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The billionaire's passion behind Wanxiang's Fisker bid

If it weren't for billionaire Lu Guanqiu, founder of Chinese auto parts giant Wanxiang Group, the Fisker Automotive bankruptcy bailout deal might have closed earlier this month. Hong Kong tycoon Richard Li, along with Li's affiliate company Hybrid Tech Holdings, assumed their offer was going to be accepted. Instead, the US bankruptcy court judge called for an open auction bid for Fisker's assets on February 12. Lu made a few convincing points to the judge. There's another interesting part of the story that Lu didn't share it with the judge. If the Fisker deal doesn't work out, Lu and Wanxiang might increase their working relationship with Tesla Motors. Lu told US bankruptcy judge Kevin Gross that Wanxiang, which now owns Fisker's supplier of lithium batteries, A123 Systems, is better placed than Hybrid Tech Holdings to restart and expand production at Fisker. Better yet, Wanxiang could move production from Finland to the US. That was convincing enough for Gross to schedule the auction. Lu's move toward taking over ownership and restoring Fisker seems to be driven by two motivations: converting his company from a parts maker to an automaker; and to grow the yet-to-be profitable "new energy " business such as lithium battery and electric vehicle makers. For Lu, it's not so much about believing in Fisker – it's more about playing a leading role in electric vehicles – and that could come through deepening its connection to Tesla Motors. "Of course we want to pocket Fisker. But we will bid rationally," he said to Reuters. "Whatever the result, nothing can stop us from making electric cars." Check out more about Lu in this Reuters piece, including how he and six other farmers pooled together $500 in 1969 to start what would become Wanxiang. Featured Gallery Fisker Karma at Laguna Seca News Source: Reuters Government/Legal Green Fisker Tesla Electric wanxiang

Tesla lowers Model S lease price, adds 3-month 'happiness guarantee'

Tesla Motors is offering an enticing deal for potential buyers who might not be entirely sure whether they actually want to own a Model S for the long term. A deal through US Bank not only lowers the cost to lease the EV but also turns leasing the brand's electric sedan into a long-term rental.
Curious buyers who lease a Model S are now able to return it in the first three months with no penalties and with the remaining payments waived, something Tesla is calling the "happiness guarantee." CEO Elon Musk announced the deal on the company's blog, and he said the payments were also as much as 25 percent lower because US Bank "has a much lower cost of capital than us." Currently, a Tesla lease starts at around $800 and can be up to $1,300, with down payments around $6,500. Tesla leasing is available in 38 US states (full list below).
Of course, there is a catch for the offer. If people turn in their Model S within three months, they can't immediately lease another one. Musk doesn't say how long the wait is.

Recharge Wrap-up: Elon Musk in Reddit AMA; Honda releases annual environmental report

Elon Musk will answer questions in a Reddit AMA tonight. The "Ask Me Anything" event will begin at 9:00 pm EST, and will last one hour. Musk will answer as many reader questions as he can in the allotted amount of time. Reddit's /r/TeslaMotors board is selecting official questions from users to pose to Musk as well. If you have any aching inquiries for the CEO of Tesla and Spacex, you probably don't want to miss this. Read more at Clean Technica, or at Reddit. Powertree Services plans to build solar-powered EV charging at San Francisco apartment buildings. The group will rent parking spaces at apartment buildings and put solar panels on the roof. Tenants with EVs can pay a monthly fee to charge their cars at their own apartments and Powertree Services parking spots around town. It takes the responsibility of building and maintaining the chargers off the building owners, but provides them with some revenue from renting the space to Powertree. Read more at Treehugger. The market for environmentally friendly cars will remain strong despite cheap oil prices, according to IHS Automotive Advisory Services. James Chao, director of the company's Asia-Pacific region, says his clients are still very focused on fuel economy. IHS has predicted green car production to triple by 2020 from 2014 figures. Hyundai and Kia, who are clients of Chao, have new EVs, hybrids, plug-in hybrids and fuel-cell vehicles on the way - a seemingly "unfocused" plan that Chao defends. "Especially at times when uncertainty is dominant, it could well be referred to as being prudent," he says. Read more at The Korea Herald. Honda has released its annual North American Environmental Report. In the report, Honda notes environmental progress it has made over the last year in a number of areas. It points out the introduction of the 2014 Accord Hybrid and the FCV Concept. It enumerates reductions in greenhouse gas emissions in transportation, use of its products and even from Honda's suppliers (however, there was a 0.7 percent rise in CO2 emissions during manufacturing due to, or rather "despite a significant increase in production"). Honda is using less water, and producing less waste - only 0.8 kilograms are sent to the landfill per car manufactured. Honda also worked with SolarCity to get solar panels on 1,650 rooftops in the US. Read more on Honda's website. Marco Andretti will race in the Formula E Buenos Aires ePrix.