2023 Fisker Ocean on 2040-cars

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Why the $142M Fisker sale won't help DOE loan get its $168M back

At the beginning of 2014, it looked like Hybrid Tech Holdings LLC was going to buy the remains of Fisker Automotive for $25 million. Just before that sale was to take place, however, Wanxiang stepped in and an auction was therefore scheduled for the middle of February. After 19 rounds of apparently frantic bidding, Wanxiang drove away the winner with a $149.2-million bid. Despite the massive dollar run-up, the Department of Energy will not be recouping any extra money from its failed loan to Fisker in the Advanced Technology Vehicles Manufacturing Loan Program. Way back in 2010, the DOE made Fisker a loan commitment of $528 million but only ever gave the automaker $192 million before problems were identified and the ATVMP spigot was turned off. The DOE later said it "recouped more than $28 million from the company's accounts," which left $168 million unaccounted for. The DOE thus announced it would hold an auction for the remainder of Fisker's loan obligation, which was decidedly not all of the Fisker remains. That loan sale auction took place in December and was won by Hybrid Tech Holdings for $25 million, which means that the final cost to the DOE was $143 million. The important thing to realize is that the $25 million in cash that made up Hybrid's original bid for the rest of the Fisker assets in the February auction in a Delaware bankruptcy court were the apples to the oranges of the $25 million used to buy the loan obligation in December. Since the DOE did not control - and never wanted to control - the Fisker assets, the DOE didn't get to recoup any more of the $143 million that Fisker owed on the loan despite the higher-than-expected ending price. Clear as mud, right?

Judge rules Fisker assets will be auctioned in February

The Fisker Automotive saga will continue until at least next month, now that a bankruptcy court judge has ruled that the automaker's assets will go up for auction in February instead of being acquired flat out by a Hong Kong investor. Wanxiang Group, which owns A123 Systems, is competing with Hybrid Tech Holdings LLC for Fisker. The judge says Hybrid Tech, which holds debt on Fisker, can't use any more than $25 million of that debt as part of its bid for the California-based automaker, according to Bloomberg News. Hybrid Tech is run by Richard Li, son of Li Ka-Shing, Hong Kong's wealthiest man, and the company bought Fisker's loan from the US Department of Energy. Fisker's line of credit from the DOE was originally for $529 million, but 'only' $192 million was drawn down before the government shut that spigot off. Wanxiang Group bid $25.8 million (plus assumed debt) for Fisker in late December, then increased its offer to $35.7 million earlier this month. Wanxiang Group acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, and Fisker has maintained that Wanxiang hastened Fisker's demise by holding off battery deliveries. Fisker shut down production of its extended-range plug-in Karma in 2012 and filed for Chapter 11 bankruptcy last year.

Fisker fills in more details on the electric Ocean crossover

With two years go to before Fisker commences deliveries of the all-electric Ocean crossover, we're in for many months of piecemeal updates. The fledgling California automaker has released another smattering of details after debuting the Ocean at this month's Consumer Electronics Show, helping to fill in some functional aspects. At 182.7 inches long, 76 inches wide, and 63.6 inches high, the Fisker is 0.6 inches taller than the Ford Mustang Mach-E, 3.3 inches shorter in overall length, and two inches wider. The dimensions translate into 20 cubic feet of cargo room with the rear seats up and the parcel shelf installed, 25 cu. ft. without the parcel shelf, and 45 cu. ft. with the shelf out and rear seats down. At the other end of the interior, the instrument cluster is 9.8 inches, and the infotainment screen is a 16-inch vertically-oriented unit with haptic feedback. In between, designers did their best to source eco-friendly materials to create a "vegan interior." The Dinamica seating surfaces are derived from old T-shirts, polyester fibers, and recycled plastic, with reinforced rayon backing. The carpet comes from recycled nylon taken from discarded fishing gear. Fisker also says it will recycle rubber waste created during the Ocean's production. The standard wheels come in 20-inch sizes, with 22-inchers on the options sheet. Roof rails and a tow hitch will be options, too, but we'll need to wait another year to find out towing capacity. Turns out the announced entry price for $37,499 is for a base model that doesn't benefit from all-wheel drive, meaning it also doesn't get the more-than-300-horsepower powertrain. When we covered the reveal, we wrote, "Fisker quoted between 250 and 300 miles of driving range depending on driving conditions," so it's possible the base model notches 300 miles while the AWD version comes in closer to 250 miles. The Ocean gets an 80-kWh battery pack. For comparison, there's a 20-mile range delta between RWD and AWD versions of the Mach-E with the Standard Range 75.7-kWh battery pack. A high-performance Ocean will get a larger pack, targeting acceleration to 60 miles per hour in under three seconds, a fair chunk faster than the 3.5-second sprint for the Tesla Model Y Performance. Details on that model won't come until 2021. At some point this year, tire kickers will be able to explore the Ocean in person at Fisker experience centers, and set up test drives through a mobile app due next year.