Detroit Bureau on Twitter

Posts Tagged ‘fisker news’

Sale of Delaware Plant Brings an End to Fisker Saga

Wanxiang affiliate buys former GM facility for $18 million.

by on Mar.25, 2014

Fisker initially attracted the attention of a number of high-profile buyers, including actor Leonardo DiCaprio.

The final chapter on Fisker Automotive closed last week when the sale of the Delaware plant the defunct electric vehicle maker bought to make its second-generation vehicle was sold for $18 million.

The plant was sold for the same amount it was purchase by WX Delaware Real Estate Holding Co., which is a subsidiary of Wanxiang America, Inc., according to USA Today.

Product News!

Wanxiang America, a unit of China’s largest auto parts supplier, won an auction for Fisker in bankruptcy court last month for $149.2 million. It outbid another Chinese company, Hybrid Tech Holdings L.L.C., for the assets. Hybrid bought the Fisker’s loan from the U.S. Department of Energy, hoping to leverage that ownership into getting the entire company. (more…)

China’s Wanxiang Wangles Control of Bankrupt Fisker

Wins auction with bid of nearly $150 million.

by on Feb.17, 2014

Fisker initially attracted the attention of a number of high-profile buyers, including actor Leonardo DiCaprio.

Bankrupt battery-carmaker Fisker Automotive could get a new lease on live.  After an unexpected, last-minute surge in bidding, China’s Wanxiang Group won an auction for the remaining assets of the California-based maker for $149.2 million.

That was nearly six times as much as it originally appeared the once-promising Fisker might go for.  The company originally expected its assets to go to Japan’s Hybrid Tech Holdings for a much more modest $25 million after filing for bankruptcy last November.  Creditors had objected to what they saw as a sweetheart deal and U.S. Bankruptcy Judge Kevin Gross agreed to let other interested parties bid for Fisker’s remains.

Your Trusted Source!

“This is a great result for all Fisker stakeholders,” Marc Beilinson, the carmaker’s chief restructuring officer, said in a statement issued after the announcement – which is expected to be finalized by the Delaware-based bankruptcy court tomorrow.

(more…)

Henrik Fisker Hopes to Buy His Battery-Car Company Back

Fisker Automotive founder reportedly teaming up with Hong Kong tycoon.

by on May.28, 2013

Fisker Automotive founder Henrik Fisker with the $103,000 Fisker Karma during better times.

Forced out earlier this year after a disagreement over management policies, Fisker Automotive founder Henrik Fisker is hoping to regain control of the struggling maker of plug-in hybrid vehicles which is expected to file bankruptcy unless it can quickly find a White Knight to cover its mounting debts.

Henrik Fisker, who first made his name as an automotive designer, is reportedly teaming up with Hong Kong billionaire Richard Li – an early investor in Fisker Automotive. While Fisker was not immediately available to comment, reports on the Reuters news service indicate they would like to take over the automaker without forcing it into bankruptcy.

Your Auto News Source!

They would be one of several groups company insiders say are interested in taking over Fisker Automotive which launched sales of its Karma plug-in hybrid vehicle early last year. Among the others, former General Motors “car czar” Bob Lutz has teamed up with a Chinese automotive supplier to place a $20 million bid for Fisker post-bankruptcy.

(more…)

Lutz Looking to Buy Fisker

Former GM “car czar,” Chinese supplier reportedly offer $20 mil for failed plug-in maker.

by on May.24, 2013

Former GM car czar Lutz meeting with reporters at the Detroit Auto Show.

General Motors’ former “car czar” and Vice Chairman Bob Lutz reportedly is part of a group making a bid to purchase the assets of fast-failing plug-in carmaker Fisker Automotive.

The $20 million offer would be part of a pre-packaged bankruptcy deal, according to the Reuters news service. Fisker, which produces the $100,000 Karma plug-in hybrid sports car, laid off three-quarters of its staff in April and senior executives subsequently told a Congressional committee that a Chapter 11 filing was quite likely to follow.

Auto News From a Source You Trust!

Credited with the original concept that eventually became the Chevrolet Volt plug-in, Lutz did not return a request for comment. But he recently expressed his interest in Fisker through a bylined column on the Forbes blog.  He described the Karma as “quite possibly the most beautiful four-door sedan ever,” and referred to its underlying technology as “ground-breaking.”

(more…)

Bankruptcy Real Possibility, Fisker COO Concedes

Maker, Obama Admin hit hard during House hearing.

by on Apr.25, 2013

Shown here with the $103,000 Karma, former Fisker Automotive Chairman Henrik Fisker was grilled on Capitol Hill.

Fisker Automotive may be running out of options other than bankruptcy, the floundering battery-carmaker’s chief operating officer conceded during an often contentious hearing on Capitol Hill.

The maker — which recently laid off 75% of its U.S. staff and this week saw the U.S. Energy Department seize the company’s emergency reserve funds – has been at the heart of a partisan battle over a program created by the Obama Administration to support clean car technologies. The GOP-controlled House Oversight Committee ordered three current and former Fisker executives, as well as the head of the Energy Dept. loan program to testify about the likely collapse of the automaker.

Charging Up Your Car Knowledge!

“I do not know exactly what the future holds for Fisker Automotive, including whether the company will be able to find new investors,” said COO and co-founder Bernhard  Koehler, “or whether the company may be obliged to seek bankruptcy protection to facilitate its continued efforts to preserve value for all stakeholders.”

(more…)

Energy Dept Seizes $21 Mil from Fisker Automotive

Battery-carmaker facing Chapter 11, founder set to testify before House.

by on Apr.23, 2013

Henrik Fisker is one of several current and former Fisker Automotive execs called to testify before Congress.

Even as the company’s founder is set to testify before a House hearing, the U.S. Department of Energy has seized $21 million from Fisker Automotive to apply towards repayment of a federal loan the floundering battery-car manufacturer received.

The move appears to have emptied what was left of Fisker’s fast-dwindling cash assets, a further nudge towards bankruptcy, according to industry observers. The maker has been expected to file ever since laying off 75% of its 160-member staff earlier this month.

Your Source for News!

The collapse of Fisker is raising questions not only about a DoE loan program designed to help fund the development of advanced, high-mileage vehicles but what happened with the money Fisker tapped from its loan – as well as an estimated $1.2 billion it received from private investors.

(more…)

Battery-Carmakers Fisker, Tesla Dealt Legal Blows

Fisker wins money it may never collect, Tesla slammed for wrongful termination.

by on Apr.18, 2013

Former Tesla flak David Vespremi inside his new Epic Torq roadster. Photo Courtesy: InsideEVs.com

It hasn’t been a good week in court for either Fisker Automotive or Tesla Motors, both companies handed unexpected legal setbacks.

For Fisker, a federal bankruptcy judge ruled the maker will get only a fraction it had hoped for from its battery supplier, the former A123 Systems. That could make it all the more difficult for the plug-in hybrid maker to forestall its own plunge into Chapter 11, something now widely expected.

http://www.thedetroitbureau.com/about/subscribe

Subscribe Now! It's Free!

As for Tesla, its former communications chief has finally prevailed in a lawsuit alleging he was wrongly dismissed from the company in what has been described as a “Stealth Bloodbath,” and stands to be awarded more than $200,000.  But the case could set a precedent for 99 other workers who’ve filed identical claims against the electric vehicle manufacturer.

(more…)

Fisker Bankruptcy Could Come Within Days

GOP preparing House hearings on collapse.

by on Apr.10, 2013

Henrik Fisker is one of several current and former Fisker Automotive executives who will be asked to testify before the House Oversight Committee.

Lawyers for Fisker Automotive are putting the final touches on paperwork that could put the company into Chapter 11 bankruptcy protection within a matter of days, according to numerous sources in and outside the fast-fading battery-carmaker.

The move appears to be coming under pressure from the Department of Energy which is hoping to recoup more than $200 million in government-backed loans it initially provided to help spur the development of Fisker’s plug-in hybrid technology. The automaker has faced increasing turmoil in recent months and last week terminated three-quarters of its 160-member staff.

Free Subscription!

The news is causing turmoil in Washington, where the DoE automotive loan program has long been criticized by Republicans. House GOP members are planning to press into Fisker’s problems with hearings by a key oversight committee later this month, with Fisker founder Henrik Fisker and current CEO Tony Posawatz reportedly among those being called to testify.

(more…)

Fisker Facing Federal Lawsuit; Other Legal Action Could Follow

Bankruptcy the likely option, say sources.

by on Apr.08, 2013

Barring some last-minute rescue, don't expect to ever see the Fisker Atlantic make production.

If it were possible for things to get worse, well, it just might for fast-failing Fisker Automotive which, just last Friday, laid off three quarters of its employees, including its marketing, engineering and communications teams.

That move has triggered a federal lawsuit alleging the company failed to provide the required advance notice before releasing 160 of its 210 employees – who were also advised they would receive no severance pay.

Plug In for News!

Meanwhile, several highly placed sources echoed their concerns that a bankruptcy filing is extremely “likely,” one executive who has had close scrutiny of Fisker’s books telling TheDetroitBureau.com, “I don’t see how they can avoid it.”

(more…)

Fisker Lays Off 75% of Workforce, Bankruptcy Could Follow

Maker looking for cash, partner or buyer.

by on Apr.05, 2013

Henrik Fisker with one of the first Karma plug-in hybrids during its initial media drive.

This is a complete update of TheDetroitBureau.com’s earlier report.

About 75% of the workforce at troubled battery-car start-up Fisker Automotive has been laid off, including its entire communications staff and much of its marketing and engineering operations, a move forced by the firm’s increasing weak financial situation and the mounting fears that without new investors or partners Fisker could be forced into bankruptcy, numerous sources have confirmed.

The Last Word!

The move comes only days after U.S. employees reported back after a week-long, unpaid furlough, and less than a month after founder and former Chairman Henrik Fisker resigned over “several major disagreements” with members of the small carmaker’s senior management team over its ongoing business strategy.

“Unfortunately we have reached a point where a significant reduction in our workforce has become necessary,” the company said, adding that it was still searching for a strategic partner.

(more…)