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Chinese company Wanxiang confirms Fisker buyout

Founded in 2008, Fisker had been developing high-performance range-extended sports cars, with sales of the 47g/km Karma underway in Europe and development of the smaller Atlantic also in progress by the time it filed for bankruptcy in Delaware last year.

By the time it filed for bankruptcy, the Karma had already been out of production for a year – the company citing overspends and technical issues as the cause of its financial problems.

There had been rumours that Geely, which owns Volvo, had been interested in acquiring the company, while rolling Karma chassis were being shipped to Detroit-based VL Automotive to be refitted with 6.2-litre Corvette petrol engines instead of the range-extended drivetrain.

Wanxiang, which also owns the carmaker’s battery supplier A123 Systems, said in an announcement that it aims to re-start production using its own supply chain and accelerate the pace of development for new vehicles.

Following the acquisition of Fisker's assets, the company has battery, motor, electronic control and vehicle development and manufacturing within its capabilities, it added. Most of the manufacturing had been outsourced when the company was independent.

Alex Grant

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