Fisker Turns to China for Salvation image

Fisker plans to focus on China to fin strategic partners and funding.

After a tough year, market by the problematic launch of the Karma plug-in hybrid, political criticism and the bankruptcy of its battery supplier, Fisker decided to change its strategy plan and focus on China, where Beijing supports domestic automakers’ efforts to aquire foreign ‘green car’ technology. For the California-based automaker, which has not manufactured a single car in six months, this might be the only solution to get back on the track.

The Chinese government plans to increase the electric vehicle and plug-in hybrid market before the end of this decade. Fisker has already had talks with Wanxiang Group, which recently purchased A123 Systems, and with China Grand Automotive Services dealership group, which already has an agreement with the US automaker to distribute its vehicles in China.

“Fisker is in advanced talks with a number of potential strategic partners,” said Fisker spokesman Roger Ormisher. “We expect some exciting developments in the next few months.”

China’s target is to have on the country’s roads 500,000 electric and plug-in electric hybrid vehicles by 2015 and about 5 million by 2020, a planned aimed at balancing energy conservation and economic growth.