Now this is the kind of fighting spirit we like to see. Lu Guanqiu is a Chinese billionaire who has visited the White House alongside Chinese president Hu Jintao in 2011. He's worth an estimated $3.1 billion. And he wants to take on Tesla Motors and other EV makers with his newly purchased company, Fisker Automotive.

Lu is the chairman and founder of China's Wanxiang Group Corp., which bought Fisker for just under $150 million earlier this year. It also purchased battery supplier A123 Systems last year. Speaking to Bloomberg recently, Lu said that EV technology is at the top of his list of ways to go broke. "I'll put every cent that Wanxiang earns into making electric vehicles. I'll burn as much cash as it takes to succeed, or until Wanxiang goes bust," he said. Ahhh, inspiring.

"I'll burn as much cash as it takes to succeed, or until Wanxiang goes bust" – Lu Guanqiu

Exactly how and when new Fisker vehicles come to market - or if they'll even be Fiskers when they do – has been the subject of some debate. As part of the Fisker bankruptcy auction, Lu and Wanxiang now own an old, empty General Motors plant in Wilmington, DE. Lu told Bloomberg that Wanxiang has plans to first start building EVs, including the Karma plug-in hybrid, in the US (which suggests that restarting Karma production at Valmet is not going to happen) and to later build them in China. Right now, Lu's company only makes one type of electric vehicle: buses. Lu told Bloomberg he knows it will take a while to get his electric cars to market: "The road is still very long. We want to concentrate for now on manufacturing in the US. If I don't succeed, my son will continue with it. If he doesn't make it, my grandson will."

Currently, emails sent to the "New Fisker" website are met with an automated response that promises a more personal touch later. It also says that the company is "very well funded and have a great plan to create a world class automotive company." That the new owner is ready to go broke doing so is not mentioned.

You can read the New Fisker email and see a Bloomberg video on Lu below.



Show full PR text
Dear Fisker enthusiast,

We at 'The New Fisker' would like to sincerely thank you for the email you sent via the website and greatly appreciate the time you have taken to reach out to the new company. The details of your correspondence are being reviewed by members of our devoted team, who are truly passionate about responding to you individually and personally. We understand the email you submitted is important to you, and we assure you, it is also important to us. We are aware some emails were submitted over 30 days ago and greatly appreciate your patience. As you may know, 'The New Fisker' is just over 45 days old, computer systems are coming back on line, people are being hired and hired back, and we are now emerging from the remnants of the old company.

The good news is; we are very well funded and have a great plan to create a world class automotive company. However, we are bound by the rules of the Bankruptcy Court and limited in what we can do relative to the old company and any unsecured claims. Please also note; in purchasing the assets from the estate for a significant cash figure, the estate is responsible for settling all past due claims to the best of its ability.

Once again, we appreciate your patience while we have been working on a response specific to your submission, and look forward to providing you with additional detailed information. Although not every response will be favorable, each will be honest and delivered with integrity.

Thank you,

The New Fisker team.​


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  • 78 Comments
      Avinash Machado
      • 7 Months Ago
      Wishing him all the best.
        fordskydog
        • 7 Months Ago
        @Avinash Machado
        Yes, all the best. Every visionary wades through a sea of haters.
      JakeY
      • 7 Months Ago
      Axe the Karma. They aren't going to sell the 15k per year that would make that vehicle profitable. They can try to pare back the volume significantly, but it'll be tough to do that and maintain profitability (while still being price competitive). The main strategy should be to get the Atlantic finished and in the market ASAP. That's the only car that can save the company. And I disagree that Tesla is their main competitor. Their main competitor is BMW with the i8. The i8 aims squarely at the Fisker Karma. The ELR is also a competitor (although it would need extensive performance tweaks and RWD to be a full competitor).
      Jon
      • 7 Months Ago
      I hope they go the BEV route. EREV is too complex for a baby company to do it well. Let GM do that. Tesla has proved that there is a large enough market for BEVs. Sure it's not for everyone yet but there are plenty of customers for a long range BEV to compete with the Tesla S. Get a licensing deal with Tesla to utilize their supercharger network.
      gslippy
      • 7 Months Ago
      I think he will get his wish - for going broke, that is. Fisker is a black hole for anyone's money. Funding wasn't Fisker's problem.
      Brodz
      • 7 Months Ago
      "I'll burn as much cash as it takes to succeed, or until Wanxiang goes bust" A very admirable ambition. A chinese car company I can finally like.
      Matrix
      • 7 Months Ago
      Most americans are broke if he wants to succeed building EV's he needs to build affordable EV's everyone can buy, im talking about under 20k or even cheaper if possible. forget about tesla , concentrate on beating the Prius.
      icemilkcoffee
      • 7 Months Ago
      This man looks like a composite of every car dealer finance manager I've ever had to deal with.
        Technoir
        • 7 Months Ago
        @icemilkcoffee
        Except he is not. He comes from a poor family in rural China, and litterally made it from nothing, working with his hands. This is no Mitt Romney, this is a very rare one in 10 million kind of guy.
      Joeviocoe
      • 7 Months Ago
      Beware of the attitude of "throw moar money at it". Tesla is successful because they had some money, but also a winning business plan.
        wendavid99
        • 7 Months Ago
        @Joeviocoe
        they also have to find the right people to do the job, that's not gonna be easy.
        paulwesterberg
        • 7 Months Ago
        @Joeviocoe
        Tesla also has a well designed product based on investments in high tech engineering and manufacturing. Attempting to restart production in a different location with different machinery operated by different people could take 3 years. But just restarting production of a vehicle that had disappointing sales will not be enough - they need to significantly upgrade the platform to use improved battery, charging systems and probably a more efficient range extender and doing that will take even longer. By that time the original component suppliers may have moved on to producing other products so every aspect of the vehicle will need to be redesigned.
        fordskydog
        • 7 Months Ago
        @Joeviocoe
        And Elon Musk. So dreamy...
      danfred311
      • 7 Months Ago
      I'm not sure willingness to go broke is the best premise but it might be very fitting. I see a problem with regard to credibility vis a vis the namesake and an even greater problem if the name is changed. You will also need future designs that seem to be part of the brand. A 'chinese' design wont fly. I would probably reengineer the car for half weight, clean up all the incompetence of the first version. Then it's possible. but it will take a few good men with just the right judgment. And wanxiang doesn't even understand how stupid it is that A123 refuses to sell their cells. so it's basically face in my hands inevitable car crash. If they consulted me they would have a considerably better chance but who are we kidding, they don't follow what's going on... they don't read these websites, none of their employees do. they don't know jack :) but they are absolutely convinced they know best anyway... these astronauts... so much facepalm
        Eggmania
        • 7 Months Ago
        @danfred311
        i dunno how that chinese guy ever made his billions without reading genius comments like this on autoblog on a daily basis. some people are just lucky i suppose
          danfred311
          • 7 Months Ago
          @Eggmania
          sigh. such idiotic blind faith in success. Bob Lutz basically ran the biggest car maker in the world yet he is stupid enough to think Al Gore made up global warming. I just proved your idiotic logic wrong but alas you are too stupid to understand it... Billionaires are random idiots too. Big money was put into Fisker. Were they smart too? or should they have ******* listened... Elon Musk and pals made the roadster AND Model S with a 100watt vampire load when the car is off. So bad that the roadster fries the battery if you leave it for 3 months. And Elon is a multibillionaire now. As I said, billionaires are random idiots too and Elon is among the least idiotic. Elon blamed Eberhard for cost overruns that were his. Lost in court. Elon blamed Fisker for stealing their stuff. Lost in court. Had to pay a million dollars more. Likely several million to Eberhard. Elon thinks rockets will get us somewhere and that Nasa and the US military are playing an honest game... such naivite. Not that you'd understand.
        Street King
        • 7 Months Ago
        @danfred311
        Lets hear it for danfred311 everyone! The blog commenter that knows more than the billionaire that just bought a car company. /sarcasm
          SloopJohnB
          • 47 Minutes Ago
          @Street King
          Well, there was this real car guy that tried to build, what was it, oh yeah, whatever that car was that was in Back to the Future a few times. Yeah, that one worked out well for a real car guy….John DeLorean. Maybe it takes a big fortune to make a small fortune…..
          danfred311
          • 47 Minutes Ago
          @Street King
          And you know better than me street king... dazzle me with your intellectual prowess. I can only guess what education you have. Was is too vin too diesel institute of higher stupidity?
        SloopJohnB
        • 7 Months Ago
        @danfred311
        He needs to subcontract to Elon Musk….
      NY EVO X MR GUY
      • 7 Months Ago
      Welcome to the automotive industry. Make the fisker lighter . more passenger interior space. All electric with a 300+ mile range.
      James John
      • 7 Months Ago
      He's all talk. Chinese don't like to lose money and once he dives in and it's costing him, he will cut his losses. Only a real gutsy player like Steve Jobs is willing to throw money into R&D, then throw more money in, then throw more in. Other folks are just talkers. Never walkers.
      Koenigsegg
      • 7 Months Ago
      Good luck LOLOLOL
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