Fisker Said to Weigh Bids From Suitors Including Dongfeng

[ne_one]

Fisker Said to Weigh Bids From Suitors Including Dongfeng
Bloomberg
February 15, 2013
by David Welch & Zijing Wu

Fisker Automotive Inc., the U.S. plug-in hybrid carmaker seeking a buyer, is weighing several bids, including a $350 million offer from Dongfeng Motor Corp. that would give the Chinese carmaker majority control, said people with knowledge of the matter.

Dongfeng, based in Wuhan, China, would gain 85 percent of Fisker under the terms of its bid, said one of the people, who asked not to be named because the process is private. Fisker had sought bids by Feb. 6, according to that person.

Teaming up with Dongfeng could help Anaheim, California- based Fisker solidify its turnaround and give it the funds to pay back loans from the U.S. government. The maker of the Karma luxury rechargeable-car had to halt production last year after battery supplier A123 Systems Inc. filed for bankruptcy, and said last week that it would begin making vehicles again “fairly soon.”

Fisker, led by Chief Executive Officer Tony Posawatz, said in December that it was working with Evercore Partners Inc. to find potential investors or partners. Without a partner or a buyer by midyear, Fisker may face a cash crunch, a person familiar with the matter said last month. Posawatz once served as vehicle line director for the Volt.

Full article at link.

[ausrutherford]

So we gave it $500 million, only for China to buy it...?

[PHAT-JAY]

come on GM...buy them!

[ne_one]

come on GM...buy them!

For what? They make subsidized BBQs.

[richmond2000]

right now the Chinese are the only People with Money
and I think GM should NOT spend that sort of money on a car CO that is yet to make ANY money

[SX3]

I feel like GM should have bought A123 Systems. Giving that away robbed the US of our leading Li-ion battery maker.

Fisker, however, does nothing that GM hasn't done or doesn't do better. Considering they already use GM components in their vehicles, I wouldn't be surprised if GM already knows anything useful Fisker could offer.

[Quixote88]

$350 Million could buy GM a nice sister car for the ELR in the Karma, which already uses some GM components... It also would keep another manufacturer from building higher end electric vehicles to sell and compete with GM in the U.S.... One who isn't as inept as Fisker... That would be the primary reason to buy out Fisker. But I don't see it happening.

[steve333]

Just love our Government.
After receiving our tax money a sale to a foreign entity should be banned, especially a Government owned company.
This just pisses me off big time

[mchicha]

right now the Chinese are the only People with Money
and I think GM should NOT spend that sort of money on a car CO that is yet to make ANY money

Buffett is not short of cash yet.

[CaddyLac10]

It was only a matter of time. Fisker simply doesn't have the money or infrastructure to scale or compete in the EV game, especially when the only vehicle you have is 100K. Fisker trying to compete with GM, Toyota or any of the other juggernauts was foolish.

Didn’t anyone see a problem when Fisker kept coming back for more and more and more money with nothing to show for it? The big makers don’t need Fisker in any way. There might be a couple small makers that want to get in the game, but even they know the initial investment is the easy part. It will cost multi-billions to continue developing the technology and actually becoming a significant player. There's really no reason for anyone to aquire Fisker at all.

[1.21 giggawatts]

Maybe Malcolm Bricklin might want a crack at it?

[rueben44]

Oh people stop please when we invest in these companies there is no guarantee that we will get a return but if you want to grow a industry it is worth the effort. Out of all the companies we spent on most have made it but some will fail that is life. There is worst to pull your hair about than this even though I would hate for the Chinese to get it. Still Fisker has issues and can die for all I care Tesla is the real gem that GM should buy but never will.

[goatgary]

Maybe Malcolm Bricklin might want a crack at it?

Anyone remember DeLorean?

[Car253]

Fisker never was going to be a viable company and only existed on loans and grants and handouts. Tesla has a chance of surviving but I think Fisker is a real loser. GM should not even think about buying Fisker.

[hvac1000]

Just love our Government.
After receiving our tax money a sale to a foreign entity should be banned, especially a Government owned company.
This just pisses me off big time

I agree.