Bankruptcy

Fisker Finally Has a New Owner

Only remaining question is whether production will crank up again.

The Fisker saga may still be ongoing, but for once there’s now a shred of hope that the bankrupt automaker may one day again build cars. We’ve previously written about an upcoming auction that would see Fisker's remains go to the highest bidder. Having just taken place, the auction featured two main suitors: China’s Wanxiang Group, and Hybrid Tech Holdings. After three days and 19 rounds of bidding, Wanxiang is now Fisker’s new owner, with a $149.2 million bid. That figure is nearly six times what Fisker originally sought when it first filed for bankruptcy.

Originally, Hybrid Holdings was to buy Fisker for $25 million, but various creditors objected to the price. Wanxiang, China’s largest auto parts supplier, was then brought in to propose a more suitable price. Coincidentally (or not), Wanxiang last year bought A123 Systems, Fisker’s battery supplier which also went bankrupt. Wanxiang is now also the owner of all of Fisker’s 18 patents and additional assets, including an old GM plant in Delaware. So what’s next for Fisker? Wanxiang will likely get to work to revive production, but it’s still unknown exactly where that will take place. And yes, it’s now entirely possible that the Karma and the never-launched Atlantic will soon have a comeback.

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