VL Automotive, Wanxiang Group submit offer to acquire Fisker Automotive

Article by Anita Panait, on May 24, 2013

VL Automotive and the Wanxiang Group have submitted an offer to acquire financially troubled carmaker Fisker Automotive, people privy with the matter told Reuters. VL Automotive, a company led by former General Motors executive Bob Lutz, and Chinese auto supplier Wanxiang submitted an offer to acquire Fisker through a prepackaged bankruptcy agreement, the sources revealed.

The acquisition offer is one of at least two ongoing bids to resurrect the cash-strapped Fisker. The other bid is being worked on by investors based in Europe and Hong Kong, including billionaire Richard Li. According to the sources, their offer entails buying $171 million in debt that Fisker still owes to the U.S. Department of Energy. Fisker has not built a vehicle since July 2012.  The sources told Reuters that discussions were still ongoing and have yet to reach a final agreement.

Lutz, a former vice chairman at GM, recently touted Fisker in a blog that was posted under his byline on Forbes.com on April 26, 2013. In his blog, Lutz called the $100,000-plus Karma plug-in hybrid sports car, designed by Henrik Fisker, as “quite possibly the most beautiful four-door sedan ever."

He remarked that the Fisker Karma’s technology was similar to that of the Chevrolet Volt -- ground-breaking. He added that the technology will be soon adopted by many leading carmakers as they seek to comply with stringent carbon dioxide and fuel economy rules. He noted that the development of the Karma was fast, but, for the most part, excellent.

Topics: fisker

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