2012 Fisker Karma
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  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front 3/4 view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front view

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  • 2012 Fisker Karma front 3/4 view

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  • 2012 Fisker Karma front 3/4 view

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  • 2012 Fisker Karma front 3/4 driving view

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  • 2012 Fisker Karma
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Will more money equal more Karma? In the continuing fight over the assets of extended-range plug-in vehicle maker Fisker Automotive, a Hong Kong-based investor is ready to up the stakes. Hybrid Tech Holdings has announced it will increase its bid for the maker of the Karma to $55 million.

A bankruptcy court judge recently ruled that Hybrid Tech couldn't use any more than $25 million of its Fisker debt for an on-credit bid for Fisker. Hybrid Tech bought Fisker's $193 million line of credit from the US Department of Energy for $25 million.

"When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum," the company said in a statement. "Hybrid is working to achieve a rapid relaunch of Fisker." AutoblogGreen asked Hybrid spokeswoman Megan Grant for more details, but she said, "The statement distributed ... is the only information I am able to provide at this time." You can read the full statement below.

At this point, Hybrid Tech's offer would trump Wanxiang Group's bid of $25.8 million (plus assumed debt) that was issued in late December and then boosted to $35.7 million earlier this month. Fisker favors the Hybrid Tech bid because it believes Wanxiang, which acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, helped speed up Fisker's shut-down by stopping battery deliveries. Fisker filed for bankruptcy in late 2012. The auction for the remains will be held in February.
Show full PR text
Statement by Hybrid LLC

Today, Hybrid Tech Holdings, LLC ("Hybrid"), a Delaware limited liability company, announced that it has modified the terms of its bid for Fisker Automotive Holdings, Inc. ("Fisker"), to reflect a purchase price of US$55 million. Hybrid intends to utilize Fisker's existing plant in Delaware to meet consumer demand and address market conditions.

"Hybrid's confidence in Fisker's future is strong and unwavering. The Hybrid group has been an investor in Fisker for many years. When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum, as well as taking on the US$25 million risk of purchasing the Department of Energy loan. We did so for a simple reason; we believe deeply in Fisker's technology and we stand by the talent in the company who can bring the promise of this technology to life," said Hybrid spokeswoman Megan Grant.

"Together with our partners, investors, designers and suppliers, Hybrid is working to achieve a rapid relaunch of Fisker. We look forward to the acquisition of the company and a path forward for the Delaware plant. This will once again generate employment, stimulate the economy and allow for the production of the world's finest automobiles," said Grant.


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    • 1 Second Ago
  • 18 Comments
      gslippy
      • 1 Year Ago
      Anyone bidding on this company is insane. There's a reason they went bankrupt - poor product and poor management. New management won't help if the product is a loser. The same dreamers must see potential at Saab. No Fisker production or sales for a year or so, but the plug-in market has moved on. Tesla, Nissan, and Chevy EACH sold over 20k cars in 2013.
      danfred311
      • 1 Year Ago
      Sigh. Just sell it already so these fools can waste their money and get on with things.
      Alex82
      • 1 Year Ago
      It looks amazing I can't wait to have it, I saw it in www.fiskermiami.com and this car is the best.
      • 1 Year Ago
      Nice car on the outside. But will people be that foolish to buy it when it's under the same management--which it will be with Hybrid? Can't see it happening. Hope Wanxiang is not as foolish to consider keeping the current management.
        raktmn
        • 1 Year Ago
        What "same management" are you referring to? Mr. Fisker himself has left, the CEO has already changed at least 3 times that I can recall. Key Members of the Board like Ray Lane have already left. The new owners would take over management, and both current bidders have very successful management history.
          dlubeck_mbz
          • 1 Year Ago
          @raktmn
          Do you seriously think Mr. Fisker himself will not make his way back into the company, should Richard Li win the bid? There is a connection there. Wanxiang at least would move the headquarters from CA--meaning a complete new management team. With Li, it will remain as it's been (with a few key members gone). I actually hope BMW or someone else will snatch it up.
          raktmn
          • 1 Year Ago
          @raktmn
          dlubeck, Yes, Henrik is backing the Hybrid/Li bid, with hopes of returning to have a role in his company, but he isn't one of the "current management" that henry spoke of. He's been gone for close to a year now. That is why I was asking for clarification on who henry was talking about. Wanxiang America is headquartered here in the US in Erie Illinois, close to Chicago (The bid is coming from Wanxiang America, not Wanxiang Group based in China -- Wanxiang America was required to create what is called a "Chinese Wall" when Wanxiang America bought A123). I guess they might move the headquarters to Illinois if they wanted, but I don't see why they would automatically do that. It is certain that some of the management levels will become redundant. They probably won't need two HR managers, etc. Those folks are toast. But I don't see why other folks would automatically get cut, even if the headquarters are moved. That;s also why I was asking who he was talking about. I'm guessing that he's just venting rage, without any actual clue as to how any individual manager/chief-officer/board level person would impact the New Fisker. BMW AG is actually currently one of the unsecured creditors in this bankruptcy. They are owed around $74 million as part of an engine contract to supply the engines for the Atlantic. They are part of a committee of creditors in the bankruptcy proceedings, that is currently backing the Wanxiang bid, in exchange for their portion of 20% of the New Fisker shares that Wanxiang has bid. So they would end up with partial ownership if Wanxiang America won. It would be great if BMW decided to continue providing engines, and Wanxiang brought the Atlantic to market. I would much rather have a less expensive Fisker Atlantic, powered by a BMW engine, than a Karma powered by their current GM motor.
      • 1 Year Ago
      Fisker is such a SCAM! Are they really that stupid to not see it? A bunch of executives and engineers making crazy money at everyone's expense!
      2 wheeled menace
      • 1 Year Ago
      I think that anyone who wants to buy that company is crazy.. the chassis is nice, sure... i wouldn't say that anything attached to it all that valuable.. maybe there are some very valuable patents attached to the deal? that's the only way i can imagine it being worth much.
      raktmn
      • 1 Year Ago
      Fisker Karma owners have been wondering what will happen to their warranties after bankruptcy. It is now being reported that one of the parties bidding on buying Fisker out of bankruptcy is proposing to "assume up to $2,000 in warranty liabilities per vehicle related to intellectual property." http://www.thedeal.com/content/restructuring/judge-rejects-fiskers-sale-process.php#ixzz2qRe9gVlt What this would cover exactly isn't 100% clear. But it is better than nothing. Hopefully this also gets bid up to more in the bidding. If any owners really want to push this issue, the time is now to file with the courts. After the bankruptcy is over, it's over forever.
      Levine Levine
      • 1 Year Ago
      Putting politic and 'schadenfreunde' aside, may the highest bidder wins.
      raktmn
      • 1 Year Ago
      Very interesting analysis from the financial world coming in now regarding this deal. It turns out that the official committee of unsecured creditors is now backing Wanxiang America's proposed deal where the unsecured creditors would collectively receive 20% of the stock in the reorganized Fisker corporation!! These stocks would be on top of the $35 million that Wanxiang America had bid. It looks like the creditors want back in the business of building Fisker cars!! http://www.thedeal.com/content/restructuring/judge-rejects-fiskers-sale-process.php Basically, the court will have to now put a bidding value on the 20% ownership in the New Fisker corporation. How will the court do that? In court papers, Fisker reported $281.35 million in assets. 20% of that would be $56 million. I can't see Wanxiang America successfully being able to argue the stocks to be valued at or more than the assets. More likely the court would value the shares at a discount on assets. Based on Hybrid/Li's latest bid, it looks like Hybrid/Li think the stocks would be valued at less than $20 million. Hybrid/Li just had their $168 million in debt they hold, get valued by the court to be worth just $25 million for purposes of bidding. So predicting what this judge may do is a tough call. This is starting to get very interesting.
      m_2012
      • 1 Year Ago
      Why are people still trying to buy this overweight rolling turd? No new tech, no new customers, no factory or supply chain, and a heap load of debt. Sounds like a loser.
        Levine Levine
        • 1 Year Ago
        @m_2012
        Because the bankrupt Fisker possesses enough technology and design assets that can be used to manufacture a pure Fisker EV as well as improve the current model.
          danfred311
          • 1 Year Ago
          @Levine Levine
          There is no technology there worth saving. It's based on ridiculously overpriced UQM drivetrain components and more or less off the shelf A123 batteries. Nothing of value there, not even 5k$ worth let alone 50million.
          danfred311
          • 1 Year Ago
          @Levine Levine
          The Fisker is so poorly engineered that it can't be saved. 2.4ton is just too much. Only a more or less complete reengineering by someone intelligent (yeah right) could somewhat improve it. It would be a herculean task to save a rather ridiculous design... why..
        Grooveman
        • 1 Year Ago
        @m_2012
        Actually it's one of the most beautiful sedans ever designed and in two years of driving mine over 12,000 miles I'e only put 32 gallons of gas in it. Had almost zero problems with it, other than them going bankrupt. You'll find that most Karma owners love them.
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