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Wanxiang, U.S. Specialty Carmaker Seek to Buy Fisker
China's Wanxiang Group and American boutique carmaker VL Automotive have offered to acquire Fisker Automotive Inc. but only if the ailing U.S. hybrid vehicle maker files for bankruptcy, according to Reuters.
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China's Wanxiang Group and American boutique carmaker VL Automotive have offered to acquire Fisker Automotive Inc. but only if the ailing U.S. hybrid vehicle maker files for bankruptcy, according to Reuters.
Unnamed sources tell Reuters the partners propose to buy Fisker, maker of the $107,900 Karma plug-in hybrid sedan, through a prepackaged bankruptcy. None of the companies involved has commented.
Rumors that Fisker is preparing to file for bankruptcy have circulated since April, when the company missed a $20 million payment on a U.S. government loan. Fisker stopped making the Karma last summer.
Both co-bidders have an interest in Fisker's revival. In January Wanxiang bought most of the assets of bankrupt A123 Systems Inc., Fisker's source of lithium-ion batteries.
VL Automotive was created last year by retired General Motors executive Bob Lutz and entrepreneur Gilbert Villareal to sell a $180,000 Karma-based sport sedan. The VL Destino consists of a Karma body and the supercharged V-8 powertrain of a Cadillac sport sedan.
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