Fisker is sold to Wanxiang America

After several months of negotiations, Fisker Automotive has finally been sold to a Hong Kong-based company with representation in the US. It is Wanxiang America, China’s largest established auto parts manufacturer, which has paid almost 150 million dollars for the ill-fated plug-in hybrid brand.

Fisker Automotive was not interested in Wanxiang winning the bid, as they suspect the Chinese company had been behind a well-planned operation to bankrupt A123 Systems (the company that produced the batteries for Fisker) last year, which should also have led Fisker to bankruptcy, as it eventually did.

Although Fisker formally petitioned the American judge not to sell to Wanxiang, the judge ultimately decided to proceed with the sale. Apparently, Fisker had reached a secret agreement for the sale to go in favour of a company called Hybrid Tech Holdings, but its offer was too low to be considered by the court (55 million dollars).

However, Hybrid Tech will remain as one of Fisker’s main investors, alongside Wanxiang, its new owners. Plans call for the Fisker Karma to return to production, this time in the US instead of being built at Valmet’s Finnish plant.

Via | Green Car Reports