Who Bought Fisker? Wanxiang or Richard Li? Fisker Future Depends on US Weather

Share Our Knowledge With Your Friends, Contacts And Co-Workers

The bankrupt car maker Fisker is in the middle of a nasty custody battle between China’s automotive parts conglomerate Wanxiang and the son of Asia’s second richest man, Richard Li.

From Inautonews, earlier today:

In a surprise move, Wanxiang Group Corporation, the largest China-based automotive components company measured by revenues made a bid for Fisker Automotive, the maker of Karma plug-in hybrid sports car.

Wanxiang Group has agreed to make an initial bid of $24,7 million. The bid was filed late Monday, and a final hearing has been scheduled for Friday when a judge will decide if the company will be sold to Hybrid Technology LLC, a company affiliated with Richard Li (a Hong Kong billionaire), or hold an open auction.

According to court documents, the Chinese group plans to restart production somewhere in April and move the manufacturing process from Finland to the U.S. in Michigan. On the same time Wanxiang says it would be capable to reduce production costs and sell more than 1,000 Karma plug-in hybrid models in the first 18 months in the U.S. and about 500 in Europe.

Then we move onto the South China Morning Post, who are reporting that a court will decide today who will buy Fisker’s remaining assets, but a snow storm is set to derail everything:

Fisker Automotive, the bankrupt maker of a plug-in hybrid sports car, asked a US federal judge to approve its proposed sale to Hong Kong businessman Richard Li Tzar-kai rather than a Chinese suitor that Fisker alleged was to blame for its failure.

A courtroom showdown is set for January 10 that will determine the future of the defunct carmaker, which was launched with a controversial US government loan.

US Bankruptcy Court Judge Kevin Gross must decide if Fisker’s business will be put to open auction or sold to an affiliate of Li as the company has proposed.

The hearing was originally scheduled for Friday, but was postponed one week as a major snowstorm threatened to disrupt travel throughout the eastern United States.

About the author  ⁄ FrankF

Frank entered the automotive industry via his father's instructions. He grew up with cars around him, especially as his father was a major auto restorer, Frank's childhood was spent passing beers, tools and coffee to his father whilst he explained the ins and outs of engines. Frank now works in the Chinese car industry at a specific manufacturer.

No Comments

Leave a Comment

See News by Industry
Industry News China Green Auto News Spy Shots China Auto Culture
See News By Brand
Acura China Acura China Aston Martin China Aston Martin Audi China,FAW-Audi Audi China
Baojun Auto Baojun Beijing Auto Beijing Auto Group Beijing Auto Beijing Auto
Besturn Auto, FAW Besturn Besturn BMW China BMW China Brilliance Auto Brilliance Auto
Buick China Buick China Baojun Auto BYD Baojun Auto Cadillac
Changa,Chang'an Chang'an - Chana Changfeng Changfeng Changhe Auto Changhe
Chery Auto Chery Chevrolet China Chevrolet Chevrolet China Chrysler
Citroen China Citroen Dodge China Dodge Dodge China Citroen DS
Dongfeng Auto Dongfeng Geely Emgrand Emgrand Geely Emgrand Englon
FAW,First Automobile Works FAW Ferrari China Ferrari Fiat China Fiat
Foday Auto Foday Ford China,Changan-Ford Ford Guangzhou Auto Guangzhou Auto
Geely Auto Geely Geely Auto Gleagle GoNow Auto GoNow
Great Wall Great Wall Hafei Auto Hafei Haima Haima
Hawtai Hawtai Honda Honda Huanghai Yellow Sea Auto Huanghai (Yellow Sea)
Hyundai China Hyundai Infiniti China Infiniti JAC China JAC
Jaguar Jaguar Jinbei Jinbei JMC JMC
Kia Kia     Jaguar Land Rover
Landwind Landwind Lexus China Lexus Lifan Auto Lifan
Lincoln Lincoln Youngman Lotus Youngman Lotus Luxgen Luxgen
Mazda Mazda Mercedes China Mercedes MG - Morris Garages MG
MINI China MINI Mitsubishi China Mitsubishi Nissan China Nissan
Opel China Opel Opel China Peugeot Reely China Reely
Renault Riich Riich Riich Roewe
Rolls-Royce China Rolls-Royce SEAT SEAT Senova Senova/ShenBao
Double Ring Double Ring - Shuang Huan Sichuan Yema Sichuan Yema Skoda Skoda
Double Ring Smart Subaru Subaru Suzuki Suzuki
Toyota Toyota Volvo Volvo Volkswagen Volkswagen
Zotye Zotye   Others    
Sign up today to receive China Car Times weekly newsletter!
Your name
Your email