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.

Fisker Automotive touts the new Fisker Karma as the first true Electric Vehicle with extended range (EVer). The California-based carmaker also considers the new Fisker Karma as a radical expression of what could be possible in the auto industry.

This EV derives its name from a Hindi term that implies that doing good actions gets good results. This name is a tribute to a car that allows environment-conscious drivers to still fully enjoy performance and style. Simply put, the new Fisker Karma allows drivers to experience a dynamic drive while consuming less fuel and emitting less pollutants into the air – something that conventional luxury vehicles simply can’t offer.

Thanks to its exciting fusion of elegant design, high performance, low fuel consumption and zero emissions, the new Karma enables Fisker to fulfill its commitment to build Uncompromised Responsible Luxury vehicles that also deliver Pure Driving Passion. Moreover, once the Fisker Karma arrives in the market in the summer, it would set a benchmark for time-to-market. Fisker unfurled the Karma as a concept in 2008, leading to the creation of the so-called Premium Luxury EV segment.

New Fisker Karma is powered by the carmaker’s EVer powertrain that allows it to sprint from a standstill to 60 mph in just 5.9 seconds while returning an equivalent of over 100 miles per gallon and emitting 83 grams of carbon dioxide per km.

Topics: fisker

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