New York Times debacle may have cost Tesla $100 million

Despite the old chestnut that there's no such thing as bad publicity, there's always a cost incurred - sometimes it's hidden, and sometimes it's front and center. Enigmatic Tesla CEO Elon Musk seems to think his company's now-infamous Model S range dustup with The New York Times is falling squarely into the latter category. According to Musk, fallout from the back-and-forth battle over the newspaper's cold-weather road trip story may have decimated Tesla's stock value by as much as $100 million. Musk believes the report resulted in a lot of cancelled orders, probably costing Tesla "a few hundred" Model S purchases.
According to the report, Tesla's shares have tumbled some 12 percent (going from $39.24 to $34.38) since the report was published. Bloomberg further notes that the company's market capitalization has skidded by around $553 million over that same period. With the company's stock-market value pegged at $3.91 billion, $100m represents a not insignificant chunk of money to Tesla.
So how does Musk feel about embattled Times writer John Broder, whose controversial report he previously called "fake"? During the interview with Bloomberg TV, which you can watch below, Musk opines, "I don't think it should be the end of his career - I don't even think necessarily he should be fired - but I do think he fudged an article." No word has surfaced about any actions taken against Broder after his boss admitted he did "not especially" exercise "good judgement" in the course of his reporting.

Consumer Reports declares most and least loved cars [w/video]

Consumer Reports is crunching the numbers from its annual owner-satisfaction survey, and part of that process is finding out how attached drivers are to their cars. CR simply asks readers of models up to three years old if they would buy the same vehicle again in light of their entire ownership experience, and tallies the results. After looking at the responses for about 350,000 vehicles, it turns out that people really love a certain California-built, electrically powered luxury sedan. That's right, this year's the overall winner was the Tesla Model S with a whopping 98 percent of owners saying they would purchase another one (the Model S also won this award last year, with 99 percent satisfaction). The Chevrolet Corvette Stingray came in a close second with 95 percent of drivers hoping to park another one in their garage. A few models weren't quite so favored, though. The Nissan Versa Sedan was the least loved model among its owners; a mere 42 percent said that they would purchase another. The aging Jeep Compass didn't do much better, with just 43 percent of drivers willing to buy the softroader again. On average, about 70 percent of owners say they would buy their car again, and only four cars ranked below 50 percent in CR's findings. Check out the video above to see some of the winners and losers in a few of CR's categories. If you're a subscriber, you can check out the full list on its website. Related Gallery Consumer Reports Most Loved Cars 2014 Related Gallery Consumer Reports Least Loved Cars 2014 News Source: Consumer Reports - sub. req., Consumer Reports via YouTube Chevrolet Ford Mazda Mercedes-Benz Porsche Subaru Tesla Ownership Videos car ownership