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It has been awhile since we heard anything out of Fisker and its new owner, the Wanxiang Group. But Reuters has learned some new information about what could be in store. Two sources tell Reuters that Wanxiang is planning to drop the Fisker name and use Elux. So instead of the Fisker Karma, it could be called the Elux Karma. Speaking of the Karma, Reuters also learned that Wanxiang has pushed back the launch of the Karma to mid-2016 and will raise the price to $135,000. Sources also revealed that the Karma will not be built in Finland and that new production site hasn't been finalized. Source: Reuters -
It has been awhile since we heard anything out of Fisker and its new owner, the Wanxiang Group. But Reuters has learned some new information about what could be in store. Two sources tell Reuters that Wanxiang is planning to drop the Fisker name and use Elux. So instead of the Fisker Karma, it could be called the Elux Karma. Speaking of the Karma, Reuters also learned that Wanxiang has pushed back the launch of the Karma to mid-2016 and will raise the price to $135,000. Sources also revealed that the Karma will not be built in Finland and that new production site hasn't been finalized. Source: Reuters View full article
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Fisker, the automaker that doesn't seem to die is back in the news. This past week, the Wanxiang Group, Fisker's new owner, went on tour of the U.S. to met with officials and politicians in several states about plans. At one of the stops, Chairman Lu Guanqiu and President of the U.S. unit, Pin Ni spoke to reporters. Ni explained that company is planning on starting production of the Karma in the near future. But before then, the company needs to fix 250 “bugs” in the Karma and have a 'reliable supply of high-quality components'. "At Fisker, the biggest issue is to solve the problems. There are about 250 bugs in this we need to de-bug. I often say that Wanxiang can afford to make cars, but Wanxiang cannot afford to make bad cars,” Ni told reporters. “Our goal is to fix all the issues and get the car back on the road, but this car has to be a good cart. It cannot be a car with problems … We want to make this car in the United States. This too is determined. But in terms of a detailed plan, we are still evaluating.” But Wanxiang has bigger ambitions for Fisker. Chairman Lu Guanqiu said the company is working on a new Fisker model that will be launched in 2017. Guanqiu didn't go into specifics about the new model or where it will be built. Source: Automotive News Europe (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached [email protected] or you can follow him on twitter at @realmudmonster. View full article -
Fisker's New Owner Says Karma Production Incoming, Once We Fix 250 'Bugs'
William Maley posted an article in Karma
Fisker, the automaker that doesn't seem to die is back in the news. This past week, the Wanxiang Group, Fisker's new owner, went on tour of the U.S. to met with officials and politicians in several states about plans. At one of the stops, Chairman Lu Guanqiu and President of the U.S. unit, Pin Ni spoke to reporters. Ni explained that company is planning on starting production of the Karma in the near future. But before then, the company needs to fix 250 “bugs” in the Karma and have a 'reliable supply of high-quality components'. "At Fisker, the biggest issue is to solve the problems. There are about 250 bugs in this we need to de-bug. I often say that Wanxiang can afford to make cars, but Wanxiang cannot afford to make bad cars,” Ni told reporters. “Our goal is to fix all the issues and get the car back on the road, but this car has to be a good cart. It cannot be a car with problems … We want to make this car in the United States. This too is determined. But in terms of a detailed plan, we are still evaluating.” But Wanxiang has bigger ambitions for Fisker. Chairman Lu Guanqiu said the company is working on a new Fisker model that will be launched in 2017. Guanqiu didn't go into specifics about the new model or where it will be built. Source: Automotive News Europe (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached [email protected] or you can follow him on twitter at @realmudmonster. -
Fisker's New Owner Vows To Spend As Much As It Takes To Make It Success
William Maley posted an article in Karma
Lu Guanqiu is the chairman and founder of China's Wanxiang Group Corp., which happens to be the new owner of Fisker Automotive. In a interview with Bloomberg, Lu says the company will be making significant investments into the troubled automaker. "“I’ll put every cent that Wanxiang earns into making electric vehicles. I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.” That's saying something in the least. But the question is when will we see Fisker vehicles coming off the production line? "The road is still very long. We want to concentrate for now on manufacturing in the US. If I don't succeed, my son will continue with it. If he doesn't make it, my grandson will," said Lu. The plan at the moment is for production of the Karma to come back online, followed by the introduction of new models. Source: Bloomberg -
Lu Guanqiu is the chairman and founder of China's Wanxiang Group Corp., which happens to be the new owner of Fisker Automotive. In a interview with Bloomberg, Lu says the company will be making significant investments into the troubled automaker. "“I’ll put every cent that Wanxiang earns into making electric vehicles. I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.” That's saying something in the least. But the question is when will we see Fisker vehicles coming off the production line? "The road is still very long. We want to concentrate for now on manufacturing in the US. If I don't succeed, my son will continue with it. If he doesn't make it, my grandson will," said Lu. The plan at the moment is for production of the Karma to come back online, followed by the introduction of new models. Source: Bloomberg View full article
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Fisker's new owner, the Wanxiang Group out of China plans to restart production of the Karma plug-in hybrid sedan within a year or so. Pin Ni, head of the U.S. unit for Wanxiang tells Reuters the company plans on restarting production in Finland possibly this year and sell them in U.S. and Europe. At the moment, Ni says the company is working on finalizing business plans for the brand and hasn't worked out what the sales target for the Karma will be. Ni went onto say that production could move to the U.S. with with "a potential partner out of Michigan." That possible partner could be VL Automotive, the company who is taking Fisker Karmas and dropping in V8 engines. Along with restarting Karma production, Wanxiang plans to finish development of the Atlantic sedan. The model, which was positioned to be the volume model for Fisker was planned to go into production in 2015. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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Fisker's New Owners Plan To Restart Production Within A Year
William Maley posted an article in Karma
Fisker's new owner, the Wanxiang Group out of China plans to restart production of the Karma plug-in hybrid sedan within a year or so. Pin Ni, head of the U.S. unit for Wanxiang tells Reuters the company plans on restarting production in Finland possibly this year and sell them in U.S. and Europe. At the moment, Ni says the company is working on finalizing business plans for the brand and hasn't worked out what the sales target for the Karma will be. Ni went onto say that production could move to the U.S. with with "a potential partner out of Michigan." That possible partner could be VL Automotive, the company who is taking Fisker Karmas and dropping in V8 engines. Along with restarting Karma production, Wanxiang plans to finish development of the Atlantic sedan. The model, which was positioned to be the volume model for Fisker was planned to go into production in 2015. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
After three days and nineteen rounds of bids, China’s Wanxiang Group emerged as the new owner of Fisker, beating out Hybrid Tech Holdings LLC, the original winner of Fisker Automotive back in November. The winning bid was $149.2 million, about six times higher than the original sale price of $25 million. The auction came after a ruling made by U.S. Bankruptcy Judge Kevin Gross last month. Gross rejected the original offer made by Hybrid Tech Holdings LLC of $25 million for all of Fisker's assets. Now the bid has to be approved by Gross for Wanxiang Group to become Fisker Automotive's new owner. That will happen this week. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
After three days and nineteen rounds of bids, China’s Wanxiang Group emerged as the new owner of Fisker, beating out Hybrid Tech Holdings LLC, the original winner of Fisker Automotive back in November. The winning bid was $149.2 million, about six times higher than the original sale price of $25 million. The auction came after a ruling made by U.S. Bankruptcy Judge Kevin Gross last month. Gross rejected the original offer made by Hybrid Tech Holdings LLC of $25 million for all of Fisker's assets. Now the bid has to be approved by Gross for Wanxiang Group to become Fisker Automotive's new owner. That will happen this week. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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Nothing ever seems to come easy for Fisker. Back in November, we reported that Hybrid Tech Holdings, LLC, a company founded by Hong Kong investor Richard Li, had purchased Fisker's assets from the Department of Energy for $25 million. It seemed that this chapter in Fisker's turbulent life had come to close. But this past week, the chapter was ripped opened. In a hearing last week, U.S. Bankruptcy Judge Kevin Gross rejected the planned sale and instead has favored putting the assets back up on the auction block in February. This opens the door for Wanxiang Group, the Chinese auto parts supplier who owns A123 Systems, to bid on Fisker's assets as well. "I think that, for me, at the end of the case, whether or not the price paid was fair or reasonable, I think an auction will provide that mechanism. That is the most favored method," said Gross at the hearing. In a statement, Hybrid Tech Holdings said they were "deeply disappointed" with the ruling. "Despite the court's decision, Hybrid will participate in the auction, as we still feel Hybrid represents the most competitive and viable bid for Fisker's future," the company said. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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Bankruptcy Judge Announces That Fisker's Assets Head Back To Auction
William Maley posted an article in Karma
Nothing ever seems to come easy for Fisker. Back in November, we reported that Hybrid Tech Holdings, LLC, a company founded by Hong Kong investor Richard Li, had purchased Fisker's assets from the Department of Energy for $25 million. It seemed that this chapter in Fisker's turbulent life had come to close. But this past week, the chapter was ripped opened. In a hearing last week, U.S. Bankruptcy Judge Kevin Gross rejected the planned sale and instead has favored putting the assets back up on the auction block in February. This opens the door for Wanxiang Group, the Chinese auto parts supplier who owns A123 Systems, to bid on Fisker's assets as well. "I think that, for me, at the end of the case, whether or not the price paid was fair or reasonable, I think an auction will provide that mechanism. That is the most favored method," said Gross at the hearing. In a statement, Hybrid Tech Holdings said they were "deeply disappointed" with the ruling. "Despite the court's decision, Hybrid will participate in the auction, as we still feel Hybrid represents the most competitive and viable bid for Fisker's future," the company said. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
