New Fisker owner Wanxiang is a $23-billion-a-year auto parts company
If you thought early Fisker Karma buyers like celebrities Leonardo DiCaprio and Cee Lo Green had deep pockets, get a load of the company's new owners. China's Wanxiang Group, which earlier this year acquired the extended-range plug-in vehicle maker in a bankruptcy auction, generates more than $23 billion in annual revenue, Automotive News says. Billion with a "b."
In fact, the company generates about $3 billion a year from US autoparts sales alone, so it's no stranger to the domestic automotive industry. That said, there's plenty of work to be done to revive the company. Wanxiang US chief Pin Ni said the Karma has "hundreds of issues" that need fixing before the sleek but troubled sedan is manufactured again. One hurdle cleared, though, is the fact that Wanxiang also bought lithium-ion battery maker A123 Systems out of bankruptcy for $257 million.
As for Fisker, Wanxiang beat out Hong Kong-based Hybrid Tech Holdings for the right to buy the automaker earlier this year for $126.2 million in cash and $8 million in assumed liabilities. And, while Wanxiang Group Chairman Lu Guanqui has recently been making the rounds with dignitaries such as US Vice President Joe Biden, Michigan Governor Rick Snyder and Delaware Governor Jack Markell, no details have been revealed about when Fisker will start making cars again.Featured Gallery2012 Fisker Karma: Second Drive
News Source: Automotive News - sub. req.Image Credit: Copyright 2014 / AOL / FiskerGreenPlants/ManufacturingFiskerChinaElectricchinafiskerfisker karmawanxiangwanxiang groupFisker Karma Information
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Marco Polo6 Months AgoWhen Fisker first announced the Karma, I liked the concept of the car. The Karma was never aimed at the EV market. Nor was it designed to appeal to the Leaf buyer. (or the majority of ABG readers). The Karma was designed to capture a totally different sort of market. This market valued the Karma's looks, exclusive styling and "cool' fashionable "greenish image". Like all cars of it's type, it was a fashion statement, status symbol, designed as much to appeal to it's target market, as to annoy and offend serious, anorak wearing, critics. As a low volume, high priced vehicle, it succeeded. The initial marketing was brilliant, Karma captured exactly the kind of high profile celebrity owners, such a model needs. (especially in export markets) to portry the image of being the car for sexy, successful " winners" . The corporate failure, (along with some some sheer bad luck) caused the most of the problems that beset the Karma. The corporate failure of Fisker Automotive, was created by diverting funding and resources from perfecting and consolidating the Karma, into attempting to build a high volume model, that the company had neither the capital, engineering resources or production knowledge to attempt. The question is, has the Karma's time come and gone ? Like all High fashion product, the widow of opportunity is relatively small. I would guess that the original market has disappeared for the Karma, at least in the USA. Times have changed. The Karma is no longer either a novelty, or "cool". Although the Wanxiang Group may still find a market for a revived Karma as an export vehicle, but the success of Tesla's model S, and other PHEVs and EREVs from big name established manufactures should prove too much competition to justify relying on US sales.
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