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Fisker's new owner working out Karma's 250 'bugs' before introducing second model

Fisker may be down, but it might not stay down forever. The company behind the Karma luxury hybrid shut down late last year and was purchased by Chinese OEM supplier Wanxiang Group, which intends to restart production. It just can't tell us when. Speaking with Automotive News Europe, Wanxgiang executives indicated they have some work on their hands, sorting out 250 "bugs" it has found in the existing Karma. Once it has those sorted out, it plans to start production again at the Valmet plant in Finland before potentially moving assembly to the plant in Delaware that Fisker had acquired from General Motors. The executives were touring the United States to inspect their battery factory in Michigan, visit the plant in Delaware and meet with government officials in Washington. Wanxiang apparently has even bigger ambitions than that, however. The latest news is that it intends to expand the rebooted Fisker with a second model sometime in 2017. The company has not provided any details as to what that form that model might take, but prior to its bankruptcy, Fisker displayed a smaller concept sedan called the Atlantic at the 2012 New York Auto Show. Fisker had previously revealed the Surf wagon and Sunset convertible concepts based on the Karma as well, but there's no telling at this point if Wanxiang has any intent on putting those into production any time in the near future.

Wanxiang wins bid for Fisker at $149.2 million

Fisker Automotive has been sold, ladies and gentlemen. According to Automotive News, Wanxiang from China won the company after a few tense days of bidding between it and Hybrid Tech Holdings from Hong Kong. The winning bid came in at $149.2 million, which, rather interestingly, is almost six times the amount Fisker itself sought to recover from bankruptcy. That bid includes $126.2 million in cash and $8 million in assumed liabilities, and it came after 19 rounds between Wanxiang and Hybrid Tech. Wanxiang also owns the company that supplies batteries, or at least would supply them if and when the Karma goes back on sale. While all this seems pretty official, it still needs to be approved by US Bankruptcy Judge Kevin Gross, who has scheduled a hearing on Feb. 18 in Wilmington, Del. Featured Gallery 2012 Fisker Karma: First Drive View 23 Photos News Source: Automotive News - sub. req. Government/Legal Green Fisker Electric Hybrid wanxiang

Former Fisker CEO has some advice for Tesla Motors

Former Fisker Automotive CEO and ex-Chevrolet Volt vehicle-line director Tony Posawatz has some words of caution for Tesla Motors. The long-time automaker executive questions the California automaker's long-term viability – and gives some praise – in a talk with Benzinga, which you can listen to below. While the all-wheel-drive D that Tesla unveiled earlier this month in Southern California wowed a packed crowd, Posawatz (starting at around minute 4:45 in the interview) says Tesla would've been better off taking the resources it expended toward that Model S upgrade and directed them towards speeding up the development of a more affordable plug-in. Perhaps a number of investors agreed, since the company's stock fell the day after the D was announced. Posawatz says Tesla has been over-reliant on the sale of ZEV credits. Posawatz also says that Tesla has been over-reliant on the sale of zero-emissions vehicle credits in California for its earnings and questions whether the automaker will ever work at a large enough scale to sufficiently drive down costs and make consistent profits. Tesla CEO Elon Musk would take issue with this characterization. Posawatz first made his mark in the plug-in vehicle world when he was the vehicle-line director at General Motors for the Volt extended-range plug-in from 2006 to 2012. Later that year, he joined extended-range plug-in maker Fisker Automotive as its CEO, though quit that job during the summer of 2013 as the company was descending into insolvency. He joined the Electrification Coalition this past March. News Source: Benzinga Green Chevrolet Fisker Tesla Electric PHEV Tony Posawatz