All Your Fisker Belongs To Wanxiang Group

After three days and nineteen rounds of bids, China’s Wanxiang Group emerged as the new owner of Fisker, beating out Hybrid Tech Holdings LLC, the original winner of Fisker Automotive back in November. The winning bid was $149.2 million, about six times higher than the original sale price of $25 million.

The auction came after a ruling made by U.S. Bankruptcy Judge Kevin Gross last month. Gross rejected the original offer made by Hybrid Tech Holdings LLC of $25 million for all of Fisker's assets.

Now the bid has to be approved by Gross for Wanxiang Group to become Fisker Automotive's new owner. That will happen this week.

Source: Bloomberg

William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.