Wanxiang Group will delay the relaunch of the Fisker Karma hybrid sports car until mid-2016, according to local reports.

The Chinese automotive components giant also plans to rebrand Fisker Automotive, the failed US manufacturer of the electrically-powered sports car, which it salvaged from bankruptcy a year ago, as Elux.

The Elux Karma, designed to take on the Tesla electric sports car, will be priced at around US$135,000 when it is relaunched next year.

Wanxiang has also acquired the car’s US battery supplier, A123 Systems, which followed Fisker into bankruptcy in 2012 and has spent large sums updating the car to ensure it remains competitive.