26 May '13, 6pm

US-China Joint-Venture Makes $20M Bid for Fisker Automotive - EV World

US-China Joint-Venture Makes $20M Bid for Fisker Automotive Tweet American industrialist Gilbert Villarreal and retired GM executive Bob Lutz, along with Wanxiang, which also bought A123 Technologies, hope to save the company, which owes the US government $171 million. 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...

Full article: http://www.evworld.com/news.cfm?newsid=30329

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