As far as official info goes, it is anyone’s guess, but anonymous sources have said Henrik Fisker is working with Hong Kong billionaire Richard Li in one of two potential bids to keep Fisker Automotive’s name alive. Henrik Fisker abruptly left the company he co-founded six years ago in March this year, and Reuters says
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Fisker’s saga is far from over and businessmen around the world are hovering over its Karma. We heard news not long ago that Detroit-based VL Automotive, in which ex-GM executive Bob Lutz is involved, is planning on selling V8-powered Fisker-bodied vehicles. According to news agency Reuters, VL Automotive is partnering with China’s Wanxiang Group with
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Is it safe to say that Fisker Automotive is not planning to throw in the towel just yet? Almost every commentator is saying the Anaheim Calif.-based plug-in hybrid maker’s bankruptcy is imminent – and for all we know it might be – yet inexplicably the company has just posted a new Web site with an
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Fisker’s debacle is making a lot of noise both in automotive and in financial circles. After weeks of analysis by PrivCo’s staff of attorneys, accountants and financial analysts, PrivCo released yesterday its timeline detailing Fisker Automotive’s “Road To Ruin,” supplemented by never-before published documents. Based in New York, PrivCo describes itself as a provider of
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This week Fisker Automotive, the California-based maker of the Karma hired restructuring lawyers at Kirkland & Ellis LLP to begin exploring potential bankruptcy protection. Needing cash, having not produced a Karma since last July, unable to find a suitable partner or investor, and with an April 22 loan payment looming, Fisker is considering the possibility
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Financially challenged Fisker Automotive may be entertaining serious bids for a controlling interest by two Chinese suitors. The one looking most favorable, according to a “knowledgeable individual” who spoke to Reuters is the Zhejiang Geely Holding Group. Another possible contender is Dongfeng Motor Group Co. which is owned by the Chinese state, but word has
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Some people watching Fisker Automotive have predicted the company will not survive, especially since it was revealed it has stopped Karma production and its battery supplier filed for bankruptcy in October, but assembly is reportedly due to resume. Last week, company co-founder Henrik Fisker told reporters production will begin again “fairly soon.” He gave no
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In light of several setbacks, Fisker Automotive is weighing options of seeking funding from Chinese auto interests, and reportedly hasn’t assembled any of its extended-range electric Karma sedans in the past six months. According to Reuters, one of the Chinese firms is Wanxiang Group, the company that in December won an auction for bankrupt U.S.
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The Department of Energy hired an outside restructuring adviser last year to keep tabs on Fisker Automotive’s financing efforts, according to a Bloomberg report from last week. Houlihan Lokey, an advisory-focused investment bank, was retained last October at a cost of $1.35 million to provide “highly-specialized financial advisory services” for the agency. The DOE told
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Fisker Automotive announced yesterday a significant expansion in the Middle East & North Africa (MENA). The California-based maker of the Karma and pending Atlantic signed an exclusive agreement with the Al-Futtaim Group, one of the region’s most experienced automotive distributors, to handle sales operations in these markets. Al-Futtaim has more than 70 years of experience
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