China’s Wanxiang Wins Fisker Bidding

fisker-karma-leadIt has not been an easy road for Fisker Automotive, manufacturer of the stunning Karma extended range electric car. A series of misfortunes led to this automaker suspending production and ultimately filing for bankruptcy. Now it appears this model is poised for reemergence through China’s Wanxiang Group, the company that just won a bidding war to acquire the assets of Fisker Automotive, including its sought-after patents and its Wilmington, Delaware plant that’s valued at up to $50 million.

After 19 rounds of bidding, Wanxiang won out over another Chinese company, Hybrid Tech Holdings, with a bid valued at $149.2 million. This reportedly represents $126.2 million in cash, $8 million of assumed liabilities, and a contribution of common equity in an affiliate designated by Wanxiang to acquire the assets of Fisker Automotive. The winning bid is subject to bankruptcy court approval.

It is not yet clear whether Wanxiang will actually be able to use the name ‘Fisker’ or the Fisker logo, which apparently were licensed to Fisker Automotive through Fisker Coachbuild, a separate company co-founded by Bernie Koehler and Henrik Fisker.