Cars Image Credit: Fisker Automotive

Published on January 20th, 2014 | by Christopher DeMorro


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 
Get CleanTechnica’s 1st (completely free) electric car report → “Electric Cars: What Early Adopters & First Followers Want.”
Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.


Tags: , , , , , , , ,

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

  • 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.

Back to Top ↑
  • Advertisements

  • Top Posts & Pages

  • Cool Cleantech Events

    Low Voltage Electrification Event, April 25-27. Detroit, Michigan (US)
    Delve deep into the benefits and challenges associated with EV power supply.

    Offshore Wind Market Development USA, May 11-12, Boston, Massachusetts (US)
    Network and establish your business in one of North America’s largest energy industries.

    Energy Storage USA, June 15-16, San Diego, California (US)
    Only event in the United States focused exclusively on the commercialization of storage.

    More details are on: Cleantech Events.

  • Advertisement

  • CleanTechnica Electric Car Report

    Electric Cars Early Adopters First Followers
  • Tesla Model 3 Review by EVANNEX

    Tesla Model 3 Review from EVANNEX
  • Tesla Model 3 Exclusive Video

    Tesla Model 3 Video
  • Tesla Model 3 Exclusive Pictures

    Tesla Model 3 Video
  • Tesla Model X Review #1 (Video)

    Tesla Model X Review from new owners Zach Shahan
  • Tesla Model X Review #2 (Pictures)

    Tesla Model X Review from Kyle Field
  • Tesla Model S Long-Term Review

    Tesla Model S Long Term Review from Kyle Field
  • Nissan LEAF Long-Term Review

    Nissan LEAF Long Term Review from Cynthia Shahan
  • Interview with Michael Liebreich

    Interview with Michael Liebreich
  • Interview with Akon (Teslas & Solar)

    Interview with Akon Tesla Model S Tesla Model X Solar Power Africa
  • Interview with Dr Nawal Al-Hosany

    Interview with Dr Nawal Al-Hosany
  • Interview with Gro Brundtland

    Gro Brundtland
  • Interview with President of Iceland

    President of Iceland Ólafur Ragnar Grímsson
  • Interview with Nick Sampson

    Faraday Future VP Nick Sampson
  • Interview with Dipal Barua

    Dipal Barua 1st ZFEP WInner
  • Interview with Jonathon Porritt

    Jonathon Porritt
  • Interview with Clint Wilder

    Interview with Clint Wilder
  • Interviews with Solar Impulse Pilots

    Bertrand Piccard Andre Borschberg
  • Check out more CleanTechnica Videos.

  • Join The Solar Revolution!

    Edison-solar-energy solar-energy-spill-nice-day
  • Cost of Solar Panels

  • Search the IM Network