China-based automotive parts manufacturer Wanxiang Group has partnered with VL Automotive, a US-based automotive company set up by former General Motors chairman Robert Lutz and industrialist Gilbert Villereal, to reportedly make an undisclosed acquisition offer for Fisker Automotive, a US plug-in hybrid/electric car maker.
The reported offer came out soon after Wanxiang acquired Fisker’s lithium-ion battery supplier and corporate venturing portfolio company, A123 Systems, out of bankruptcy.
Utobloggreen, an online automotive blog, has reported that Fisker is fending off bankruptcy and has been offered $20m in the latest acquisition offer. The reported offer would be 1% of Fisker’s $2bn value back when the Karma plug-in hybrid (pictured) was launched, according to newswire Reuters.
Fisker and VL have had a previous relationship. VL’s Destino four-door sedan was first shown in January 2013, which according to trade reports is allegedly potentially based on the Fisker Karma design, but fitted with a 6.2 L V8 petrol engine rather than the electric power of the Karma. Sales of the Destino are scheduled to commence in the second half of 2013.
News reports said there were synergies between the Karma and Destino models, alongside the acquired technology of A123Systems.
Founded in 2005 by car designer Henrik Fisker, the eponymous company has raised a massive $1.4bn from a mix of private investors, including high net worths, the US Department of Energy and venture capital firms including Kleiner Perkins Caufield & Byers. Fisker has an outstanding US Department of Energy loan reportedly of between $171m and $336m.
As of April of this year, news provider Venture Beat said the car developer had less than $20m cash in hand, stopped paying all creditors and faced multiple lawsuits.
Separately, however, Fisker was reported to be part of a consortium alongside Tom LaSorda, a former chief executive of car maker Chrysler Group and car racing mogul Roger Penske to start up venture capital fund to invest in technology start-ups.
IncWell will invest between $50,000 and $250,000 per company in clean energy, medical, healthcare, transportation and information applications.
After leaving Chrysler in 2009, LaSorda started a venture capital company, Stage 2 Innovations, with Manoj Bhargava, the founder of the 5-Hour Energy drink.
LaSorda subsequently joined Fisker in February before leaving in August 2012.