23 May 2019

Wanxiang in last-minute bid for US hybrid-car firm, Reuters says

Wanxiang America Corp., China’s largest car parts company, made a surprise bid for Fisker Automotive just days before the bankrupt maker of the Karma plug-in hybrid sports car was to be sold to a Hong Kong tycoon, Reuters reported Tuesday, citing US court documents. Fisker creditors asked the U.S. Bankruptcy Court in Wilmington, Delaware, to scrap Fisker’s agreed sale to a company affiliated with Richard Li and instead hold an open auction at which Wanxiang plans to bid, the report said. Wanxiang has agreed to make an initial bid of US$24.725 million and assume some of Fisker’s liabilities, the documents said. A court hearing is set for Friday to consider whether Fisker should proceed with the sale or adopt the new proposal, the report said.

– Contact HKEJ [email protected]


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