Fisker sale to Chinese automaker is complete, now what?
The entity collectively known as Fisker Automotive has now been officially sold to Chinese automaker Wanxiang America Corp. (Wanxiang) according to an official press release issued by the company. Wanxiang also owns the former battery maker, A123,that was the sole supplier for Fisker and the first domino to fall when things all fell apart.
Marc A. Beilinson, Fisker Automotive's Chief Restructuring Officer said in a statement today, the "The completion of this transaction represents a significant achievement and is a great result for all Fisker Automotive stakeholders. This successful outcome would not have been possible without the productive support from Wanxiang, our Creditors' Committee, and their advisors." This particular part of the final sale was for the final $150 million of Fisker company assets.
So now a Chinese company owns the full supply chain for Fisker as well as any plans, designs, and intellectual property the automaker may have had. Our opinion is that Fisker will once again be a car brand, or that the model (Karma) will reemerge under a new name. Wanxiang did not need to acquire hundreds of millions of dollars of electric car drivetrain and battery components just to have the bones of an EV. Our guess at this point is that by early 2015 the luxury green car will be again on the market. Hopefully this time the American taxpayers won't end up funding the car. As more details emerge we will bring them to you.
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Photos courtesy of the Fisker Automotive Public Page