September 24, 2014 by Joey Wang
Chinese car parts producer Wanxiang Group, which bought car maker Fisker Automotive from bankruptcy early this year, is accelerating the relaunch of the Fisker Karma hybrid by using the design from the company’s last year of production, people close to the companies said.
February 24, 2014 by Tycho de Feijter
China’s Wanxiang Group said Friday it plans to restart production of Fisker vehicles after it purchased the firm in a 150 million-dollar deal. In the ‘coming months’ Wanxiang will restart building cars in the Valmet factory in Finland, and will start production in Fisker’s own manufacturing plant in Delaware, United States, which Fisker bought from General Motors in 2010.
February 20, 2014 by Joey Wang
Wanxiang America Corporation (WAC), a US subsidiary of Wanxiang Group, the largest auto-parts company in China, emerged as the winner of the bankruptcy auction for the assets of hybrid-sports carmaker Fisker Automotive.
Wanxiang’s bid has a value of approximately $149.2 million, representing $126.2 million in cash, $8 million of assumed liabilities and a contribution of common equity in an affiliate designated by Wanxiang to acquire the assets of Fisker, according to a Fisker statement.
January 31, 2013 by W.E. Ning
A US government panel has approved the purchase by China’s biggest auto parts maker, Wanxiang Group, of nearly all the assets of A123 Systems Inc, a Massachusetts-based maker of electric-car batteries that declared bankruptcy last year.
Ni Pin, president of the Chinese company’s US subsidiary, Wanxiang America, said company lawyers were working on final details of the $257 million deal at a court-supervised bankruptcy auction in December.
December 10, 2012 by Joey Wang
Bankrupt battery maker A123 Systems Inc. on Sunday said it will sell most of its assets to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for $256.6 million.
Wanxiang America Corp. won an auction conducted under the supervision of the U.S. Bankruptcy Court for the District of Delaware. A123’s government business will be sold separately, for $2.25 million, to Navitas Systems, of Woodridge, Ill.