After it ceased production more than a year ago, Fisker Automotive has remained in limbo as creditors, including the Department of Energy looked to get back at least some of their investment in the bankrupt startup automaker. Initially, it looked like an investor group led by Hong Kong businessman Richard Li would win the bid, but Hangzhou-based Wanxiang, China’s largest automotive components manufacturer, ultimately emerged as the winning bidder, Bloomberg reports.
Wangxiang’s winning bid of $149.2 million is substantially higher than was initially expected, when Fisker Automotive appealed to U.S. Bankruptcy Judge Kevin Gross to let Hybrid to buy the company for $25 million. Unsecured creditors objected to the low valuation, at which point Wangxiang emerged as a serious potential contender for Fisker’s assets.
Wangxiang is China’s largest auto component manufacturer, and also bought the assets of bankrupt battery maker A123 Systems. Among the other properties Wangxiang may inherit with its winning bid is the former General Motors plant in Wilmington, Delaware, which formerly built the Pontiac Solstice and Saturn Sky roadsters. The second, smaller Fisker Atlantic sedan was planned to be built at that plant. It’s unknown what Wangxiang’s future plans are for the brand, but it’s clear the company is seeking to increase its presence in the U.S. auto market.