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Chinese Company Acquires U.S. Electric Car Maker For USD149 Million
February 23, 2014 |
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Comments | Category: Business
China's Wanxiang Group has invested USD149 million to acquire U.S. high-end electric car maker Fisker, who previously applied for bankruptcy protection.
Wanxiang Group's offer was reportedly over six times of the bankruptcy protection price of Fisker and the high price helped this Chinese company win the deal among many potential buyers.
Wanxiang Group's main businesses covers car and solar sectors, and the group has a fancy office building in Chicago.
After acquiring Fisker, Wanxiang Group will gain 18 electric car manufacturing technology patents, as well as an abandoned factory in Wilmington, Delaware.
It is still unknown if the acquisition includes Fisker's brand and logo, since the brand and logo are owned by another company named Fisker Coachbuild. The use of the brand and logo was authorized by Fisker Coachbuild. The company once said that they will continue to provide the related authorization to the buyer of Fisker.
Prior to this, Wanxiang Group had acquired the electric car battery maker A123 Systems, which is a parts supplier to Fisker.
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