Wanxiang Buys Fisker’s Plant in Delaware for $18 Million image

Fisker Automotive has sold its plant in Delaware to Wanxiang America – after Wanxiang officially closed on the purchase of Fisker’s assets on Friday .

The papers have been signed at the end of last week and Fisker’s plant has been officially transferred to a an affiliate of Wanxiang America, the new owner. According to Paul Cumberland, Wanxiang America’s director of investments, the building located close to Newport has been sold for $18 million, the same price the plug-in hybrid auto manufacturer had paid for it back in 2010.

The new owner of the plant is WX Delaware Real Estate Holding, located in Elgin, Illinois. According to Antonio Prado, the county spokesman, the state and county each received $270,000 in real estate transfer taxes. As WX Delaware Real Estate Holding is an affiliate of Wanxiang, this means that Fisker’s plant belongs to the US arm of China’s largest auto parts manufacturer.

Last month Wanxiang won an auction for the plug-in hybrid auto manufacturer assets worth $149 million, beating a Chinese rival, Hybrid Tech Holdings LLC, which has managed to get its hands on Fisker’s federal loan.

Fisker was planning to launch its second generation line, the Atlantic, but a series of miscalculations and problems forced the company to file for bankruptcy protection in 2013.

Wanxiang promised to restart the brand and even use the Delaware plant for mass production.