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Wanxiang Wins Approval to Build Hybrids China
Wanxiang Group, which bought the assets of bankrupt Fisker Automotive Inc. in 2014 and relaunched them as Karma Automotive, has been given government clearance in China build extended-range hybrid cars there.
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Wanxiang Group, which bought the assets of bankrupt Fisker Automotive Inc. in 2014 and relaunched them as Karma Automotive, has been given government clearance in China build extended-range hybrid cars there.
The approval allows Wanxiang to open a 2.5 billion-yuan ($360 million) factory in Hangzhou to produce as many as 50,000 vehicles per year.
In August Bloomberg News reported the facility would assemble an updated version of the original Fisker Karma hybrid sport sedan and a two-door iteration of the hybrid Atlantic sedan Fisker unveiled in concept form four years ago.
Costa Mesa, Calif.-based Karma Automotive unveiled the updated Karma, renamed Revero, in August. The company said earlier it would separately begin building the Revero at a factory in Moreno Valley, Calif., by the end of 2016. That model is expected to retail in North America for about $120,000.
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