Bob Lutz, in conjunction with China's Wanxiang Group, is reportedly making a move for the remaining assets of Fisker Automotive, possibly in a move to increase production of Lutz's Karma-based supercharged V-8-powered VL Destino. But Lutz and friends may not be alone in their quest for the California-based startup automaker. Reuters is reporting a group led by Fisker Automotive co-founder and namesake Henrik Fisker, in partnership with Hong Kong billionaire Richard Li is hoping to buy out the Department of Energy loan, giving them effective control of the company's assets.
Lutz claims he has received interest from "hundreds" of current and potential Karma owners in doing the VL Destino conversion on the Karma, in which the plug-in hybrid powertrain is ripped out in favor of a 556-hp supercharged GM 6.2-liter V-8 from the Cadillac CTS-V.
The Li/Fisker investment group is reportedly offering between $25 million and $30 million in a bid to "buy out" the DOE loan, which has a face value of $171 million. In contrast, Lutz and Wanxiang reportedly are looking to scoop up Fisker Auto in a bankruptcy settlement for around $20 million. The prospect of the DOE "selling" the loan to an investor group is reportedly unprecedented, but even at the much lower price than its original value, represents the best chance for U.S. taxpayers to get at least part of their money back.