Fisker Automotive was acquired by the largest auto parts company in China, Wanxiang Group. The two companies are planning to restart production of the Karma plugin hybrid luxury car within the next year.
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Wanxiang Group Posts
Wanxiang, a Chinese parts maker, has acquired Fisker’s assets for $149 million. Fisker Automotive went bankrupt in the summer of 2012. Fisker’s assets were sold to Wanxiang at the close of an auction in a Delaware bankruptcy court that lasted over two days across 19 rounds.
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Wanxiang Group is a large Chinese auto company that has increased their offer for Fisker Automotive. Wanxiang increased the offer by another $10 million in cash to around $35.7 million. Wanxiang may increase the offer by even more if the judge approves of the proposed sales process, according to an attorney with Fisker’s official committee of unsecured creditors, William Baldiga. Baldiga said that there is “considerable room to go.”
A123 Systems has named Jason Forcier as the new CEO. It has been less than one year since the company was acquired by Chinese auto supplier company Wanxiang Group. Forcier will be replacing former CEO David Vieau. Vieau was removed from the position after Wanxiang bought out the company.
The U.S. government has approved of Wanxiang Group’s offer for A123 Systems. A123 Systems is a bankrupt electric car battery manufacturing company that was partially funded by the U.S. government. A Chinese company buying out a U.S. backed company sounded a bit controversial, which is one of the reasons for the delay.
A123 Systems is the bankrupt lithium-ion automotive battery company that has received bids from at least three foreign rivals. The company was partially funded by the U.S. Department of Energy. Johnson Controls of Milwaukee and Wanxiang Group Corporation of China both sent out their bids for A123. Two other bidders that recently joined the auction include NEC Corporation of Japan and Siemens AG of Germany.
A123 Systems is the bankrupt lithium-ion manufacturing company that received a $249 million grant from the Energy Department. Now the U.S. government is saying that A123 cannot be sold without their consent. Two of A123’s bidders are Johnson Controls and Wanxiang Group Corp. If a Chinese-based rival Wanxiang owned a U.S. government backed company, then it would be pretty awkward given that offshoring was a hot ticket issue in this past election.
A123 Systems is the bankrupt electric-car battery company that received a $249.1 million federal grant and won the court approval to borrow $50 million from Wanxiang Group in China. The U.S. Bankruptcy Judge Kevin Carey gave interim approval for the loan on Monday in Wilmington, Delaware. Wanxiang is actually replacing Johnson Controls as the lender for A123’s Chapter 11.