28 May '13, 3pm

Joint Venture Makes $20 million Bid for Ailing EV-Firm Fisker

A joint venture made up of China-based Wanxiang Group, former General Motors head Bob Lutz and industrialist Gilbert Villarreal is offering to buy troubled electric vehicle manufacturer Fisker Automotive in a prepackaged bankruptcy deal worth $20 million, according to reports. Like Tesla Motors, which recently paid off its loan , Fisker Automotive received $529 million in loans from the Department of Energy (DOE ) under the Advanced Technology Vehicles Manufacturing Loan Program. Unlike Tesla, however, Fisker's unspent loan money was seized by the DOE when the company failed to make payments or meet production quotas. The company has about $171 million in DOE loans still outstanding. Fisker was founded in August 2007 by Henrik Fisker, who later left the company citing disagreements over business strategy. Reuters is reporting that Fisker and a Hong Kong-based investor name...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

Tweets

US-China Joint-Venture Makes $20M Bid for Fiske...

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US-China Joint-Venture Makes $20M Bid for Fisker Automotive Tweet American industrialist Gilbert Villarreal and retired GM...

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