Fisker Automotive gets an offer from Chinese manufacturing company Wanxiang

Posted Jan 3, 2014

Amidst bankruptcy, Fisker Automotive has received an offer from Chinese manufacturing company Wanxiang. This past November, Fisker Automotive was acquired by Hong Kong based Hybrid Technology Holdings.

Hybrid Technology Holdings agreed to pay $25 million of Fisker Automotive’s loan debt to the Department of Energy. Wanxiang is also known for buying A123 Systems, which is the company that made batteries for the Fisker Karma electric sedan.

Reuters reports Wanxiang put in a last minute bid f $24.75 million. Wanxiang is interested in restarting the production of the Karma vehicle and wants the company to start building a smaller vehicle called Atlantic. There are documents that mentions moving Karma production from the Valmet facility in Finland to VL Automotive’s plant in Michigan. VL is a startup that is backed by former General Motors executive Bob Lutz. VL and Wanxiang collaborated on a bid to buy out Fisker, but lost to Hybrid Technology Holdings.

Fisker wants U.S. Bankruptcy Court Judge Kevin Gross to deny Wanxiang?s bid because they believe the Chinese company wants to profit from a bankruptcy that they helped cause as one of A123’s major shareholders. Fisker said that Wanxiang cut off their supply of batteries. Fisker declared bankruptcy after an 18-month shut-down that was due to A123’s bankruptcy.

[Source: Digital Trends]