Fisker heads to auction

October 17, 2013
The United States Department of Energy (DOE) is accepting bids from companies interested in taking over the remains of Fisker.  Largely funded by taxpayers, the failed startup hasn’t built a car in over a year and it laid off most of its workforce last spring.

The DOE knows it won’t collect the $168 million Fisker still owes it but it is only accepting bids of $30 million or higher with a 10-percent deposit due with the bid.  DOE officials have not commented on the sale but several inside sources revealed Fisker could be transferred to a new owner before the end of the month, avoiding the complicated and lengthy process of filing for bankruptcy.

Fisker is in rough shape but tangible assets like a factory in Delaware and intellectual property such as the blueprints to the Karma and its gasoline-electric hybrid drivetrain are valuable if the right buyer is found.

Several parties have manifested an interest in purchasing Fisker over the past couple of months.  Recently, a German investment group called Fritz Nols AG offered $25 million for the company and its assets.  It promised to return the automaker to profitability by shifting Karma production from Finland to the United States and quickly adding new models to the lineup.

 Last May, founder Henrik Fisker and Hong Kong-based investor Richard Li offered the United States Department of Energy (DOE) between $25 and $30 million for the company. China’s Wanxiang and Bob Lutz’s VL Automotive have teamed up with a bid of $20 million, and Beijing Automotive (BAIC) has also manifested an interest in purchasing the company for an undisclosed sum.<![CDATA[
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