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Found 6 results

  1. Fisker's new owner, the Wanxiang Group wants to get the Fisker Karma back on the marketplace as soon as possible. How fast? According to a report from Reuters, the company is planning to stick with the original 2012 design. A source tells Reuters the reason for sticking with the older design is due to not going through crash testing and certification again. "It will have to be nearly identical to the 2012 model, or it would need to go through (safety) testing and certification again. I don’t think they want to put a lot of engineering into it either, as well as probably use up some of the old parts that are in inventory," said the source. However this plan presents a problem. Suppliers who dealt with Fisker aren't happy with the brand because of losses suffered with the company going under. "They lost money and had dedicated facilities that were severely underutilized. Many scrapped their tools or took them out of their facilities," another source said. Now a source close to Fisker says the Karma will be slightly different, but wouldn't go into detail about what will change. “Not 100 percent identical. The new Karma will be different in many key areas. It will have noticeable upgrades.” Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached atwilliam.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  2. Fisker's new owner, the Wanxiang Group wants to get the Fisker Karma back on the marketplace as soon as possible. How fast? According to a report from Reuters, the company is planning to stick with the original 2012 design. A source tells Reuters the reason for sticking with the older design is due to not going through crash testing and certification again. "It will have to be nearly identical to the 2012 model, or it would need to go through (safety) testing and certification again. I don’t think they want to put a lot of engineering into it either, as well as probably use up some of the old parts that are in inventory," said the source. However this plan presents a problem. Suppliers who dealt with Fisker aren't happy with the brand because of losses suffered with the company going under. "They lost money and had dedicated facilities that were severely underutilized. Many scrapped their tools or took them out of their facilities," another source said. Now a source close to Fisker says the Karma will be slightly different, but wouldn't go into detail about what will change. “Not 100 percent identical. The new Karma will be different in many key areas. It will have noticeable upgrades.” Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached atwilliam.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article
  3. 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
  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 View full article
  5. 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." View full article
  6. 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."

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