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

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

  • 2012 Fisker Karma
  • 2012 Fisker Karma side view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front view

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

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

  • 2012 Fisker Karma
  • 2012 Fisker Karma top view

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

  • 2012 Fisker Karma
  • 2012 Fisker Karma side driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma front driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear 3/4 driving view

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

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear 3/4 driving view

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

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

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

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

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

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma side driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma fron 3/4 driving view

  • 2012 Fisker Karma
  • 2012 Fisker Karma wheel in motion

  • 2012 Fisker Karma
  • 2012 Fisker Karma wheel

  • 2012 Fisker Karma
  • 2012 Fisker Karma wheel detail

  • 2012 Fisker Karma
  • 2012 Fisker Karma logo

  • 2012 Fisker Karma
  • 2012 Fisker Karma logo

  • 2012 Fisker Karma
  • 2012 Fisker Karma badge

  • 2012 Fisker Karma
  • 2012 Fisker Karma badge

  • 2012 Fisker Karma
  • 2012 Fisker Karma badge

  • 2012 Fisker Karma
  • 2012 Fisker Karma taillight

  • 2012 Fisker Karma
  • 2012 Fisker Karma interior

  • 2012 Fisker Karma
  • 2012 Fisker Karma steering wheel

  • 2012 Fisker Karma
  • 2012 Fisker Karma gauges

  • 2012 Fisker Karma
  • 2012 Fisker Karma touch screen

  • 2012 Fisker Karma
  • 2012 Fisker Karma instrument panel

  • 2012 Fisker Karma
  • 2012 Fisker Karma center console

  • 2012 Fisker Karma
  • 2012 Fisker Karma door handle

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear seats

  • 2012 Fisker Karma
  • 2012 Fisker Karma rear center console

Will the long, twisted tale of Fisker Automotive and it bankruptcy assets finally end on February 12? It might, because that's the date a bankruptcy court has now set for an auction to let the bidders decide who will take home the plug-in automaker's goods. The auction will be held at the law offices of Kirkland & Ellis in New York, according to a new report in Reuters.

As we know, China's Wanxiang Group and Hybrid Tech Holdings are the two companies who are most vocal in their desire for Fisker. After an initial bid of around $25 million, Hybrid Tech is now ready to start the bidding on the 12th at $55 million and basically called itself Fisker's best friend during this troubling time in a recent statement. The controllers of the Fisker assets say they prefer Hybrid Tech's bid to Wanxiang's.

Fisker stopped making the plug-in hybrid Karma in late 2012 and filed for Chapter 11 bankruptcy last year. Fisker's assets were supposed to be sold to Hybrid Tech Holdings in early January, but a last-minute stalking horse bid by Wanxiang set in motion the series of events that will lead to the auction next month.


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 13 Comments
      EVnerdGene
      • 6 Months Ago
      If we just give it to you, will you please take it and leave the country ? This bloated pig proved - - - close to nothing.
      raktmn
      • 6 Months Ago
      I wouldn't put too much weight on this date. Hybrid/Li are pushing an appeal on the Judge's ruling that they can only include $25 million that they paid to buy Fisker's debt from the DoE in their bid, and the rest has to be cash. If Hybrid/Li's is granted an appeal hearing, the auction will likely be delayed until the appeal is ruled upon. Odds are pretty low that we will actually see that Feb. 12th auction happen on that day.
      Sox Fan
      • 6 Months Ago
      I'm surprised that this company lasted this long, what a poor business model!
      dlubeck_mbz
      • 6 Months Ago
      Hope Wanxiang wins the bid.
        offib
        • 6 Months Ago
        @dlubeck_mbz
        Why? Other than owning A123, what positive reason is there that we know to why Wanxiang wants Fisker? I'm skeptical, Wanxiang tried to purchase Fisker along with Bob Lutz's VL Automotive. Wanxiang said they want to restart production, and that could very well be the case for the gliders for Bob. Fisker's best interest would be to be purchased by Hybrid Tech and get back in business and build Fiskers, sounds simple enough. They're also not fond of Wanxiang, partly blaming them for not supplying Fisker batteries for production after they bought A123.
          raktmn
          • 6 Months Ago
          @offib
          Wanxiang wants Fisker because they want to build both the Karma and the Atlantic here in the United States, and put their A123 batteries that they build in Livonia Michigan into them. Hybrid/Li has openly stated that they are only interested in building the Karma, and that they will not use Fisker's US factory (having outlined their plan to sell that factory.) Fisker had already ceased production of the Karma months before Wanxiang America bought A123. The new A123 no longer had a contract with Fisker, and by the time Wanxiang Amercia finally restarted battery production, Fisker was already shopping for someone to buy them out and fund them through bankruptcy. Fisker attempting to blame Wanxiang America for their failure was probably one of the most absurd claims in the entire proceedings. A123 Systems (a subsidiary of Wanxiang America) had to make a business decision as to whether they wanted to start a brand new contract with a near-bankrupt Fisker who wasn't even building any vehicles anymore. They had to make that decision knowing that it was Fisker that played a huge role in putting the original A123 into bankruptcy in the first place. The new A123 made the right business decision. Fisker didn't have the cash to pay ahead up front for battery packs before they were built, and A123 would have been fools to build and ship battery packs to nearly-bankrupt Fisker on credit, knowing that A123 would probably only recover pennies on the dollar as a Fisker creditor in the impending bankruptcy proceedings. Would you have made a different choice?
          Kevin Gregerson
          • 6 Months Ago
          @offib
          Seriously, if they make a commitment to actually build the ******* here in the states I'd just give it to them. I'd require that 10,000 be built in the first year though. The biggest problem with the Karma is that all the money went into the wrong places. They need to cut out the ecofriendly materials and focus purely on operational cost reductions. They need to get the price down into Tesla territory if they want to actually succeed. As for the atlantic, the concept of the vehicle is way too early. They'd be better off making a similar price to the Karma SUV.
      jebibudala
      • 6 Months Ago
      How much is the taxpayer out from this one?
        raktmn
        • 6 Months Ago
        @jebibudala
        Jeb, The total amount the of the DoE loan outstanding is $139 million. That is the total amount that we are out from this investment, minus all the tax revenues that the govt has collected from all the employee's salaries who worked and got paid for years. After the bankruptcy, when Wanxiang or Hybrid restarts production, we will continue to collect payroll/income taxes from Fisker, and in the future if Fisker is profitable, we will collect up to 35% tax on those profits. Let's be very clear. The DoE loan still successfully started a company, even though this company has had to go through bankruptcy, it is surviving through this bankruptcy and is planned to continue providing US jobs, and US PHEV's. So while it was a short-term loss, the long-term gain is still yet to be determined. The terms of the DoE loan still survive, because the debt was sold to another party, but the terms of the loan have not gone away. It is like when a bank sells your mortgage to another bank. You would still be subject to the exact same loan terms as you did before your loan was sold, that doesn't change. The bankruptcy may release the future Fisker corporation from some or all of these terms. Or it may not. That is to be determined by the bankruptcy proceedings.
        EVnerdGene
        • 6 Months Ago
        @jebibudala
        I think the latest figgeur is $148M, but may be a little higher due to missed payments. The DOE is still involved for some dumbazzed reason, but they (we) will not be recouping any more of the dough. So roughly $150M down this ubercronyismrathole.
      cliffvettej.cliff
      • 6 Months Ago
      Another libiot baby bites the dust. Tesla, you're next.
      m_2012
      • 6 Months Ago
      This is about the slowest death ever. I'm sure we will still be going through this three years from now.
    • Load More Comments