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July 02, 2015 3:00 PM ET

Automobiles

Company Overview of Fisker Automotive, Inc.

Company Overview

Fisker Automotive, Inc. was acquired by Wanxiang America Corporation. Fisker Automotive, Inc. designs, develops, and manufactures electric vehicles with extended range (EVer). It develops Karma, a plug-in electric hybrid vehicle with two driving modes. Fisker Automotive, Inc. was founded in 2007 and is based in Anaheim, California.

5515 East La Palma

Anaheim, CA 92807

United States

Founded in 2007

Phone:

714-888-4255

Fax:

714-888-4256

Key Executives for Fisker Automotive, Inc.

Fisker Automotive, Inc. does not have any Key Executives recorded.

Fisker Automotive, Inc. Key Developments

Fisker Automotive's Auction In February

Wanxiang Group Corporation and Hybrid Technology, Inc. are seeking to acquire Fisker Automotive, Inc.. China's Wanxiang Group emerged in December 2013 as a suitor for Fisker, challenging Hybrid Tech that had been jockeying to take over the bankrupt automaker. The rivals' interest prompted a bankruptcy judge to set a February 12, 2014 auction for Fisker's assets.

Hybrid Technology Offers For Fisker Automotive Assets

Hybrid Technology, Inc. has made a bid for Fisker Automotive, Inc. assets. Hybrid Technology has offered $55 million for buying the assets. Hybrid said in court papers on January 13, 2014 that it's offering $30 million in cash and would cancel $25 million in debt that Fisker owes Hybrid as its senior secured lender. Hybrid also said that at least $5.5 million of the cash portion will go to Fisker's unsecured creditors if they switch to backing Hybrid instead of Wanxiang Group Corporation as the so-called ‘stalking horse bidder’ in the auction. Hybrid Technology also reversed its position on buying the former General Motors site in Wilmington. Hybrid spokeswoman, Megan Grant said in an email on that Hybrid is planning to use the Delaware plant to "meet consumer demand and address market conditions." According to the report, spokeswoman of Jack Markell, whose administration provided $20 million in loans and grants to Fisker, had no immediate comment on Hybrid's proposal. On January 10, 2014, U.S. Bankruptcy Judge, Kevin Gross ordered that Fisker assets be sold at auction and capped Hybrid's credit bid ability at $25 million. Hybrid said on in court documents that it is prepared to fight that decision. Attorneys for the creditors committee did not immediately respond to messages seeking comment. Parties are preparing for an afternoon hearing during which Judge Gross will consider a potential sale date and bid procedures, and Wanxiang's request to supplant Hybrid as Fisker's bankruptcy lender.

Fritz Nols Places Bids For Fisker Automotive

Fritz Nols AG (DB:FNG) has placed a bid for Fisker Automotive, Inc. Fisker has not produced a car in over a year, and it laid off most of its work force last spring. Lawyer, Ingo Voit, of Fritz Nols is leading the bid and is reportedly offering $25 million for Fisker and its assets, compared to the $171 million that Fisker owes the United States Department of Energy.

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