Cars Image Credit: Fisker Automotive

Published on January 20th, 2014 | by Christopher DeMorro

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Fisker Auction Delayed Due To 100% Bidding Price Increase

January 20th, 2014 by  

Originally published on Gas2.

fisker-karma-drivingWith the surprise last-minute bid for the remains of Fisker Automotive, a Federal judge decided to delay the Fisker auction until late February. In response to a better bid from the Wanxiang Group, Hybrid Holdings LLC. has more than doubled its bid. Is this the beginning of a bidding war? Sure seems like it.

Hybrid Tech Holdings, owned by Hong Kong billionaire investor Richard Li, originally put in a paltry bid of just $25 million for the rights to Fisker, a company indebted to  U.S. taxpayers to the tune of $192 million. Wanxiang, which owns Fisker’s battery maker A123 Systems, came in with a $25.8 million bid as well as assumed debt, before upping their bid to $35.7 million.

In response, Hybrid Holdings upped the ante with a $55 million bid, and also has the backing of whatever is left of Fisker’s management, who hold the opinion that Wanxiang deliberately held back battery deliveries to kill Fisker faster. Seems a little silly given the fact that Fisker was losing some $30,000 on every vehicle it sold and had a preferential contract with A123 Systems, which also went bankrupt.

Both Wanxiang and Hybrid Holdings claim they want to relaunch the Fisker Karma and continue development of the smaller Fisker Atlantic. Since Wanxiang already owns Fisker’s battery maker it seems like the better hope for resuming Karma production, at least to me. America has been willing to give Chrysler and GM a second chance, but can a boutique car maker like Fisker really bounce back after a very public and politically toxic meltdown?

Source: Autoblog Green | Bloomberg 
 
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About the Author

A writer and gearhead who loves all things automotive, from hybrids to HEMIs, can be found wrenching or writing- or else, he's running, because he's one of those crazy people who gets enjoyment from running insane distances.



  • Jack Anderson

    Fisker is coming back. Fisker has amazing models. Fisker Ecosport is
    absolutely amazing automobile – far too easy to throw stones unless you’ve
    actually driven one. I was on a test driving in fiskermiami.com.

  • patb2009

    I guess it depends upon the business case. Is there a market for a 50-80K high end plug in Hybrid? I’m not sure. The Tesla Model S has eaten up a lot of headroom for a high end EV, Fiskar now is in the trailing position with The Cadillac ELR, BMW i8 and Tesla holding high end positions. I think the Fiskar is gorgeous but it may be very hard to make the biz case.

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