Fisker Automotive Sold To A Group Lead By A Guy With A Lot Of Money

4 years ago by Jay Cole 12

Fisker Is Back In Business - Perhaps In A Big Way

Fisker Is Back In Business – Perhaps In A Big Way

Last week the DoE auctioned off the remaining balance of its ATVM loan to Fisker Automotive, and while no firm details have been released by the government, Reuters reports an investor group led by a “Hong Kong business tycoon” Richard Li has placed the winning bid.

Perhaps Not The Debonair Watch Salesperson Henrik Fisker Was, But Richard Li Certainly Has More Business Sense

Perhaps Not The Debonair Watch Salesperson Henrik Fisker Was, But Richard Li Certainly Has More Business Sense

The government was still owed about $168 million dollars from Fisker.  And considering that Fisker unable to even scrounge up enough scratch to pay their paperboy, the government decided to auction off the note.

The DoE set a minimum bid of $30 million on the auction that Mr. Li and his group won – although reports are that the group may have still paid less than what the government was seeking.

By buying out the note, this allows Fisker to avoid the bankruptcy process, but more importantly immediately frees them from the strict governance of the US government – like the requirement of US made cars.

Fisker founder, Henrik Fisker had actually worked in conjunction with Li’s group earlier in the year in a effort to regain control of his namesake company.  The two parted ways over the summer however.

The winning bid submitted by Pacific Century Group beat out two other offers – one from German investment group Fritz Nols AG and another from Chinese auto parts giant Wanxiang, which was fronted by VL Automotive and VIA spokesperson, Bob Lutz.

Anyone Interested In The Fisker Atlantic Still?

Anyone Interested In The Fisker Atlantic Still?

What does this mean for Fisker?

Henrik Fisker And His Former Company's Atlantic

Henrik Fisker And His Former Company’s Atlantic

While it is still hard to say for sure, it probably means the company is back in business.  The rebirthing of the company from near bankruptcy will be no inexpensive thing, but Li certainly has the means to do so on his own if he chose.

According to Forbes, Li was the 26th richest man in Hong Kong, with a worth of over $1.3 billion in 2010.  And if that isn’t enough, maybe he can ask his dad for a loan – Li Ka-shing is the richest man in Asia, with a net worth of about $30 billion.

So, who still wants a Fisker Atlantic after all?

Reuters

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12 responses to "Fisker Automotive Sold To A Group Lead By A Guy With A Lot Of Money"

  1. kdawg says:

    When your dad is worth 1000 times what you paid for a company, this is equivalent to someone who is worth 1 million and buying a $1000 airplane ticket. (aka chump change)

    1. Dan Frederiksen says:

      I know what you mean but 1000 isn’t quite chump change to a base millionaire. At 10 million it helps but you need to get to 100mill for 1000$ to be ‘chump change’.
      And it’s his father’s money so that makes it even less chump change.

  2. Brian says:

    Wait, the richest man in Asia is really named “Ka-shing”? Are you kidding me?

      1. Brian says:

        Yeah, I was thinking the same thing.

  3. “Back in business”, are you guys serious? Fisker owes suppliers millions. I am assuming all of their engineers are gone, to get new jobs after being laid off. No one is going to do business with Fisker unless they feel confident that Fisker is capitalized and has a chance of paying its bills.

    1. kdawg says:

      Is Tony P. still there?

  4. Schmeltz says:

    So many questions….

    The biggest one for me is “WHY?”

  5. offib says:

    It’s not dead, but is this rebirth of Fisker a still born?
    I really love Fisker. I’m more excited when hearing it than hearing about the Model S. It’s as cool and crisp as a Citroen SM, DS5 or Renault AVANTIME. Hopefully, if there’s a sliver of a chance for Fisker to make another car, it better be improved. If there’s a sliver of a chance of Fisker revealing the Atlantic, it better be awesome. Like with Tesla, their first car isn’t expected to be great, but their second go at it should be great.

    I’d be happy to be called a Fisker-Fanatic, but it’s surely, mechanically, a crock of “shat”. I would hate to see Karma only being made as gliders for Bob Lutz.
    Fisker would really have to catch up to the game almost immediately. It seems very likely that Fisker would fall disappear behind among its many competitors and not just Tesla, making this revival unnecessary.

  6. Bill Howland says:

    Yeah, Lutz apparently went back to his first love, and is putting Corvette V-8’s in Kharma Gliders. If LI pays the bills in arrears maybe he can bascially turn out new Kharma’s and Atlantics.

    But how much you want to wager he is going to be subcontracting to GEELY?

  7. Rick Danger says:

    Fisker isn’t dead, it just smells funny. 🙂