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Volvo-owners Geely interested in buying Fisker

Troubled electric carmaker, Fisker has attracted two Chinese suitors; Geely and Dongfeng Motor Group, as the firm looks for a buyer to secure its future. 

Geely, the firm which bought Volvo from Ford back in 2010, is the favourite to takeover the Californian start-up, best known for its range-extended Karma sports car.

Fisker Atlantic

The brand needs investment to bring its long-mooted Atlantic model to market. Expected to cost around half of that of the $102,000 (£65,717) luxury Karma, the Atlantic, based on the Nina concept, is a BMW 5-Series-sized sedan. Like the Karma, the new Atlantic will use Fisker’s range-extended plug-in hybrid technology.

While intended to be a more sensible and practical model, we still hope to see the Atlantic offer something close to the performance of Karma, which can accelerate from 0-60 mph in 6.2 seconds and yet achieve an astonishing emissions rating of just 51 g/km CO2 and a 112 mpg equivalency rating.

It is believed that Fisker’s bidders are offering somewhere between $200 million and $300 million for the carmaker, according to news agency, Reuters. No-one from either firm would comment on the news.

Interest from Chinese investors comes as the country seeks to address its pollution problem in its major cities and explores alternative fuel products as a means of addressing the issue.

Any deal between, Fisker and one of its Chinese suitors is expected to involve another Chinese company, Wanxiang Group, which bought the bankrupt US lithium-ion battery maker A123 Systems earlier this month. As Fisker's primary battery supplier, it could mean that Chinese companies will be almost solely responsible for finally bringing the Atlantic into production.

Whoever secures a majority stake in the firm, the carmaker is in much need of some love, having had a tough few years, most recently losing 338 Karma cars in Hurricane Sandy (see story) and having a $529 million loan frozen by the US government (see story).

Source: Reuters.

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Faye Sunderland

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