China's Wanxiang looking to invest in Fisker Automotive

By Meribah Knight
CRAIN'S CHICAGO BUSINESS

Published: January 30, 2013 1:47 pm ET
Updated: January 30, 2013 1:49 pm ET

Related to this story

Topics Automotive

ELGIN, ILL. -- Wanxiang America Corp. is interested in investing in electric car maker Fisker Automotive Inc.

According to Wanxiang, an Elgin, Ill.-based subsidiary of China's Wanxiang Group, it is looking into how it can help the Anaheim, Calif.-based automaker as a key supplier, strategic partner or investor.

Wanxiang has spent much of the last decade scooping up more than two dozen troubled American companies. Yet despite rumors, Wanxiang has no plans to purchase the Fisker Karma hybrid maker; rather, the company told Crain's, it is interested only in offering a helping hand.

As of late, Wanxiang has been in the news after winning the bidding for A123 Systems Inc., a bankrupt battery maker based in Waltham, Mass. Rival bidder Glendale, Wis.-based Johnson Controls Inc. challenged the Bankruptcy Court's decision, citing national security concerns related to A123's core technology. Late on Jan. 28, Wanxiang said, a U.S. court and the Committee for Foreign Investment in the U.S., an interagency body that screens transactions that could jeopardize national security, approved the takeover.

The Fisker Karma hybrid uses a lithium-ion battery made by A123 — also a current investor in Fisker, according to Wanxiang.

Last year, Fisker Automotive had two incidents involving fires in its Fisker Karma hybrids: one while the hybrid was parked in a garage in May and the second in a parking lot in August.

Any investment by Wanxiang, whether in Fisker or anywhere else, requires approval from the Chinese government, which Wanxiang America has not yet received, according to the company.

Fisker, which was launched in 2007, went into production in 2011 with the Karma. The four-door sports car is listed at roughly $100,000.


Comments

China's Wanxiang looking to invest in Fisker Automotive

By Meribah Knight
CRAIN'S CHICAGO BUSINESS

Published: January 30, 2013 1:47 pm ET
Updated: January 30, 2013 1:49 pm ET

Post Your Comments


Back to story


More stories

Image

Toyota says Mirai fuel cell sedan represents a 'new start' for the carmaker

March 2, 2015 11:55 am ET

Toyota Motor Corp.'s most advanced vehicle, a car that runs on hydrogen and emits only water, has had an ironically low-tech birth and has an equally ...    More

Image

Plastic Omnium makes China investment push

February 26, 2015 4:35 pm ET

Three of the six new plants that automotive molder Plastic Omnium SA plans this year will be in China, part of a broader push it’s making in...    More

Image

Jagemann expands to meet rising demand from auto industry

February 18, 2015 2:50 pm ET

Jagemann Precision Plastics is expanding its Murfreesboro, Tenn., plant to meet rising demand for insert-molded parts.    More

Image

TransNav, Rompa Group form JV covering Europe, North America

February 17, 2015 5:28 pm ET

TransNav Inc, of New Baltimore, Mich., and the Tilburg, Netherlands-based Rompa Group have established an injection molding and thermoforming joint...    More

Image

Plastics firms honored for work in product development, manufacturing

February 17, 2015 4:09 pm ET

Sealpac USA LLC, Dow Chemical Co.'s automotive systems group, Piper Plastics Inc. and Igus Inc. were honored for their efforts in the development new ...    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events