Fisker on the Hunt for Partner / Investor in China; Hires Consulting Group to Conserve Cash

5 years ago by Eric Loveday 8

It's a head-turner, but unfortunately Fisker Automotive continues to struggle.  Perhaps a savior exists in China?

It’s a head-turner, but unfortunately Fisker Automotive continues to struggle. Perhaps a savior exists in China?

It’s no secret that Fisker Automotive is seeking a partner of some sorts to assist the struggling automaker, but it is news that Fisker has execs on the ground in China who are seeking serious investors to “save” the startup automaker.

According to the Wall Street Journal, Fisker’s CEO, Tony Posawatz, along with other top-level members of the Fisker Automotive team, have been the China, perhaps on several occasions, in search of investors interested in acquiring Fisker or at least some part of the automaker’s range-extending technology.

Is Fisker turning its back on the US?

Is Fisker turning its back on the US?

Fisker reportedly values its range-extending technology at $1 billion and it seems that several investors are interested in dealing.   As the WSJ reports, at least two firms have hired banks to work on deals that may entice Fisker to sell.

The Wall Street Journal says that Fisker is looking to finalize a deal by the end of next month.   As we see it, Fisker needs to secure a massive investment if it is to stay in business for much longer.

No Fisker Karmas built in six months.  Development of the cheaper Fisker Atlantic has been put on hold indefinitely.  This all seems to point to Fisker teetering on the edge of a potential shutdown, so it seems investments (perhaps even a buyout) are definitely needed at this point.

In related news, Fisker Automotive hired Huron Consulting Group to assist the automaker in conserving cash as it seeks a investment bids expected to come in early February.  Several global corporations are reportedly on the list of potential investors, as are automakers in China.

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8 responses to "Fisker on the Hunt for Partner / Investor in China; Hires Consulting Group to Conserve Cash"

  1. Josh says:

    Hiring consultants to conserve cash…is it just me or does that sound completely backwards?

    Maybe the consultants are working pro bono. Even still, you would think it would be easy for them to figure out who to layoff with the thin remaining staff they have.

  2. James says:

    Everybody WANG CHUNG TONIGHT…..

    Not included in the article was the fact Posowatz sat down with
    Wanxiang Corp, who just cleared it’s successful aquisition of A123.
    This would seem a smart deal for all involved, as it would seem a
    less complex transition back to battery production and delivery at
    Valmet in Finland.

    Geely Holdings Corp. of China acquired Volvo, and so far it seems
    an amicable relationship. If China is going to take over the world –
    maybe producing Fiskers at a price people can actually afford is
    an open door for cheap Chinese lithium batteries to “save the EV
    day” so to speak. The Fisker Mustache grille kind of reminds me
    of those giant Chinese dragons you see running around on
    Chinese New Year anyway – : ) .

    1. James says:

      In fact – the whole Fisker Karma reminds me of a Chinese Dragon.

      Maybe It’s just that I haven’t had my morning java and here on the
      left coast it’s not even 6AM – so cut me some slack, but Fisker
      production in China seems possible, and you can check YouTube
      re: Fisker Karma quality – for a $100k car, it’s very spotty. It
      almost seems the car has a “Made In China’ label on it already.

      Call me a naysayer, but I think Fisker is doomed. Don’t get me
      wrong – I hope I’m incorrect and they rise from the ( literal ) ashes
      to become a player. But I don’t see it happening.

  3. Nice looking car and the Atlantic would have been very interesting, but as far as I’m concerned, stick a fork in ’em.

    1. Schmeltz says:

      My thoughts exactly.

  4. James: It reminds me of the Cheshire cats grin!

    1. James says:

      LOL. It does! Some also had the observation that it looked exactly
      like Jack Nicholsen’s version of the Joker in Batman!

      It is a sleek and sultry looking car and it’s too bad it’s probably going
      to be an asterisk in the story of the BEV. To those few existing still yet
      to be sold – I would say if one has deep pockets and garage space,
      it will be an epic collector car – very very rare and historically
      fascinating.

      If I were Tony P, I wouldn’t have given up my day job.

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