Fisker Automotive sold to Chinese, makes big plans

Hybrid-electric car maker Fisker has officially changed hands, as China-based company Wanxiang Group won with a US$ 149 million bid. And while that translates to a colossal Dhs 550,000,000, we’re only hoping this will get the company back on its feet and back into production.

What’s interesting is the fact that Wanxiang Group also owns the company, A 123 Systems, that supplies the Karma with its Lithium batteries. The Chinese company’s victory came after a 19-round duel with the Hong Kong-based Hybrid Tech Holdings. The bid covers US$ 126.2 million in cash and an additional US$ 8 million in liabilities.

Latest reports suggest that Wanxiang Group is intending to start production and subsequently also sell more than 1000 Karmas in less than 2 years. They’ve already re-launched the company as The New Fisker Automotive and plans include continuing development of the Atlantic small sedan as well as a potential production move to the States, with possible longer-term plans to move production to China.

Make sure you catch our review of the Fisker Karma, if you haven’t already.