Fisker, which is was a start-up that showed almost the same promise as Tesla did back in its first days, is now a defunct carmaker, with only one model produced – the Karma plug-in hybrid sports car.

China’s largest auto parts maker, Wanxiang Group has now won a successful bid to acquire the assets of the US maker, according to Fisker. The Chinese bid is valued at around $149.2 million, with $126.2 million in cash, $8 million of assumed liabilities, and a contribution of common equity in an affiliate designated by Wanxiang.

According to a couple of people that talked to Reuters, the Wanxiang Group outbid an affiliate company of Richard Li, a Hong Kong billionaire and initial Fisker investor. The US Bankruptcy Court in Wilmington, Delaware, will still need to approve the sale, due to be presented before a judge tomorrow.

According to Fisker, there were 19 rounds of bidding and the sources said Li’s initial offer was at around $55 million, with the auction lasting last week from Wednesday to Friday.

The Wanxiang Group has been keen on building a presence in the US, as last year the government allowed it to also buy the bankrupt assets of A123 Systems Inc, which made Fisker’s Karma batteries.

Via Reuters


Please enter your comment!
Please enter your name here