Fisker receives investment offers from three foreign carmakers

Article by Anita Panait, on February 19, 2013

Three foreign carmakers have submitted serious offers to invest or to partner with financially weak hybrid car maker Fisker Automotive, sources privy with the matter told Reuters. Two sources disclosed that Fisker’s suitors include two carmakers from China and one from Europe. Fisker is hoping to finalize a deal by mid-March, another source told Reuters.

Fisker is targeting to raise between $200 million and $300 million from the deal. Sources remarked that the US hybrid maker could end up forming a strategic deal with two or more partners. Fisker spokesman Roger Ormisher told Reuters in an e-mail that the carmaker has received detailed proposals from multiple parties in different continents, which are currently under evaluation by Fisker and its adviser.

A strategic deal would provide Fisker the much needed cash to produce its second model, the Atlantic plug-in hybrid. The deal is also considered as vital to gain favor with investors, as Fisker’s ability to survive has been clouded by recalls and financial setbacks.

For the past few months, Fisker chief executive Tony Posawatz and other executives held talks with several investors and carmakers, particularly in China.

They met with executives from several Chinese carmakers like Dongfeng Motor, Geely Auto 0175.hk and Beijing Auto BEJINS.UL, according to the sources. Fisker also held talks with Wanxiang Group, China's largest auto parts maker that has acquired collapsed ion battery maker A123 Systems, the carmaker’s battery supplier.

Topics: fisker

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