Report: VL Automotive, Wanxiang May Buy Fisker

Investors to save Fisker from bankruptcy?

There may still be hope for Fisker Automotive, as Reuters reports that VL Automotive and Wanxiang Group are in talks to buy the failing electric-car maker. The two companies reportedly want to take control of Fisker through a “prepackaged bankruptcy” purchase.

Fisker Automotive was planning to file for Chapter 11 bankruptcy earlier this year, after it fired 75 percent of its U.S. staff and failed to make a required loan payment to the Department of Energy. Fisker struggled to sell its expensive plug-in hybrid car, the Karma (pictured above), and stopped building the model last summer. That left Fisker with lots of bills but little income, pushing the startup toward bankruptcy.

Now, VL Automotive and Wanxiang Group are seeking to buy the failed automaker. VL Automotive, led by former General Motors executive Bob Lutz, wants to use the slinky body of the Karma to build a V-8-powered sports car that would be called the VL Destino (pictured below). Chinese investment group Wanxiang, meanwhile, already took a controlling interest in A123 Systems (now called B456 Systems), the bankrupt company that made lithium-ion batteries for the Fisker Karma.

It’s unclear whether the purchase deals will succeed, and what type of vehicle Wanxiang and VL Automotive would produce if the sales are approved. Reuterscautions that, “efforts to revive Fisker are ongoing and may fall apart.”

Source: Reuters

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