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  1. Back in February, we reported on the rumors that Fisker Automotive was planning to change its name to Elux. This past week, Fisker has officially changed its name and it isn't Elux. Meet Karma Automotive. The company says this name has always been a part of the brand - see Karma plug-in hybrid sedan. "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with intention—is what we stand for, it's authentic," said James Taylor, Karma's Chief Marketing Officer. Rumor has it that production of the Karma sedan will restart sometime next year. We expect a name change along with the production restart. Source: Karma Automotive Press Release is on Page 2 Fisker Automotive Reveals New Name And Logo Karma Automotive - honors iconic design and communicates future direction COSTA MESA, Calif., Sept. 30, 2015 /PRNewswire/ -- Fisker Automotive and Technology Group announced a name change today to Karma Automotive. The company also launched its new website, including a video that reveals its new logo at karmaautomotive.com. "With new ownership, a new management team, and a new production site, all here in California, it was time to communicate change," said James Taylor, Karma's Chief Marketing Officer. "Karma" was chosen because it is relevant to both the old and new brands, while providing an aspirational message which embodies the company's purpose. "Karma is based on the principle of cause and effect, where your actions create your future. This awareness of what we are doing and why we are doing it—which we characterize as acting with intention—is what we stand for, it's authentic," added Taylor. Karma's new executive team has attracted top-tier talent from the automotive and technology industries to bring world-class expertise to its headquarters and new assembly facility in Southern California. Karma Automotive's owner, Wanxiang Group, one of the world's largest automotive component conglomerates, is committed to the alternative energy space, having acquired solar, wind and energy companies. The group provides strong financial backing necessary to build a sustainable, world-class luxury automotive brand.
  2. Since being bought by Chinese auto parts supplier, Wanxiang Group, Fisker Automotive has been quietly ramping back up with a new headquarters in Costa Mesa, CA, and an upcoming factory in Moreno Valley, CA. But one item that has been up in the air is when production of the Karma would restart. Speaking with The Oakland County Register, Fisker's chief marketing officer Jim Taylor said the automaker will relaunch sometime in the middle of 2016. “We want to be out next year. Midyear is our target. That’s what we’ve told the plants and our suppliers, but we won’t make any promises to say this is our launch date, get ready,” said Taylor. There is still a number of items and issues that Fisker has to work on before having vehicles rolling down the production line. At the moment, Fisker is busy hiring people for their headquarters and production facility. Complicating matters are number of delays and no real information as to changes for the model. Source: The Orange County Register
  3. California's affinity for technology, style and perceived environmental consciousness appears to have earned it some Karma. China's Wanxiang Group has announced plans to build the Fisker Karma luxury sports sedan in Moreno Valley. The 555,670 square foot Greater Los Angeles Area manufacturing facility is slated to create 150 jobs. “California's natural beauty, trend setting, technology, and environmental focus are perfectly aligned with our Karma re-launch,” said Fisker's chief marketing officer, James Taylor, adding that the company "believes in the quality, work ethic and competitiveness of manufacturing in the United States.” The plug-in hybrid Karma won accolades for styling, but financial difficulties caused the company to file for bankruptcy in November 2013, only to be purchased by Wanxiang in February 2014. The Hangzhou-based automotive parts giant also acquired battery manufacturer A123Systems in late 2012. Fisker's move comes on the heels of another Asian automaker's decision to build vehicles Stateside. Geely-owned Volvo has just announced a $500 million manufacturing facility in South Carolina, and several states are vying for Land Rover's business, a brand which has been owned by Tata Motors since 2008. Source: Autofile.ca
  4. Lu Guanqiu is the chairman and founder of China's Wanxiang Group Corp., which happens to be the new owner of Fisker Automotive. In a interview with Bloomberg, Lu says the company will be making significant investments into the troubled automaker. "“I’ll put every cent that Wanxiang earns into making electric vehicles. I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.” That's saying something in the least. But the question is when will we see Fisker vehicles coming off the production line? "The road is still very long. We want to concentrate for now on manufacturing in the US. If I don't succeed, my son will continue with it. If he doesn't make it, my grandson will," said Lu. The plan at the moment is for production of the Karma to come back online, followed by the introduction of new models. Source: Bloomberg
  5. Fisker's new owner, the Wanxiang Group out of China plans to restart production of the Karma plug-in hybrid sedan within a year or so. Pin Ni, head of the U.S. unit for Wanxiang tells Reuters the company plans on restarting production in Finland possibly this year and sell them in U.S. and Europe. At the moment, Ni says the company is working on finalizing business plans for the brand and hasn't worked out what the sales target for the Karma will be. Ni went onto say that production could move to the U.S. with with "a potential partner out of Michigan." That possible partner could be VL Automotive, the company who is taking Fisker Karmas and dropping in V8 engines. Along with restarting Karma production, Wanxiang plans to finish development of the Atlantic sedan. The model, which was positioned to be the volume model for Fisker was planned to go into production in 2015. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  6. After three days and nineteen rounds of bids, China’s Wanxiang Group emerged as the new owner of Fisker, beating out Hybrid Tech Holdings LLC, the original winner of Fisker Automotive back in November. The winning bid was $149.2 million, about six times higher than the original sale price of $25 million. The auction came after a ruling made by U.S. Bankruptcy Judge Kevin Gross last month. Gross rejected the original offer made by Hybrid Tech Holdings LLC of $25 million for all of Fisker's assets. Now the bid has to be approved by Gross for Wanxiang Group to become Fisker Automotive's new owner. That will happen this week. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  7. Nothing ever seems to come easy for Fisker. Back in November, we reported that Hybrid Tech Holdings, LLC, a company founded by Hong Kong investor Richard Li, had purchased Fisker's assets from the Department of Energy for $25 million. It seemed that this chapter in Fisker's turbulent life had come to close. But this past week, the chapter was ripped opened. In a hearing last week, U.S. Bankruptcy Judge Kevin Gross rejected the planned sale and instead has favored putting the assets back up on the auction block in February. This opens the door for Wanxiang Group, the Chinese auto parts supplier who owns A123 Systems, to bid on Fisker's assets as well. "I think that, for me, at the end of the case, whether or not the price paid was fair or reasonable, I think an auction will provide that mechanism. That is the most favored method," said Gross at the hearing. In a statement, Hybrid Tech Holdings said they were "deeply disappointed" with the ruling. "Despite the court's decision, Hybrid will participate in the auction, as we still feel Hybrid represents the most competitive and viable bid for Fisker's future," the company said. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  8. Just when you thought Fisker was out of the hot water, they're back in it. Bloomberg reports that founder Henrik Fisker and the board of directors have been hit with a lawsuit over losses incurred by the company's financial problems. Atlas Capital Management LP, an investor in Fisker, filed a federal suit in Wilmington, Delaware, on December 27 claiming the automaker withheld information regarding its financial health. The suit also alleges that Fisker kept quiet about a recall involving 239 Karmas until the day after it closed a round of financing. Had Atlas known the truth, it “would not have purchased or otherwise acquired its Fisker securities, or, if it had purchased such securities, it would not have done so at the artificially inflated prices which it paid,” lawyers representing Atlas wrote in the filling. Anita-Marie Laurie, a spokeswoman for Fisker with Sitrick & Co., declined to comment when asked. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  9. William Maley Staff Writer - CheersandGears.com November 25, 2013 The Department of Energy (DOE) announced on Friday that it had found a buyer for dormant automaker, Fisker. The buyer is Hybrid Tech Holdings, LLC, a company founded by Richard Li, one of the people who was interested in buying Fisker. So how much did Hybrid Tech pay for the assets of Fisker? Reports say around $25 million, which means the DOE lost around $139 million in its investment into Fisker. To keep the transfer process smooth and make sure Fisker's creditors and suppliers get paid, the company has filled for Chapter 11 Bankruptcy in a California court. "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders. We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer in a statement. What does Hybrid Tech have in mind for Fisker? The company plans to restart production and sales of the Karma sedan, and work on developing new vehicles. "As we continue to examine Fisker's opportunities, we will be making decisions about the structure and footprint of the new business," said Caroline Langdale, a spokeswoman for Hybrid Technology. Source: Automotive News (Subscription Required), Fisker William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.comor you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Fisker Automotive Announces Agreement for Asset Sale to Hybrid Tech Holdings ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets. Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction. To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process. "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership."
  10. William Maley Staff Writer - CheersandGears.com October 21, 2013 It has been a few months since we had any update from VL Automotive, the group who showed off a Fisker Karma with 6.2L LS9 V8 from the Corvette ZR1 called the Destino. Back in May, Bob Lutz said plans for the Destino were safe, despite the problems Fisker Automotive were having at the time. This past week, Lutz gave an update on where VL Automotive stands. Lutz tells Automotive News that VL currently has 25 Karmas on hand and that it has gotten over the hurdle of acquiring codes to access the Karma’s infotainment system. "Without getting those codes, it was close to impossible to get a working car," said Lutz. The Destino will take a Fisker Karma and rip out its extended-range electric drive system and batteries. In its place will either be a 450 horsepower V8 or a 638 horsepower supercharged V8. Prices are expected to be around $200,000, double the pricetag of the Karma. "It's going to take time. I don't want a rough car that's hard to drive with a bad transmission and high noise levels. At close to $200,000, these things are going to have to be silky and buttery to drive. The sound and feel have to be just right," said Lutz. Lutz says that "he has confidence" that VL has secured a source of body panels and gliders (Karmas that have been assembled sans powertrain) once they use up the first 25 models. Owners of Fisker Karmas can get a V8 conversion from VL for just $100,000. Lutz revealed that at the Detroit Auto Show next year, VL will be showing a new body style alongside the Destino. When asked about if he or VL Automotive placed a bid on Fisker's assets, Lutz declined to comment. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  11. William Maley Staff Writer - CheersandGears.com September 19, 2013 The U.S. Department of Energy has announced this week they will be putting up Fisker Automotive's $164 Million loan up for auction next month. This is in a effort to try and recoup as much money as they can. "After exhausting any realistic possibility for a sale that might have protected our entire investment, the Department announced today that we are auctioning the remainder of Fisker's loan obligation, offering the best possible recovery for the taxpayer," said Peter Davidson, director of the Loan Program Office at the Department of Energy in a blog post. "Consistent with the intent and statutory purpose of the Advanced Technology Vehicles Manufacturing program, the Department will require all bids to include a commitment and business plan that promotes domestic manufacturing capabilities and related engineering for advanced technology vehicles here in the United States." So who will be putting in a bid for Fisker? Well we have a list of possible suitors. We have the founder of the company, Henrik Fisker who has teamed up Hong Kong-based investor Richard Li, Chinese automotive supplier Wanxiang Group and Bob Lutz's VL Automotive, and German investment group Fritz Nols AG. Source: Green Car Reports William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  12. William Maley Staff Writer - CheersandGears.com August 23, 2013 A German investment group has put its hat in the ring to buy Fisker Automotive. Fritz Nols AG has put in a bid for $25 million dollars for the company and its assets, a far cry from $173 million debt Fisker owns the U.S. "There was too much focus on design and production. It was forgotten that you have to sell the car as well," said Ingo Voigt, the person heading the buyout for Fritz Nols AG to Autobild. If the group was to get Fisker, Voigt says they would move production from Finland to the U.S. and sell 2,500 Karma sedans per year. The group will also focus on adding more models to Karma lineup with the Surf, a shooting brake model and the the Sunset, a two-door convertible. The smaller Atlantic sedan has been taken off the table due to cost concerns. Nols isn't the only buyer interested in buying up Fisker. Back in May, Henrik Fisker and Hong Kong-based investor Richard Li offered $25 to $30 million to the Department of Energy. There is also Chinese automotive suplier Wanxiang Group and Bob Lutz's VL Automotive teaming up and offering a bid of $20 million. Source: autovisie, Autobild William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  13. By William Maley Staff Writer - CheersandGears.com May 26, 2013 Two groups are trying to get their hands on what remains of Fisker Automotive. Group one is VL Automotive (the fine folks who are planning to make the Destino) and China's Wanxiang Group have put in a joint bid of around $20 million, a far cry from Fisker Automotive's almost $2 billion estimate from a investor document filing obtained by Reuters. As we reported earlier this month, Lutz said that VL Automotive could with Fisker's suppliers to keep the Karma in production, but that could become a logistics nightmare. "I want Fisker to live and succeed, if only to ensure a continuing supply of Karma bodies for my and my parter's (sic) VL Destino, a de-electrified Karma with a Corvette drive train, for which there is brisk demand," Lutz wrote in a blog piece for Forbes.com in April. The second group is a investment group being led by Hong Kong billionaire and Fisker investor Richard Li. This group got a huge boost this past week when founder and former CEO, Henrik Fisker joined the group. Sources say the group is offering between $25 to $30 million. Source: Reuters, 2, 3 William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  14. By William Maley Staff Writer - CheersandGears.com May 20, 2013 There is always the risk of buying into a new, fledgling automaker since they may be here one moment and gone the next. Such is the case in point with Fisker Automotive and owners are selling their vehicles at prices that will make you do a double take. A recent search on eBay saw the average price of twenty-five Fisker Karmas up for bid hovering around the $60 to $70k mark. There were a couple that were around $50,000 mark. "Anybody who wanted this car before because it was knock-down gorgeous, but couldn't afford it, well now they can afford it," said Bill Michlin, a dealer with the Fields Auto Group in Glencoe, Il. "The car is a pleasure to drive, it has horsepower beyond belief for an electric vehicle and it's so fun and so gorgeous. And now it's available." So why are people getting rid of their Karmas? Well with Fisker's future uncertain thanks to bankruptcy, there comes the question of availability of parts and service down the road. But who knows, maybe many of these new owners will turn to VL Productions to add a V8 engine... Source: NBC News William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  15. By William Maley Staff Writer - CheersandGears.com May 5, 2013 With the problems that Fisker Automotive is currently going through, one of companies that is somewhat effected is VL Productions? How so? Well, VL Productions showed off a vehicle called the Destino at the Detroit Auto Show this year that used Fisker Karma as a starting point, rips out the plug-in hybrid powertrain, and slips in the supercharged 6.2L LS9 V8 from the Corvette ZR1. Planned to go into production sometime in third quarter, is VL Productions worried about the future? Well not really according to one of the partners of VL Productions, Bob Lutz. Lutz tells Wards Auto that the company has already gotten twenty Karma “gliders” (doesn't come with electric powertrain and batteries). Lutz also said that VL could work with the Fisker’s suppliers to build the Karma/Destino itself, although that could introduce “a logistics hassle.” VL has also received a large number of inquiries from Karma owners who have an interest in converting their vehicles to using a V8. “We’ve heard from hundreds of Karma owners, with about 10% who may want to convert their cars, because sooner or later the cars might wind up as boat anchors,” Lutz said. The transformation could cost $85,000 to $90,000. Source: Wards Auto William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  16. By William Maley Staff Writer - CheersandGears.com April 10, 2013 It seems the end is close for Fisker. Reuters is reporting that Fisker could be filling for Chapter 11 bankruptcy this week due to pressure of the U.S. Department of Energy who want the company to pay back nearly $200 million in government loans. A source tells Reuters that Fisker's lawyers have drawn up the documents needed to file for bankruptcy, and are ready to go within the next few days. Fisker and the Department of Energy's relationship has been strained over the past few months due to missing milestones for the loans, not building any vehicles since last summer, and number of other problems. The company has been has been trying to renegotiate terms of a payment due on April 20th with the Department of Energy. However, the Department of Energy said enough was enough and is pushing Fisker in bankruptcy. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  17. By William Maley Staff Writer - CheersandGears.com April 9, 2013 From the "it can't get any worse, can it?" file, Fisker has been smacked with a lawsuit by their former employees alleging the company violated the law when they were laid off. Last Friday, Fisker announced they would be laying off 75% of their employees (about 160 employees) as "a necessary strategic step to... maximize the value of Fisker's core assets," which is complicated way of saying 'we're trying to conserve as much cash as possible'. However, employees have sued Fisker in Federal court, stating the company violated the US Worker Adjustment Retraining Notification (WARN) Act which says a company must give employees 60 days of notice of a termination. The suit also alleges Fisker failed to pay the employees the wages and other benefits they would have earned in the 60 days following the layoffs. Fisker's communications firm, Sitrick and Co said the company had no immediate comment concerning the suit. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  18. By William Maley Staff Writer - CheersandGears.com April 5, 2013 The string of bad news continues for Fisker Automotive. The struggling automaker announced today in a statement that the company let go 75% of its staff (about 160 people) during a meeting this morning. "Today, Fisker met with a group of employees in our Southern California office to inform them that this is their last day with the company," the company said in a statement today. Source tells Reuters the reason for the lay offs is a last ditch effort to help conserve cash and stay off a potential bankruptcy filing. Fisker will be retaining about 53 employees, mostly senior managers and executives to help pursue buyers for the company's assets a source says. This news follows on the heels on a story this past week where Fisker was furloughing employees as a way to conserve cash. The company also hired law firm Kirkland & Ellis to advise on a possible bankruptcy filling. Source: Fisker, Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.comor you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Statement of Fisker Automotive Inc., Friday, April 5, 2013 Over the last several months, Fisker Automotive Inc. has been considering strategic alternatives that would allow the Company work through its current financial challenges. Throughout this process our primary goal has been to maximize the core value of the Fisker technology and the business that we have created. Our efforts to secure a strategic alliance or partnership are continuing in earnest, but unfortunately we have reached a point where a significant reduction in our workforce has become necessary. Today, Fisker met with a group of employees in our Southern California office to inform them that this is their last day with the company. Yesterday, we met with a core group of employees in Southern California to express our desire that they remain with the company while we continue to address the challenges before us. We expect that at the end of the day we will have retained approximately 25 percent of our workforce. The Company regrets having to terminate any of its hardworking and talented people. But this was a necessary strategic step in our efforts to maximize the value of Fisker's core assets.
  19. By William Maley Staff Writer - CheersandGears.com April 1, 2013 Just when you think the news about Fisker couldn't get any worse, it has. Last Thursday, Reuters learned from a source that Fisker has hired the law firm of Kirkland & Ellis to advise on a possible bankruptcy filing. The source says the company is “considering bankruptcy while it pursued alternatives.” Fisker has also furloughed its U.S. work force this week to preserve cash. Last month has been tough on Fisker as the company saw its founder and chairman, Henrik Fisker resign due to "several major disagreements" with top management. It also saw its efforts to find a investor erode away as Geely and Dongfeng dropped their bids due to the terms of the Department of Energy loans Fisker has. Sources say chief executive Tony Posawatz, visited China last week to try to rekindle those deals. The bad news doesn't stop there though. Fisker has a payment due to the Department of Energy on April 22nd. Fisker isn't saying how much the payment is, but judging from these moves. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster
  20. By William Maley Staff Writer - CheersandGears.com March 19, 2013 Last month, we reported that Fisker had two possible bidders for a possible stake in the company. The two bidders in question were Zhejiang Geely Holding Group and Dongfeng Motor Group. At the time, Fisker was leaning towards Geely due to the company's experience of acquiring a foreign automaker (Volvo) and management structure. But Geely has dropped their bid for Fisker. Two sources tell Reuters that the reason Geely dropped their bid was due to Fisker's obligations to the U.S. Government which included obligation to restore capacity and jobs at Fisker's Delaware plant according to a schedule imposed by the government. "Those obligations are too complicated to handle and seem too risky. The plan's footprint was too big. It would take a long, long time to fill up the plant with products and restore employment there," a source said. This leaves Dongfeng Motor Group as the sole bidder for Fisker. The company sent their final bid last week. As for those who think this was why former Fisker chairman and founder Henrik Fisker stepped down, sources explain this is not related. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  21. By William Maley Staff Writer - CheersandGears.com March 13, 2013 Henrik Fisker, founder and executive chairman of Fisker Automotive has resigned today. In a statement sent today, Fisker Automotive said “the main reasons for his resignation are several major disagreements that Henrik Fisker has with the Fisker Automotive executive management on the business strategy.” “Given the confidential nature of this matter, at this point in our process we can only confirm that the company has received detailed proposals from multiple parties in different continents which are now being evaluated by the company and its advisors. The company is pleased with the level of interest from potential partners, which underscores the attractiveness and relevance of Fisker's proven EV powertrain technology, design and strategy,” Fisker Automotive went on to say. We'll be updating this story as soon as we have more information. Source: Fisker William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  22. By William Maley Staff Writer - CheersandGears.com February 18, 2013 The past couple of months for Fisker has been very interesting. In December, Fisker founder and Chairman Henrik Fisker said that the company was looking for "potential strategic partners". Then in January, Fisker headed off to China to talk with automakers. Now Fisker is looking at bids for a stake in the company by two Chinese automakers. Reuters is reporting that Fisker is weighing two bids from Zhejiang Geely Holding Group and Dongfeng Motor Group. The report says that companies from Europe and South Korea were also interested, but the two Chinese automakers sent in written bids. Two people familiar with the situation say the bids are worth between $200 million to $300 million and would give a majority stake to the winning bidder. Both say that Fisker is leaning towards Geely. Part of that comes from Geely's experience acquiring a foreign automaker, as it purchased Volvo from Ford in 2010. The other part deals with management structure. Geely has a more lean structure than Dongfeng, meaning it can complete the deal with Fisker with fewer roadblocks. Any deal with either company is likely to involve one other Chinese company; Wanxiang Group, who has purchased A123 systems. A123 systems was Fisker's primary battery supplier. Wanxiang Group has indicated they would be willing to help Fisker. Fisker, Geely, and Dongfeng aren't commenting at this time. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  23. By William Maley Staff Writer - CheersandGears.com January 30, 2013 Bloomberg is reporting that Fisker has hired hired Huron Consulting Group Inc. to help with day to day operations and to conserve cash while it goes searching for a partner. As we reported last Monday, Fisker is currently looking for a partner in China. Two people familiar with the situation say Fisker is currently seeking first-round bids by early February. If Fisker doesn't get the funds or has a partner by midyear, the company risks burning through cash a person tells Bloomberg. “We’re making prudent business decisions to help secure an alliance or partnership,” said Fisker spokesman Roger Ormisher. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  24. By William Maley Staff Writer - CheersandGears.com January 21, 2013 Last month, Fisker founder and Chairman Henrik Fisker said the company was looking for "potential strategic partners". The search has led the company to China. According to Reuters, Fisker is in talks with certain Chinese automakers. Fisker's focus on China is due to the Chinese government's backing of local manufacturers in their efforts to acquire "green car" technology from abroad, as the government is trying to ramp up demand for electric cars and plug-in hybrids before the end of the decade. Sources tell Reuters that Fisker has talked with China Grand Automotive Services Co, a large dealership group that has an agreement to distribute Fisker cars in China. Fisker has also talked with the Wanxiang Group, a Chinese supplier that had the winning bid for A123 Systems. Sources say Fisker has also established contacts with a few other Chinese automakers and are expected to talk with them within the next few weeks. "Fisker is in advanced talks with a number of potential strategic partners. We expect some exciting developments in the next few months," said Fisker spokesman Roger Ormisher in a email. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  25. It has been awhile since we heard anything out of Fisker and its new owner, the Wanxiang Group. But Reuters has learned some new information about what could be in store. Two sources tell Reuters that Wanxiang is planning to drop the Fisker name and use Elux. So instead of the Fisker Karma, it could be called the Elux Karma. Speaking of the Karma, Reuters also learned that Wanxiang has pushed back the launch of the Karma to mid-2016 and will raise the price to $135,000. Sources also revealed that the Karma will not be built in Finland and that new production site hasn't been finalized. Source: Reuters

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