Hybrid Tech taps former Ford exec Martin Leach to boost Fisker bid

Article by Anita Panait, on February 16, 2014

Confident that it will win the auction for Fisker Automotive’s remaining assets, Hybrid Tech Holding LLC has recruited former Ford Motor Co. executive Martin Leach. Leach, who served as the former president of Ford's European operations, will provide added weight to Hybrid Tech’s management. "I've been working with them for months on a business plan and they have very clear intentions," Leach told Reuters.

Fisker filed for bankruptcy protection in November 2013 and has not built its signature Karma sports car since 2012, no thanks to technical glitches and a cash shortage. Hybrid Tech, which is an affiliate of Hong Kong tycoon Richard Li, has offered $55 million to acquire Fisker, while a unit of Chinese company Wanxiang Group placed an initial bid of around $35 million.

Wanxiang, however, has proposed that Fisker creditors will receive a 20 percent stake in the new Fisker operations. Wanxiang has also argued it could better manage Fisker’s assets.

The carmaker’s creditors have sought to file a case against Li, who was a former Fisker board member and investor, and other directors as well as insiders for allegedly causing the company's financial collapse. Leach is currently chairman of Magma Group, an automotive consultancy he founded.

According to Leach, Hybrid Tech's first task after winning the auction would be to look after existing owners of Fisker cars.  "Then we've got more than 400 suppliers that need to be re-engaged to be able to restart production,” Leach remarked. “That's a big challenge." According to Hybrid, it is exploring a partnership with Boston Power to supply batteries should it win the auction set February 12.

Topics: ford, fisker

If you liked the article, share on:

Comments

Recommended

t seems as if something had flown out of the drawing board. Kind of. Before the Korean carmaker holds its official debut this year, sketches of the updated 2018 Hyundai...
by - February 28, 2017
At the 2017 Mobile World Congress held in Barcelona, SEAT gave the public a taste of what it believes is the future of driving. For the company, this is about...
by - February 28, 2017
It was in April of last year when Honda first revealed plans that it was planning to build a plug-in hybrid version of the Clarity. There will also be an...
by - February 28, 2017
More efficient, more power and longer range. This is how we could best describe the electric version of the Volkswagen Golf for the 2017 model year. In terms of efficiency,...
by - February 28, 2017
If you think you’re all ready for the new 2018 Audi S4 sedan when it arrives in the United States this spring, then better make sure that your pockets are...
by - February 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries