Mirror Finish Polishing ~ 1-816-529-6089 ~ sales@mirrorfinishpolishing.com ~ mirrorfinishpolishing.com For the best rate on home, auto, life or business/commercial insurance call me at 888-959-0955, cell 636-734-1310 or bricehazelwood@weiss-ins.com. Never Done Garage - donewhenimdead.com Peerless Automotive Reconditioning - 1155 W. Dennis Ave, Olathe Ks, 66061 - 913-893-1201 Mark H. Epstein ~ The Epstein Law Firm, LLC ~ 913-396-5123 Wilkes Automotive ~ wilkesautomotive.com ~ 246 Marion St, Olathe, KS 66061 ~ 913-254-7171 Skandalous Inc ~ www.skandalousinc.com DIY Auto Repair Inc ~ www.diyautorepairkc.com ~ 11509 Strangline Rd, Olathe KS 66062 ~ 913-226-3806 Your advertisement here! The Law Offices of Jeremiah Johnson, LLC ~ 104 E. Poplar, Olathe, KS 66061 ~ (913)764-5010 ~ www.kcatty.com - www.johnsoncountydui.com ~ jeremiah@kcatty.com Santa Fe Body, Inc ~ 8717 Lenexa Drive, Overland Park, KS 66214 ~ (913) 894-6090 House of Boost LLC Nude? HouseofHID.com - The #1 source for HID The Print Shop KC 816.200.6694 or Ryan@RMD-Photography.com the art of tyleR ~ http://tyleR.bigcartel.com ~ TYLERcoey.com ~ MUTTtoy.com ~ MUTTtoy@gmail.com W-K Chevrolet Buick Pontiac Cadillac GMC ~ 3310 W. Broadway, Sedalia, MO 65301 ~ 800-382-5088 ~ Cell 660-553-8928 ~ dustin@wkchevy.com ~ www.wkchevy.com

Go Back   KCSR - THE Kansas City Forum > Automotive Forums > The Automotive Lounge

Reply
Thread Tools
Unread 2014-01-13, 09:21 AM   #26
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Judge rules Fisker assets will be auctioned in February



The Fisker Automotive saga will continue until at least next month, now that a bankruptcy court judge has ruled that the automaker's assets will go up for auction in February instead of being acquired flat out by a Hong Kong investor. Wanxiang Group, which owns A123 Systems, is competing with Hybrid Tech Holdings LLC for Fisker.

The judge says Hybrid Tech, which holds debt on Fisker, can't use any more than $25 million of that debt as part of its bid for the California-based automaker, according to Bloomberg News. Hybrid Tech is run by Richard Li, son of Li Ka-Shing, Hong Kong's wealthiest man, and the company bought Fisker's loan from the US Department of Energy. Fisker's line of credit from the DOE was originally for $529 million, but 'only' $192 million was drawn down before the government shut that spigot off.

Wanxiang Group bid $25.8 million (plus assumed debt) for Fisker in late December, then increased its offer to $35.7 million earlier this month. Wanxiang Group acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, and Fisker has maintained that Wanxiang hastened Fisker's demise by holding off battery deliveries. Fisker shut down production of its extended-range plug-in Karma in 2012 and filed for Chapter 11 bankruptcy last year.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-01-13, 09:43 AM   #27
Henry
 
Join Date: Jun 2004
Location: Johnson County KS
Posts: 13,672
Post Thanks / Like
Thanks (Given): 152
Thanks (Received): 51
Likes (Given): 474
Likes (Received): 323
Dislikes (Given): 1
Dislikes (Received): 13
Default

I would love to own a Rich-Man's-Pruis like this some day (I think they are sexy!). Cost's would have to come way down before I could ever afford one though.
__________________

2012 Mustang GT Premium - 5.0L Kona Blue Sexiness
2002 Toyota Tacoma SR5 TRD OffRoad - Daily Driver
1978 Caprice Coupe - Cammed LQ9 6.0L - Sold after 18 Years www.youtube.com/user/HenryInKC

Quote:
Originally Posted by rolln_on_em
I love MB's but damn they are expensive to own.
RIP - KCIR: 1967-2011
Henry is offline   Reply With Quote
Unread 2014-01-20, 12:44 PM   #28
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Judge Will Allow Wanxiang to Bid on Fisker, Sets Feb. 12 Auction. Lutz Mum



At a hearing on Friday, U.S. Bankruptcy Judge Kevin Gross ruled that an auction for the assets of defunct hybrid sports car maker Fisker Automotive will be held on February 12. The auction will be held in the New York offices of the law firm of Kirkland & Ellis and attendance will be limited to representatives of Fisker, the unsecured creditors’ committee, and the two bidders, the American unit of China’s Wanxiang Group, an automotive supplier, and Hybrid Tech Holdings, which is affiliated with Hong Kong investor Richard Li. Other potential bidders have until February 7th to tender offers.






Hybrid Tech has made an initial bid that it says is worth $55 million. That bid, known as a “credit bid” involves forgiving some of what the company owes on a $168 secured loan, which Li’s team has already bought for $25 million at a government auction last year. That loan had been part of a Department of Energy program intended to foster the growth of alternative energy vehicles. Li had already been a longtime investor in Fisker. Wanxiang, for its part, made a last minute stalking horse bid of $35.7 million in cash. Wanxiang bought Fisker’s battery supplier A123 Systems when that company filed for bankruptcy last year.
Wanxiang’s bid is seen as favorable by the unsecured creditors, who would get nothing in a complete credit bid, and also has the approval of officials in Delaware. Fisker had purchased the former GM assembly plant in Wilmington. Hybrid Tech has indicated that it would probably sell that asset whereas Wanxiang has said that it would like to build Fiskers there.
Last week, in an oral opinion, Judge Gross ordered that all bids will require some cash and he limited Hybrid Tech’s credit bid to the $25 million it paid for the loan.
Li’s lawyer is appealing, and called the ruling a “terrible precedent.” Judge Gross defended his decision in court on Friday. “Sometimes I’m right, and sometimes I’m wrong, and I think I’m right on this,” Gross said. “It was argued I was setting new precedent. I think I’m really following the law.” The judge then said that he’d be issuing a written opinion of his credit bid decision later today.
Fisker stopped production of the $100,000 Karma in 2012 and filed for protection from its creditors in November of 2013.
VL Motors Destino. A Fisker Karma with a LS9 engine.
Digsby
IM, Email, and Social Networks in one easy to use application!
http://digsby.com






Meanwhile, at the media preview of the Detroit auto show earlier in the week Bob Lutz and his partner Gilbert Villoreal were showing their VL Motors Destino, a Karma retrofitted with a Corvette ZR1 drivetrain, new front and rear fascias and a custom interior by seat supplier Katzskin. Lutz said that they already owned 20 Karmas to convert for a delivered price of $200,000, though they would be starting out converting customers’ cars for half that price. He said there was no shortage of Fiskers to convert. Reportedly there are about 700 unsold Karmas in either Fisker Automotive’s hands or in dealers’ stock. Lutz said at the press conference for VL Motors that earlier in the day they’d already spoken to a dealer who wanted them to convert at least 4 Karmas he had in stock.
A 638 HP LS9 V8 where a four cylinder Ecotec genset used to sit.
Digsby
IM, Email, and Social Networks in one easy to use application!
http://digsby.com






Lutz had been part of an attempt last spring by Wanxiang to buy Fisker. When asked by TTAC if he was part of the current bid he said that he could not comment. He did, however, comment about what possible assets Fisker could have that would be worth buying, since the heart of Fisker’s hybrid drivetrain is based on technology owned by a company (and investor in Fisker) named Quantum. In addition to the design of the Karma, it’s chassis and body, Fisker has the right to use Quantum’s serial hybrid technology providing they pay a per vehicle royalty. Lutz said that any buyer of Fisker’s assets would then have the same access to Quantum’s hybrid tech.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-01-22, 02:41 PM   #29
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker Chinese buyer would have to keep work in U.S., Moniz says




WASHINGTON (Bloomberg) -- The winner between two Chinese-backed bidders for assets of bankrupt electric-car maker Fisker Automotive Inc. will have to keep manufacturing and research in the U.S., Energy Secretary Ernest Moniz said.
Hybrid Tech Holdings LLC and Wanxiang America Corp. are competing in U.S. bankruptcy court for the remains of Fisker, an Energy Department loan recipient that stopped making its luxury plug-in hybrid cars in 2012.
“I’m not going to pick a winner of the auction,” Moniz said today at the Washington Auto Show after giving a speech.
“What’s key for us is of course the terms of our loan have to be respected. We have technology transfer limitations first of all. No matter who the winner is we will be looking at both engineering and manufacturing in the U.S. That’s the key for us.”
Fisker last year defaulted on its $529 million low-interest loan from the Energy Department after drawing down about $192 million. The company, co-founded by car designer Henrik Fisker, filed for Chapter 11 bankruptcy protection in November after Hybrid agreed to acquire the rights to the defaulted loan for $25 million.


__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-01-24, 11:00 AM   #30
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Chinese bidder for Fisker also open to Tesla ties





Billionaire Lu Guanqiu, who built China’s biggest auto parts company, says he has an edge over a rival bid for bankrupt US plug-in hybrid car maker Fisker Automotive, but would also welcome ties with Tesla Motors.

Wanxiang America will square off with Richard Li, a son of Hong Kong tycoon Li Ka-shing, at a February 12 auction for Fisker, a failed rival to Tesla in electric cars. California-based Fisker, backed by US taxpayer money, stopped making its sleek, Karma sports car in 2012 and filed for bankruptcy protection in November last year.
“We have support from Fisker’s creditors, we have support from the local government, and we have a track record of 20 years of responsible investment in the United States,” Lu told Reuters in an interview at the headquarters of his Wanxiang Group in China’s eastern city of Hangzhou. “These are our advantages. The bid is not just about who pays more.”
Last month, just days before Fisker was to be sold to Hybrid Tech Holdings, an affiliate of Li’s, Wanxiang made a surprise bid, prompting a US bankruptcy judge to call for an open auction.
Lu, 69, said Wanxiang, which owns A123 Systems Inc, a maker of batteries for Fisker’s cars, is better placed to restart and expand production at Fisker, and would shift production from Finland to the United States, creating American jobs.
But Lu said he would walk away if the Fisker price is too high – Hybrid Tech has said its initial bid would be worth $55 million – and seek opportunities elsewhere, adding he’s open to cooperation with other electric car makers, including Tesla.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-01-27, 03:00 PM   #31
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

A company started by industry veteran Bob Lutz that replaces the Fisker Karma's eco-friendly hybrid engine with a high-performance, General Motors-sourced V8 has been rapidly buying up leftover examples of the now-defunct California automaker's stock.

Lutz's VL Automotive - the V is for company co-founder Gilbert Villareal, a Detroit engineer, and the L is, predictably, for Lutz - has bought about two dozen leftover Karmas. And, as Automotive News reports, VL's inventory is growing. At the Detroit auto show, where VL Automotive had a small display with two cars, one dealer agreed to sell the firm nine leftover Karmas.

Fisker dealers with leftover inventories have either been selling their vehicles at big discounts to customers or holding onto them until after the company's remains are auctioned off in the middle of next month. Some have been sold for as much as 60 percent off of list price.

VL calls its V8-powered creation the Destino and the company has high expectations. Eventually, it expects to convert nearly half of the roughly 2,100 Fisker Karmas made to General Motors-sourced 639-horsepower supercharged V8 engines. Although not nearly as fuel efficient as the plug-in hybrid powertrain that Fisker installed in the sedans initially, the Destino's engine arguably better suits the sed


__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-01-29, 02:15 PM   #32
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default



VL Automotive acquiring Fisker Karmas to create Destino sports cars


Karma-based Destino

VL Automotive is planning to transform Fisker Karma plug-in hybrids into traditional sports cars, retrofitting them by removing their hybrid powertrains and installing Chevrolet Corvette V-8 engines and altered bodies. To achieve this, VL first needs to acquire Karmas they could work on. This could prove as a real challenge considering that Fisker Automotive stopped producing them in 2012. One of the VL’s founders, Gilbert Villareal, said that they have already acquired 25 Karmas. VL has been purchasing Fisker off dealerships and paying them commissions for the sales. One dealer who visited VL's booth at the 2014 the Detroit auto show agreed to sell nine cars, Villarreal says. VL is expecting to retail each retrofitted Karma -- renamed the Destino -- for around $195,000, depending on options.
Destino will be powered by General Motor’s supercharged LS9 V-8 engine, which provides up to 638 hp, paired to a six-speed automatic transmission.

VL is awaiting regulatory approval to sell the Destino in the United States. Villarreal remarked that VL has potential buyers abroad overseas who have said they want to purchase a Destino.
He said there are estimated 300 new Karmas still unsold in dealer lots, in addition to 1,800 cars sold. "We're finding a huge interest among owners in having their cars converted to our V-8 engine,” Villareal said, adding they could convert around 1,000 of those vehicles. VL is also backed by Bob Lutz, GM’s retired product chief. [source: automotive news - sub. required]
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-01-29, 06:45 PM   #33
maynardDRIVESfast
 
Join Date: Aug 2006
Location: Wichita
Posts: 3,400
Post Thanks / Like
Thanks (Given): 40
Thanks (Received): 44
Likes (Given): 68
Likes (Received): 269
Dislikes (Given): 4
Dislikes (Received): 3
Default

...and that my friends, is irony.
__________________
Fun car? What's that?
maynardDRIVESfast is offline   Reply With Quote
Unread 2014-02-04, 02:11 PM   #34
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker asset sale may not include name, logo



Always read the fine print before you sign the contract. That platitude is taking on new life as word comes that the winning bidder for bankrupt plug-in hybrid manufacturer Fisker may not actually earn the rights to use the company's name and logo. According to Delaware Online, that's because Fisker Automotive doesn't actually own either – they're the property of a different company called Fisker Coachbuild, LLC, and they were used under license by the carmaker since 2008.
This interesting bifurcation of assets brings to mind a previous bit of auto history - Rolls-Royce and Vickers.
As it turns out, Fisker Coachbuild not only designs cars and components, it also has the merchandising rights to the Fisker name and logo for things like apparel and branded tchotchkes. How did this happen? According to the report, Coachbuild is a Fisker stockholder, and in 2008, a contract was signed by Bernhard Koehler (co-founder of Fisker and then-chief operating officer of Coachbuild) and designer and company namesake Henrik Fisker. Koehler and Fisker are actually in the logo, in a fashion, since it is supposed to represent the two men (the vertical lines) looking at the sunset (the red half circle) over the ocean (blue).

Fisker Coachbuild attorneys have now put the bankruptcy court on official notice about their ownership of these key assets, and it's unclear if this news will affect the actions of leading bidders Wanxiang America, Inc. and Hybrid Tech Holdings. Coachbuild does sound somewhat conciliatory, saying "...it is likely that Coachbuild will consent to the assignment of the rights provided for under the Trademark Agreement as part of the proposed sale" while simultaneously "reserving its rights under applicable law to bar the assumption and assignment of Trademark Agreement without its prior written consent."

This interesting bifurcation of assets brings to mind a previous bit of auto history. Back in 1998, British industrial conglomerate Vickers executed a now-legendary bit of wheeling-and-dealing that saw it sell the physical assets of luxury automaker Rolls-Royce to the Volkswagen Group. We say 'legendary' because it only sold the physical assets to VW – not the trademarks associated with them. Those trademarks included the Rolls-Royce name, famed double-R iconography and other assets – assets Vickers subsequently sold to BMW. It was a coup for both Vickers and BMW, and left VW execs red-faced and determined to make Bentley (a brand whose trademarks it did successfully acquire in the Rolls deal) its premiere luxury brand.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-02-12, 06:17 PM   #35
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker assets will be auctioned tomorrow, here's the situation today



The remains of Fisker Automotive - which might not even include the name and logo - are supposed to finally be sold off tomorrow, but the scene before the auction is anything but clear. As as reminder, the two bidding parties are Wanxiang and Hybrid Tech Holdings. Hybrid Tech was denied an emergency motion in court last week that would have lifted an earlier ruling that limited how much debt it can use to try and buy Fisker. The limit remains at $25 million.

Bloomberg says that the winner's spoils are not so much the cars or the design but the 36 patents involved (about half are pending) as well as an established vehicle brand in both the US and China. The chief economist for the National Automobile Dealers Association, Steven Szakaly, told Bloomberg that, "[the auction is] not about the manufacturing, It's about the intellectual property." The patents include things like the electric drivetrain tech, the solar technology and the design of the mustache grille.
Fisker executives have been hit with a $20-million lawsuit that claims they misled investors.
And because lawsuits are easier to get than a DOE loan, a number of Fisker executives and the company's legal team have been hit with a $20-million lawsuit that claims Fisker misled investors. The Wall Street Journal reports that Fisker is accused of withholding information that would have given a clearer picture of Fisker's financial situation. According to the WSJ, the lawsuit says the Fisker team kept the negative news quiet, "because they needed huge sums of additional cash to fund Fisker Automotive to position the Company for a sale or an initial public offering...without plaintiffs' and other investors' money, Fisker Automotive was not a viable company."

Meanwhile, Hybrid Tech Holding has hired a former Ford executive, Martin Leach, to be better prepared to manage the Fisker assets should Hybrid Tech win tomorrow. Leach told Reuters that he has been working on a business plan "for months," and it starts with the company taking care of current Karma owners and re-engaging suppliers. The most difficult challenge, we imagine, will be with A123 Systems, which supplied the Karma's batteries but was bought by Wanxiang over a year ago. Leach said that Hybrid could get new batteries from Boston Power.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-02-16, 06:14 PM   #36
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

China's Wanxiang wins U.S. bankruptcy auction for Fisker Automotive


A logo of Wanxiang Group is seen at China International Auto Parts Expo in Beijing, April 24, 2012.
Credit: Reuters/Stringer











(Reuters) - Wanxiang Group, China's largest auto parts company, won a bankruptcy auction for the assets of Fisker Automotive, the defunct manufacturer of the Karma plug-in hybrid sports car, Fisker said on Friday.
Wanxiang's bid has been valued at about $149.2 million, representing $126.2 million of cash, $8 million of assumed liabilities, and a contribution of common equity in an affiliate designated by Wanxiang, Fisker said in a statement.
The sale will be presented to the U.S. Bankruptcy Court in Wilmington, Delaware, on Tuesday for approval by Judge Kevin Gross.
Wanxiang outbid an affiliate of Richard Li, a Hong Kong billionaire and Fisker investor, said two sources who were briefed on the auction.
The auction began on Wednesday and ended on Friday. Li had presented an initial bid of around $55 million, the sources said. There were 19 rounds of bidding, according to Fisker.
California-based Fisker was the brainchild of Henrik Fisker, a former BMW designer. The company's elegant cars were hobbled by cost overruns and tech glitches and in 2012 it stopped production to conserve cash.
Wanxiang has been building a U.S. manufacturing presence and last year the U.S. government cleared it to acquire the bankrupt assets of A123 Systems Inc, which made Fisker batteries.
Both Fisker and A123 were funded in part with loans from the U.S. government that were meant to foster clean-fuel technologies. Wanxiang outbid Johnson Controls Inc for A123, and the Chinese company also overcame an active lobbying effort to block it from obtaining technology developed with U.S. taxpayer money.
Fisker filed for bankruptcy in November with a plan to sell its assets to Li in return for Li forgiving a portion of the U.S. government loan he had bought. Fisker creditors opposed that plan, which would have left them with almost nothing, and instead teamed up with Wanxiang and pushed for an auction.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-02-19, 01:18 PM   #37
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker's new owner teams up with Lutz on V-8 Karma

VL's converted Karma, called the Destino, had a more conservative grille.


WILMINGTON, Del. (Reuters) -- Fisker Automotive's new owner says the Karma sports car will come roaring back with a supercharged V8 engine -- with the help of former General Motors executive Bob Lutz.
The U.S. unit of Wanxiang Group of China received approval on Tuesday to acquire Fisker's assets for $149.2 million. Plans to revive the Karma as a traditional gas-guzzling sports car were revealed in U.S. Bankruptcy Court documents and by a person briefed on them.
Fisker, founded in 2007, sought to plant its flag as the first manufacturer to put a hybrid engine in a sports car with an eye-catching design. Celebrity backers included movie star Leonardo DiCaprio, who was drawn to the project by his concern about climate change. After technological glitches and management missteps, Fisker ceased production in 2012.
Lutz, a high-profile critic of Fisker's environmental approach, will get a chance to prove his contention that luxury car owners want firepower under the hood more than a reduced carbon footprint.
Wanxiang plans to team up with Lutz and his partner Gilbert Villarreal, who have established VL Automotive. Lutz' involvement with the Karma goes back several months, but he wasn't linked to Wanxiang's bid until now.
'Soul of Fisker'
In a presentation to creditors, Wanxiang called VL the "soul of Fisker" and praised the company for building the "first true American luxury grand touring sedan in decades, the VL Destino."
The Destino takes a Karma body and combines its external beauty with the internal brawn of a Corvette ZR-1 drive train, to produce an car that can hit 200 miles per hour.
Lutz did not immediately respond to a request for comment. Last year, he conceded in a blog post for Forbes.com that a thundering Destino was not going to appeal to everyone.
"Some 'greenies' are already hyperventilating on blogs over the obscenity of converting an 'earth-friendly' electric car to gas. What they don't realize is that their fanatical all-organic-tofu enthusiasm isn't shared by the bulk of the luxury-car buying public," Lutz wrote in the January 2013 post.
At the time, Lutz said he might price the Destino at $180,000, compared to the $100,000 tag for a Karma.
The plan is a far cry from the initial vision for a Fisker as a luxury "green" car company. The U.S. Department of Energy threw its support behind the original plan by providing Fisker with a clean-energy loan of up to $529 million to jump-start production at a former GM plant in Delaware.
Wanxiang insisted it will not totally abandon Fisker's green car roots. In its presentation to creditors, Wanxiang said it plans to build hybrid Karmas along with Destinos, and will continue to develop next-generation cars combining battery power with a gasoline engine to extend the vehicle's range.
Wanxiang bought Fisker's battery supplier, A123 Systems, in 2013 through a similar bankruptcy auction process. In court documents, it called A123 the "heart of Fisker."
Restarting production
Wanxiang plans to restart auto production in the coming months, first at Fisker's plant in Finland. After working through the inventory in northern Europe, it will begin to produce cars at VL's facility in Auburn Hills, Mich., near Detroit. The company has also mentioned making use of the Delaware plant.
Wanxiang emphasized a slow-growth approach to skirt some of the problems that dogged Fisker. The company anticipates selling 1,000 combined Karma and Destino cars in the United States in first 18 months, and another 500 Karmas in Europe.
Fisker sold 1,800 Karmas before it suspended production in 2012, falling far short of initial projections that it would sell 11,000 sedans by early 2012.
The company burned through more than $1 billion in private investment, in addition to the U.S. government loan, which had $168 million outstanding when Fisker filed for bankruptcy.
A U.S. Bankruptcy judge ordered Fisker's assets be put up for sale to raise money for its creditors.
Despite the troubled history, there was intense bidding for Fisker's assets, a collection of patents and designs, a dealer and customer network and production facilities.
Wanxiang and its founder Lu Guanqiu outbid a company controlled by Richard Li of Hong Kong in a battle of Chinese billionaires. Bidding started at $55 million and went through 18 rounds before Wanxiang emerged victorious on Friday.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-02-24, 02:22 PM   #38
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker Automotive, now under the ownership of China's Wanxiang Group, will restart production of its Karma plug-in sedan "within a year," a top executive has revealed. The California-based automaker also hopes to soon finish the development of a second, more affordable plug-in hybrid model.
Wanxiang has only held the deed to Fisker for a few weeks now, but China's largest part supplier isn't wasting any time getting the dormant automaker up and running. Wanxiang plans to restart production of the Karma at Fisker's plant in Finland by year's end.
"We would like to restart Karma production within a year," Pin Ni, head of the U.S. unit of the Wanxiang Group, told Reuters.

The Karma will once again be sold in the United States once production resumes, but Wanxiang will also add Europe to the sedan's list of global markets. Ni failed to give any sales targets for the Karma's second go-around, but the executive indicated the company was targeting far more than the 1,800 units Fisker's previous management achieved.
Ni also hinted that the Karma could eventually be produced with "a potential partner out of Michigan," but failed to elaborate. However, Bob Lutz's VL Automotive, which modifies Karmas to use gas engines at a plant in Auburn Hills, Michigan, could be that potential partner.
In addition to restarting production of the Karma, Wanxiang also has plans to finish development of a second Fisker model. At the time of its bankruptcy, Fisker was working on a second, lower-priced plug-in model called the Atlantic. Tagged as the company's "volume model," the Atlantic was originally scheduled to begin production in 2015.

__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-02-25, 09:23 AM   #39
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Why the $142M Fisker sale won't help DOE loan get its $168M back



At the beginning of 2014, it looked like Hybrid Tech Holdings LLC was going to buy the remains of Fisker Automotive for $25 million. Just before that sale was to take place, however, Wanxiang stepped in and an auction was therefore scheduled for the middle of February. After 19 rounds of apparently frantic bidding, Wanxiang drove away the winner with a $149.2-million bid. Despite the massive dollar run-up, the Department of Energy will not be recouping any extra money from its failed loan to Fisker in the Advanced Technology Vehicles Manufacturing Loan Program.

Way back in 2010, the DOE made Fisker a loan commitment of $528 million but only ever gave the automaker $192 million before problems were identified and the ATVMP spigot was turned off. The DOE later said it "recouped more than $28 million from the company's accounts," which left $168 million unaccounted for. The DOE thus announced it would hold an auction for the remainder of Fisker's loan obligation, which was decidedly not all of the Fisker remains. That loan sale auction took place in December and was won by Hybrid Tech Holdings for $25 million, which means that the final cost to the DOE was $143 million.

The important thing to realize is that the $25 million in cash that made up Hybrid's original bid for the rest of the Fisker assets in the February auction in a Delaware bankruptcy court were the apples to the oranges of the $25 million used to buy the loan obligation in December. Since the DOE did not control - and never wanted to control - the Fisker assets, the DOE didn't get to recoup any more of the $143 million that Fisker owed on the loan despite the higher-than-expected ending price.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-03-07, 11:37 AM   #40
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Wanxiang Launches 'The New Fisker' Website, Says Atlantic Is The Future


The New Fisker Automotive

The American arm of Chinese auto parts giant Wanxiang recently bought up the assets of bankrupt electric car startup Fisker Automotive and has now confirmed by way of a website that it’s using those assets for a new company called The New Fisker Automotive. It appears Wanxiang was also able to secure the rights to the Fisker name and logo, which was thought to be excluded from the original asset sale, and will be using it for cars sold by The New Fisker. As previously revealed by a Wanxiang exec, the Chinese auto parts giant wants to restart production of the Karma extended-range electric sedan at the car’s plant in Valmet, Finland; launch a V-8-powered version together with America’s VL Automotive; and continue development of Fisker’s planned Atlantic small sedan. The Wanxiang exec also said the plan was to eventually move production of Fisker cars to the U.S., with production in China being looked at in the longer term.
The website for The New Fisker includes some background on Wanxiang as well as a brief history of Fisker presented via a timeline. Interestingly, the timeline doesn’t make mention of the recall of the Karma’s battery, produced by A123 Systems, which led to Fisker originally ceasing production. A123 Systems eventually went bankrupt and was also bought by Wanxiang.
The good news is that the website states that there are also plans to put into production additional Karma variants such as the stunning Sunset convertible and Surf shooting brake, although we wouldn't hold our breath waiting for any of these.
The New Fisker website can be accessed here, and for more on the topic be sure to read the post on Green Car Reports.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-03-11, 08:05 AM   #41
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Court allows Fisker to borrow $4.98 million from Wanxiang





United States Bankruptcy Judge Brendan Linehan Shannon has approved a plan by Fisker Automotive Holdings Inc. to borrow $4.98 million from Wanxiang Group. Fisker will return to court March 21 to ask for approval of the rest of a $10.5 million debtor-in-possession loan. The new financing will replace an $8.1 million loan from Hybrid Technology LLC.
Hybrid terminated the financing agreement and declared all principal and accrued interest due after Wanxiang won court approval to acquire the carmaker’s assets. Fisker filed for bankruptcy protection on Nov. 22 with a plan to sell its assets for around $25 million to Hybrid, which held a US government loan that Fisker had defaulted on.
However, Fisker’s unsecured creditors objected to the price and helped bring Wanxiang into the matter in December 2013.
An auction was held in February with Wanxiang winning against Hybrid after 19 rounds of bidding with an offer that included $126.2 million in cash, plus equity and $8 million in assumed liabilities. Wanxiang’s acquisition still requires approval from US antitrust regulators. Fisker listed assets of up to $500 million and debt of up to $1 billion in its Chapter 11 petition
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-03-14, 11:03 PM   #42
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

New Fisker Owner Alienates Existing Owners




Let’s say you bought a Chevrolet. Not just any Chevrolet, but a really nice expensive one. In fact, let’s say you went crazy and checked all the boxes on a 2014 Corvette Stingray 3LT with the ZL5 performance package, carbon fiber roof, racing stripes—the whole shebang.
The purchase set you back about $75,000, but you love the car.
Now fast-forward two years. Let’s say General Motors had some serious trouble, went bankrupt (again), but this time was purchased by a foreign company. That company vowed to put products, like your Corvette, back into production but stop supporting, warranting or servicing models produced before bankruptcy.
How would you react?
For the answer, please speak with your nearest Fisker Karma owner.

Fisker, the maker of the electric Karma sedan, went bankrupt in November and was recently sold to China’s Wanxiang Corp. Wanxiang says it will put more Fiskers into production, including the Karma and other pre-bankruptcy concepts. That’s the good news. Here’s the bad:
Due to the bankruptcy sale, Wanxiang said Karma owners—who once paid more than $100,000 each for a Karma—can only submit up to $2000 in warranty claims for their cars, to say nothing of parts availability or servicing. When the $400,000 pot runs dry, that’s it.
Granted, there’s a world of difference between Fisker and General Motors, and there aren’t nearly as many Karma owners as Corvette owners, but this scenario proves a point: Buy from an upstart car company and risk losing everything. This news can’t be good for the resale value of Karmas, but then again maybe pre-Chinese Karmas will become collector’s items. As of this writing, there are just 3 Karmas for sale in CarGurus’ used listings, with prices between $60,000 and $87,000.
It’ll be interesting to watch those and see if they sit on the market with falling prices or if they’re snatched up as rare commodities.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-04-23, 08:49 AM   #43
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker Is Back, I Hope They Don't Screw It Up This Time



1Expand
This is The Morning Shift, our one-stop daily roundup of all the auto news that's actually important — all in one place at 9:30 AM. Or, you could spend all day waiting for other sites to parse it out to you one story at a time. Isn't your time more important?
1st Gear: Chinese Owners Bringing It Back In 2015

Despite never being the best luxury hybrid you could get, the Fisker Karma is set for a return in 2015 under new Wanxiang ownership reports the Orange Country Register.
The company's temporary president, Roger Brown, said the Karma will roll out mid-year next year, the Surf to follow, and the Atlantic could be out as soon as 2017. To his credit, he says that the formerly bankrupt company can only produce the cars if a bunch of things go their way. Here's the money quote:
"Wanxiang is not flashy. They bought this company, they paid cash for it, they don't put any debt on their company and they execute," Brown said. "They didn't buy the company to export the technology to China. ... They bought it because they want to build a great car company."
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-04-25, 09:02 AM   #44
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker could be renamed when production restarts in 2015


The Orange County Register has an update on Wanxiang's plans for Fisker, and it starts with the idea that you would see brand new Karmas back on the road in mid-2015. From there the goals get less certain, the OCR saying the Surf station wagon "could ship in 2016" and the mid-priced Atlantic "might come in 2017."

The targets came from an interview with interim CEO Roger Brown as he laid out how fluid the present situation is. The primary certainty, according to Brown, is that new owner Wanxiang is determined to execute on its vision and "build a great car company." The puzzle pieces that make that picture are still being assembled – even the name of the post-bankruptcy company, Fisker Automotive for now, is being debated.

No matter what the name will be, Wanxiang and Brown need to establish the blood and bones of a company that can provide what the original Fisker Automotive didn't. Brown said they're looking for a permanent CEO over the next three months, they need to settle on a location for headquarters and increase the staff from the current 25 to the 200 or so necessary to engineering a fully fleshed-out Karma and successive products, and figure out where cars are going to be built. Concerning workers, Brown revealed that, "We've been flooded with people that want to come back." As for manufacturing in the Delaware plant that Fisker Automotive still controls or somewhere else, we've heard there are even odds on US production, but the final answer will probably be delivered by the new CEO.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-04-25, 11:18 AM   #45
hvymtl939
 
Join Date: Dec 2011
Location: Olathe
Posts: 1,102
Post Thanks / Like
Thanks (Given): 40
Thanks (Received): 19
Likes (Given): 209
Likes (Received): 136
Dislikes (Given): 8
Dislikes (Received): 1
Default

This is awesome. I think that Tesla's have the better technology, but I've always liked the way these look better.
hvymtl939 is offline   Reply With Quote
Unread 2014-04-25, 01:38 PM   #46
GTuhOh
 
Join Date: Jul 2005
Location: Kickin' it in the sticks, NC
Posts: 1,978
Post Thanks / Like
Thanks (Given): 28
Thanks (Received): 24
Likes (Given): 178
Likes (Received): 213
Dislikes (Given): 16
Dislikes (Received): 12
Default

They'll flop again.... Just wait.

Who the hell would buy into a car brand that a few years before coming back abandoned all their customers warranties? The cars a worth as much as the trash can at the dog park full of shit.


"BUY THIS FUTURISTIC ELECTRIC CAR THAT NO ONE KNOWS HOW TO WORK ON, COST A SMALL FORTUNE, AND WE'LL GO OUT OF BUSINESS BEFORE IT BREAKS!"

Great sales pitch.
__________________
Le Goat goes pro!
GTuhOh is offline   Reply With Quote
Unread 2014-05-19, 10:31 AM   #47
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker's Billionaire Chinese Owner Will Go Bankrupt To Beat Tesla



Expand
The billionaire that waged a bankruptcy bidding war and scooped up Fisker Automotive has pledged to beat Elon Musk at his own game: making electric vehicles and selling them around the world. Billionaire fight!
Lu Guanqiu is the chairman and founder of Chinese industrial giant Wanxiang Group Corp. It's the largest auto parts supplier in China and it's the same company that snagged Fisker's battery supplier, A123 Systems, at a bankruptcy auction in 2012. Lu has about $3.1 billion to Musk's $9.2B, and he's been trying to get into the electric vehicle game since 1999. And now he's amassing the tools and getting out his war chest.
"I'll put every cent that Wanxiang earns into making electric vehicles," Lu told Bloomberg Businessweek. "I'll burn as much cash as it takes to succeed, or until Wanxiang goes bust."

Based on his history, don't bet against him.
He started a flour mill at the same age you and I were graduating out of Superman PJs. Then he set up a bicycle repair shop, which turned into a tractor repair shop, which – skipping a few steps – turned into China's largest auto research and parts manufacturer.1
How committed is he to winning? Take this anecdote from Bizweek:
Lu quit a three-pack-a-day smoking habit to win a bet with a local steel-mill boss in order to secure supplies for his factory, he said, wincing at the memory. He hasn't smoked since, he said. "I said I would do it, and I did."
But EVs are almost a consolation prize for Lu. He's been wanting to make cars since the '80s, when he came back from Detroit inspired by what he saw at a GM plant. After several failed attempts at producing legitimate consumer vehicles, he conceded that Wanxiang didn't have what it took to compete against established automakers selling conventionally powered vehicles. He admits that the "gulf in technology between foreign and Chinese automakers has widened," but the rise of EVs is where Wanxiang could finally get a foot-hold.
Expand
Wanxiang has already produced 700 electric buses, which are undergoing trials in Hangzhou, Qingdao, and Shanghai. The company's purchase of A123 and then Fisker are the kind of acquisitions it needs to make, which according to Lu, is the equivalent of "buying brains."
But it's not so much about people as it is about patents. There are over 30 patents, both current and pending, that Wanxiang booked when it paid $149.2 million for Fisker. Add that to the patents it won with the $256.6 million purchase of A123, and Lu has the basic ingredients to get in the EV biz. But he needs to do it better than Fisker's half-assed attempt.
Unfortunately, he's committed to putting the Karma back into production, which was a flawed vehicle from the moment it was a glint in Henrik Fisker's eye. But that's just to get the ball rolling. Lu wants to build other range-extending hybrids and, just as ambitiously, build them in the U.S.
Naturally, neither he or Wanxiang is offering a timeline for any of this, but he's committed both himself and his progeny to the task.2
"The road is still very long," Lu says. "We want to concentrate for now on manufacturing in the U.S. If I don't succeed, my son will continue with it. If he doesn't make it, my grandson will."
3
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-07-27, 09:22 PM   #48
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker working to resume Karma production, second model due in three years

2012 Fisker Karma plug-in hybrid - 22.3.2011

Company is still dealing with 250 "problems"

Wanxiang Group Chairman Lu Guanqiu has revealed plans to introduce a second Fisker model within three years.
Speaking to reporters on Friday, Guanqiu said he hopes to launch a new Fisker model in 2017. The executive declined to elaborate but Fisker had been working on an Atlantic sedan before they declared bankruptcy and were bought by Wanxiang.
As for the Karma, Wanxiang’s U.S. President told Automotive News "There are about 250 bugs in this we need to de-bug [before we can resume production]." He declined to give a time frame but said he hopes the car will eventually be built in the United States.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2014-09-18, 08:56 PM   #49
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default


Fisker's new owner vows to relaunch Karma based on 2012 design



Fisker Automotive is reportedly planning to relaunch the Karma without making any significant changes from the existing model that was already on the market when the brand went bankrupt in 2013.

Previous reports have suggested the company's new owner, China's Wanxiang, is aiming to bring the luxury hybrid back onto the market by the second half of 2015. Avoiding recertification and safety testing is expected to help the project meet its goals.

"It will have to be nearly identical to the 2012 model," unnamed sources told Reuters.

The claim is rejected by a separate source who claims the relaunched model will not be "100 percent identical," though specific details regarding the alleged upgrades remain unclear.

Fisker may face difficulty bringing suppliers back on board, after some of the companies took a financial hit after the startup went bust, but Wanxiang's billionaire founder promises to spend its last penny, if necessary, to properly revive the brand.
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Unread 2015-02-23, 01:33 PM   #50
JDLM
Super Moderator
 
Join Date: Feb 2004
Location: Lenexa
Posts: 158,437
Post Thanks / Like
Default

Fisker name dropped in favor of Elux, Karma relaunch pushed back

Wanxiang Now Rumored To Have New PHEV In 2016




























Fisker is dead, long live Fisker. The luxury plug-in hybrid brand's new owner, Wanxiang, says that it is going to get rid of the name when it relaunches the Karma next year. Oh yeah, and the relaunch is now happening in 2016, not early 2015, as previously planned.

According to unnamed "sources familiar with the plan" who spoke to Reuters, Wanxiang is going to change the brand from Fisker to Elux. So, if you've been waiting for news on a revived Fisker Karma, you should change your news alerts setting to ping you when there's new information on the Elux karma.

Other details about the new Karma remain undecided, like where it will be built – the Valmet factory in Finland where the Fisker Karma was made will not be used this time around. According to the new Reuters report, though, the new Karma will get a 20-percent price increase, to $135,000. We've also heard that the new car will look a lot like the first Karma, which was designed by Henrik Fisker, who gave the now-bankrupt company its name.















  • Fisker Karma by Gijs Spierings
  • Fisker Karma by Gijs Spierings
__________________

AW|E90|ZSP|ZPP|2XA|NAV|HID| ///M | BMS |JB4 | VRSF



JDLM is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

 

All times are GMT -5. The time now is 05:31 PM.


Design By: Miner Skinz.com
Powered by vBulletin® Version 3.13.37
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Copyright (c) 1993-2012, KCSR.org