Orange County Business Journal

Fisker Sale Approved

Kari Hamanaka Tuesday, February 18, 2014

A bankruptcy judge approved the sale of Costa Mesa-based Fisker Automotive Inc. Tuesday.

Wanxiang America Corp.'s $149.2 million bid for the bankrupt luxury hybrid automaker came out on top in an auction of Fisker's assets last week.

Wanxiang, part of China-based auto parts company Wanxiang Group Corp., competed against Fisker's senior secured lender, Hybrid Tech Holdings LLC, in the auction. Hybrid Tech is affiliated with Hong Kong billionaire Richard Li.

The purchase price is about four times what Wanxiang originally said it would pay for the automaker.

Wanxiang, which acquired Fisker battery supplier A123 Systems Inc. out of bankruptcy last year, said it would like to resume production of the automaker’s Karma sedan, along with a second vehicle model.

Fisker halted production of the Karma in 2012, citing a battery supply shortage. The Karma was the automaker’s only model that made it to market since its 2007 founding.