China’s Wanxiang Group has made a late bid for the assets of US-based bankrupt luxury hybrid sports car producer Fisker.

The move follows the Chinese company’s acquisition of US battery producer A123 Systems, a key supplier to Fisker.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

A majority of Fisker creditors asked the US Bankruptcy Court in Wilmington, Delaware, to scrap Fisker’s planned sale to a company affiliated with Hong Kong businessman Richard Li and instead hold an open auction at which Wanxiang’s US arm plans to bid, according to Reuters.

Wanxiang planned to make an initial bid of US$24.7m and pledged to assume some liabilities of Fisker, according to court documents filed before the deadline to object to Fisker’s existing plan.

A hearing is scheduled for later today (Friday January 3) in the US to consider whether Fisker should adopt creditor proposals or proceed with the sale to the affiliate of Li, according to Reuters. However, severe winter weather in the US has led to the hearing being postponed until next week (January 10).

Fisker, maker of the plug-in Karma hybrid, filed for bankruptcy in November and has large outstanding debts on loans for new energy tech secured from the US Department of Energy.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the latest petition, Wanxiang plans to restart Fisker production as early as April and eventually move manufacturing from Finland to Michigan, according to Wanxiang’s presentation to the court.

The Chinese company estimated it would sell more than 1,000 Karma hybrids in the first 18 months in the US and 500 in Europe. Wanxiang also said in its presentation it could lower production costs.