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Geely, Dongfeng Abandon Fisker Bids
The Chinese automakers considered the leading contenders to buy ailing Fisker Automotive Inc. have pulled out of talks with the company, The Wall Street Journal reports.
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The Chinese automakers considered the leading contenders to buy ailing Fisker Automotive Inc. have pulled out of talks with the company, The Wall Street Journal reports.
The development leaves the future of cash-strapped Fisker uncertain. The Anaheim, Calif.-based maker of extended-range hybrid cars says it is still talking with several parties.
The newspaper cites unidentified sources who say Dongfeng Motor and Zhejiang Geely balked at a potential requirement that they build Fisker vehicles at a large, aging former General Motors factory in Wilmington, Del.
Using the plant to build hybrids and hiring 2,500 workers there were conditions of the $529 million loan the hybrid maker obtained from the U.S. Dept. of Energy in 2010. DOE approval is required for any Fisker merger, according to Reuters.
The news service, which also cites anonymous sources, says Geely hoped to use the Delaware facility to make cars for its Volvo brand. Reuters opines that any deal now is likely to involve Wanxiang Group, which bought Fisker's battery supplier A123 Systems Inc. in January.
The DOE froze Fisker's loan in February 2012 because the company missed sales and production targets. The Journal reports that Fisker is urging prospective buyers to tap the remaining $337 million of the loan, which would probably require the new borrower to agree to the government's original terms.
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