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
Companies & Associations

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

Improvements to Radici's nylon line takes it into more applications

March 27, 2015 9:00 am ET

Radici Group, the Italian-headquartered materials firm, outlined the benefits of its Radilon and Radistrong nylon products at NPE 2015.    More

Image

DuPont exec: Still lots of lightweighting needed in the auto industry

March 23, 2015 6:00 am ET

In that role, Jeffrey Sternberg is responsible for bringing the breadth of DuPont advanced materials — as well as renewably sourced materials...    More

Image

How Faurecia made over a relic

March 23, 2015 6:00 am ET

Everything about Faurecia SA's interior trim plant in Saline, Mich., is big.    More

Image

Magna investing $135 million for new exteriors plant in Mexico

March 18, 2015 5:04 pm ET

Magna International Inc has started construction of a $135 million automotive exteriors manufacturing facility in Querétaro, in central Mexico.    More

Image

Auto supplier Visteon seeking new CEO

March 17, 2015 10:04 am ET

Visteon Corp. said Monday CEO Tim Leuliette will step down by the end of the year.    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