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Wanxiang's last-minute bid for Fisker could restart Karma production, add Atlantic hatchback [UPDATE]

The remains of bankrupt Fisker Automotive are supposed to be sold by the Department of Energy to Hybrid Tech Holdings LLC for $25 million. But, the new year brings a new possibility for the troubled plug-in hybrid automaker and now we hear that Wanxiang America Corp. wants to jump in at the last minute and snatch Fisker up in a 'stalking horse' deal. A hearing is scheduled for tomorrow. Stalking horse offers are intended to prevent undervalued deals from taking place. Since the DOE is reportedly losing $139 million on its Fisker holdings, it seems like any pressure to increase the $25 million bid would be welcomed. Wanxiang's bid isn't that much different than what Hybrid Tech Holdings was offering, though, since WHYY reports that Wanxiang is offering to pay "$24.7 million and will assume some of Fisker's liabilities." The big difference is that a Wanxiang purchase could bring Fisker production back to life. The big difference is that a Wanxiang purchase could bring Fisker production back to life. In court documents, Wanxiang mentions a new Fisker design (a hatchback version of the Atlantic, pictured above) and proposed restarting Karma production at Valmet in Finland, the place where all of the Karmas built to date have been made. At an unspecified future date, production would be moved to VL Automotive's manufacturing facility in Michigan. Wanxiang calls VL a business partner, but you might remember it as the Bob-Lutz-connected company that wants to put small-block Corvette V8 engines into Karma bodies, creating the Destino. Lutz and Wanxiang previously tried to buy Fisker in early 2013. You can find the court documents below, and the concept is on page 11 of the Wanxiang Presentation. On page six you will find mention of a "Karma / Destino production line" and then on page 12 we hear about trucks, cargo vans and SUVs, all of which hints at Wanxiang's big dreams. How big? Wanxiang thinks it could sell 1,000 Karma/Destinos in the first 18 months in the US, along with 500 a year in Europe. The last stalking horse in the plug-in vehicle industry happened when Coda went under. Before that, Johnson Controls acted as a stalking horse against Wanxiang Group Corp. when Wanxiang bought the remains of A123 Systems. A123 batteries were used in the Fisker Karma powertrain, but the relationship between the two companies was troubled. Perhaps when everything is owned by the same corporate entity, things will run smoother.

Fisker lost track of millions of dollars in customer payments for months

Fisker temporarily lost track of millions of dollars in customer payments as it scaled up deliveries, leading to an internal audit that started in December and took months to complete, TechCrunch has learned. The EV startup was ultimately able to track down a majority of those payments or request new ones from customers whose payment methods had expired. But the disarray, which was described to TechCrunch by three people familiar with the internal payment crisis, took employees and resources away from Fisker’s sales team at a time when the company was attempting to save itself by restructuring its business model. Fisker struggled to keep tabs on these transactions, which included down payments and in some cases, the full price of the vehicles, because of lax internal procedures for keeping track of them, according to the people. In a few cases, it delivered vehicles without collecting any form of payment at all, they said. “Checks were not cashed in a timely manner or just lost altogether,” one of the people told TechCrunch. “We were often scrambling to find checks, credit card receipts and any wired funds a few months after a vehicle was sold.” Alongside the internal audit, outside auditor PwC was asking Fisker for more documentation about its vehicle sales as part of the process of putting together the company's annual financial report, according to two of the people. Fisker was often unable to provide satisfactory documentation, leading to more requests from PwC. “Paperwork being collected wasnÂ’t always being collected in full, or sent to the same places,” another one of the people said. These sources requested anonymity because they were not authorized to talk to the press about internal matters. This internal confusion put the company in a position where it couldnÂ’t accurately say how much revenue it had generated, according to the people, who noted it is one of the reasons Fisker has yet to file its annual financial report for 2023. Tracking down the payments may wind up offering little solace to the startup, which is on the brink of bankruptcy. Fisker has paused production of its only vehicle, the Ocean SUV, after running into trouble meeting internal sales goals and struggling to support customers dealing with a number of quality problems. It has alerted investors that it may not be able to continue operations without a fresh infusion of cash.

Fisker and Lutz hot-rod the Karma as V8-powered Destino [w/video]

You didn't think Henrik Fisker was done with the Karma, did you? The father of that stylish hybrid is returning to the design, teaming up with Bob Lutz and Gilbert Villarreal to transform the hybrid into an all-American, eight-cylinder performance sedan. As you may recall, Lutz and Villarreal formed VL Automotive a few years ago with plans to retrofit Fisker Karmas with Corvette V8s, calling the reworked product the VL Destino. Now Henrik Fisker has signed on to the project as head of design and product strategy, with Lutz serving as chairman and Villarreal as CEO under the newly renamed VLF Automotive. The joint plan calls for swapping the hybrid powertrain out of the Karma and replacing it with the 6.2-liter supercharged V8 from the previous Corvette ZR1. In stock form, the LS9 makes 638 horsepower and 604 pound-feet of torque. The VLF Destino is estimated to hit 60 in 3.9 seconds and top out at around 200 miles per hour. That will make it a world-class performance sedan capable of tangling with the finest imports, but will be retrofitted right here in America – in Auburn Hills, MI, near the Chrysler headquarters where Lutz once occupied the big corner office. VLF Automotive is showing the revised Destino at the Detroit Auto Show alongside the Force 1. We're trying not to get too excited about the prospect of a Fisker sedan with American muscle, as the Destino is slated to retail for $229,000 – which is even more than Aston Martin, for example, gets for the Rapide S or Porsche does for a Panamera Turbo S. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. VLF AUTOMOTIVE IS BORN A New American Luxury Sports Car Company Is Born Auburn Hills, MI January 8, 2016 - VLF Automotive, a new, US-based luxury sports car company, officially launches today through a partnership between legendary automotive designer Henrik Fisker, former General Motors Vice Chairman Bob Lutz and entrepreneur and manufacturer Gilbert Villarreal. Fisker is a VLF shareholder and third member of the executive management team alongside Lutz and Villarreal. "It's a circle," Lutz explained. "When Gilbert and I formed VL Automotive in 2012, we wanted to take Henrik's beautifully proportioned design, replace the hybrid gas-electric power train with a Chevrolet Corvette ZR1 drivetrain, and create a bespoke four-door luxury car with outstanding performance.