If you thought early Fisker Karma buyers like celebrities Leonardo DiCaprio and Cee Lo Green had deep pockets, get a load of the company's new owners. China's Wanxiang Group, which earlier this year acquired the extended-range plug-in vehicle maker in a bankruptcy auction, generates more than $23 billion in annual revenue, Automotive News says. Billion with a "b."

In fact, the company generates about $3 billion a year from US autoparts sales alone, so it's no stranger to the domestic automotive industry. That said, there's plenty of work to be done to revive the company. Wanxiang US chief Pin Ni said the Karma has "hundreds of issues" that need fixing before the sleek but troubled sedan is manufactured again. One hurdle cleared, though, is the fact that Wanxiang also bought lithium-ion battery maker A123 Systems out of bankruptcy for $257 million.

As for Fisker, Wanxiang beat out Hong Kong-based Hybrid Tech Holdings for the right to buy the automaker earlier this year for $126.2 million in cash and $8 million in assumed liabilities. And, while Wanxiang Group Chairman Lu Guanqui has recently been making the rounds with dignitaries such as US Vice President Joe Biden, Michigan Governor Rick Snyder and Delaware Governor Jack Markell, no details have been revealed about when Fisker will start making cars again.


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  • 23 Comments
      EVSUPERHERO
      • 4 Months Ago
      Wanxiang, wax off! Wanxiang, wax off, soon I will teach you the crane!
        EVSUPERHERO
        • 4 Months Ago
        @EVSUPERHERO
        Fisker will always be lipstick on a pig! Always was , always will be. Redesign the whole thing because this pig will never fly. Chinese Fisker, not hope in hell here in the US, China maybe. This may be a way for the Chinese to attempt to compete with Tesla in China. Good luck!
        Levine Levine
        • 4 Months Ago
        @EVSUPERHERO
        super stupid comment.
      SublimeKnight
      • 4 Months Ago
      Saw my first one in person yesterday. Absolutely stunning. Too bad Fisker wasn't much of an engineer... or businessman. The fact that he's SO good of a designer that he almost overcame that, is a testament to how great of a designer he is.
        Spec
        • 4 Months Ago
        @SublimeKnight
        I don't even think he is that great of a designer. Although the Fisker looks good, the about of space inside the car is very small for such a large car.
        Levine Levine
        • 4 Months Ago
        @SublimeKnight
        "Too bad Fisker wasn't much of an engineer... or businessman." Fisker was a scammer whose business model was to rip-off enthusiastic 'green' investor's money with a half-baked product with no chance of success.
          Grendal
          • 4 Months Ago
          @Levine Levine
          I wouldn't go so far as to say that. You could say that he allowed questionable investment companies to gather money for his company that he turned a blind eye to. I think his intent was to create a great car. He succeeded in making it look great.
      RoyEMunson
      • 4 Months Ago
      Looks like Fisker actually has a promising future under the new ownership. Somebody running the company that is just some big name in the industry would be nice too... not talking about Henrik here either, he actually has real talent.
        RoyEMunson
        • 4 Months Ago
        @RoyEMunson
        Sorry, meant "(isnt) just some big name in the industry" ie LaSorda... who did nothing other than collect a paycheck.
          Levine Levine
          • 4 Months Ago
          @RoyEMunson
          It is not true that Lasorda "did nothing more than collected a paycheck" while at old Chrysler. He joined forces with Nardelli, the new CEO of Chrysler and former CEO of Home Depot where he was known as the "Butcher." The term of endearment is not because Home Depot sold poultry.
      Marco Polo
      • 4 Months Ago
      When Fisker first announced the Karma, I liked the concept of the car. The Karma was never aimed at the EV market. Nor was it designed to appeal to the Leaf buyer. (or the majority of ABG readers). The Karma was designed to capture a totally different sort of market. This market valued the Karma's looks, exclusive styling and "cool' fashionable "greenish image". Like all cars of it's type, it was a fashion statement, status symbol, designed as much to appeal to it's target market, as to annoy and offend serious, anorak wearing, critics. As a low volume, high priced vehicle, it succeeded. The initial marketing was brilliant, Karma captured exactly the kind of high profile celebrity owners, such a model needs. (especially in export markets) to portry the image of being the car for sexy, successful " winners" . The corporate failure, (along with some some sheer bad luck) caused the most of the problems that beset the Karma. The corporate failure of Fisker Automotive, was created by diverting funding and resources from perfecting and consolidating the Karma, into attempting to build a high volume model, that the company had neither the capital, engineering resources or production knowledge to attempt. The question is, has the Karma's time come and gone ? Like all High fashion product, the widow of opportunity is relatively small. I would guess that the original market has disappeared for the Karma, at least in the USA. Times have changed. The Karma is no longer either a novelty, or "cool". Although the Wanxiang Group may still find a market for a revived Karma as an export vehicle, but the success of Tesla's model S, and other PHEVs and EREVs from big name established manufactures should prove too much competition to justify relying on US sales. ( Like LTAK, I too, would like to have seen the 'sunset' model produced.)
        Technoir
        • 4 Months Ago
        @Marco Polo
        Don't you worry, China is where the money will be made.
          Marco Polo
          • 4 Months Ago
          @Technoir
          @ Technoir Yes, I suspect you will be proven right.
        danfred311
        • 4 Months Ago
        @Marco Polo
        you are clueless as always Marco. should they have spent the full 1.2bn$ on 'perfecting' the karma? with what hope of recovering the investment? the failure was engineering and cost management. not that they didn't throw even more money at this AM General car. At 2.4ton it will remain a colossal eff up. Sure it appealed to a certain wealthy ignorant clientele with its flamboyant looks and I wouldn't particularly fault it for being that ridiculous but the 2.4ton is a monster mistake and there were many similar mistakes. Using the super idiots at UQM for drivetrains was a major one. They are so stupid they think they deserve the price of a small car for their small motors. You can't build a car company with prototype pricing. Meh eff it. I've pointed out their mistakes many times, it's not like anyone has the mind to listen. We'll see what new mistakes these clowns will make and you'll be there to praise them, Marco. Deep pockets they will need.
          Marco Polo
          • 4 Months Ago
          @danfred311
          @ danfred311 The reason no one listens to you DF, is that apart from criticising others from your bedroom, you've never actually built anything ! In fact, by your own admission you have never even owned an EV. Since you have such contempt for the opinions of others, why would anyone take your rantings seriously ? Wanxiang corporation, is just the latest in a long list of those whom you revile as inferior idiots, but they are in good company, since that lest includes everyone except you ! Get out of your bedroom, join a local EV enthusiasts club, and help build a project of your own. Then come back with something interesting to talk about.
      Letstakeawalk
      • 4 Months Ago
      Come on, build the Sunset!
        RoyEMunson
        • 4 Months Ago
        @Letstakeawalk
        Meh... build the Atlantic!
        danfred311
        • 4 Months Ago
        @Letstakeawalk
        let's see them make a car under 2 ton first. see if they can manage that achievement. lighter than a hummer is the holy grail among idiots.
      Spec
      • 4 Months Ago
      I hope he can fix the bugs and re-introduce the car. I'm not a big fan but it is nice looking. And I hope he makes a pure EV version.
      m_2012
      • 4 Months Ago
      What a coincidence - that's about how much money it will take to make this rolling turd into a real car.
        RoyEMunson
        • 4 Months Ago
        @m_2012
        Lu Guanqiu, the CEO of Wanxiang made a statement to the effect that they will concentrate on making Fisker successful, no matter what it takes. So they will indeed be investing a lot of capital in Fisker. I would like to see it go full electric, myself.
          brotherkenny4
          • 4 Months Ago
          @RoyEMunson
          Yes, full electric would lighten it some and make it more reliable. Seems obvious. The atlantic could then be the PHEV.
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