Hong Kong billionaire Richard Li, said it retained Martin Leach to bring Fisker out o - Fisker Buzz Forums
Fisker Buzz Forums

User Tag List

Reply
 
LinkBack Thread Tools
Old 02-10-2014, 08:04 PM   #1 (permalink)
Early Adopter
 
Nin ja's Avatar
 
Join Date: Jan 2012
Location: Virginia
Posts: 1,211
Mentioned: 10 Post(s)
Tagged: 0 Thread(s)
Quoted: 212 Post(s)
Garage
Default Hong Kong billionaire Richard Li, said it retained Martin Leach to bring Fisker out o

Hybrid Tech Holdings LLC, one of the bidders for control of failed luxury car maker Fisker Automotive Inc., has hired a former top Ford Motor Co. F -0.87% executive to orchestrate the restart of operations if it wins.

The Chinese company, formed by Hong Kong billionaire Richard Li, said it retained Martin Leach to bring Fisker out of mothballed status. Mr. Leach has worked at Ford, Mazda Motor Corp. 7261.TO +2.04% and Maserati, and now owns automotive consulting firm Magma Group.

Fisker once planned to build cars at a former General Motors Co. GM -3.35% factory in Delaware using a $529 million loan from the U.S. government, but the company ran out of money and stopped operating, owing the government about $168 million.

Hybrid Tech is locked in a bidding war with another Chinese firm, auto-parts maker Wanxiang Group, over the bankrupt luxury auto maker's assets, including the Delaware plant site.

Wanxiang also plans to restart Fisker's operations as soon as possible following a successful bid, said Pin Ni, president of the American arm of the company. Final bids for Fisker were due Feb. 7, and an auction for the company starts on Wednesday. Fisker filed for bankruptcy on Nov. 22.

Mr. Leach said in an interview that his job would be to get operations moving while new workers are hired.

"Clearly, there is an awful lot to be done with Fisker," he said. "We will assist in on-boarding all the necessary talent that is required and starting the process of engaging the suppliers and the dealers."

Mr. Leach's group is now trying to re-establish supply agreements with 250 parts makers and other vendors, and looks to restart production in Finland, where the Fisker Karma had been built. All told, about 2,000 Fisker Karmas were built. He also is trying to re-establish agreements with dealers among the group that had operated before the company failed.

Fisker hasn't made any vehicles since July 2012, though there are a few hundred remaining on dealer lots around the world.

Hybrid Tech also has retained Boston-Power Inc. to supply the large lithium-ion batteries used in the Karma. The previous battery supplier for Fisker was A123 Systems, a company now owned by Wanxiang.

Hybrid Tech has offered $55 million for Fisker, while Wanxiang has offered $35 million, plus 20% equity in the new entity to creditors.

Wanxiang's proposal to purchase Fisker relies on convincing the judge and creditors that it has a better plan to run the company, because it implies that the 20% equity stake given to creditors would eventually be valuable down the road.

Mr. Leach said he wouldn't repeat the mistakes of the previous management and push out a car that was unfinished. He said he is planning an overhaul of the Karma, making 200 improvements, including to the electronics and making fixes to other areas of the vehicle.

When the Karma went on sale in 2011, electrical and mechanical problems plagued it. Executives who worked at the company at the time said it was released too early. Only a few months after it went on sale, A123 had to recall the expensive batteries because of a manufacturing flaw that could cause them to fail.

Mr. Leach said Fisker has moved its headquarters to Irvine, Calif., and a small number of people still work at the company.

Fisker was the recipient of a $529 million Energy Department loan. It drew down about $192 million of the loan before the government froze it because the company failed to hit development targets for a smaller, less expensive vehicle that was to be built in the U.S. at the former GM site in Delaware.

Mr. Li, an early investor in Fisker, purchased the defaulted loan from the government for $25 million. Owning the debt gives him the ability to use it as a pledge toward purchasing the company's assets.

The future of the dormant plant in Delaware still is up in the air. Mr. Leach said the plant is too large to assemble Fisker vehicles affordably, but he hasn't made a final determination on what to do with the plant if Hybrid Tech is successful in its purchase.
__________________
Karma Ecosport eclipse / dune
Nin ja is offline   Reply With Quote
Old 02-11-2014, 08:13 AM   #2 (permalink)
Carved - Karma bites back
 
Join Date: Jul 2013
Location: Belgium, Antwerp
Posts: 79
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 11 Post(s)
Default

We will see tomorrow!
I hope our Karma's also get overhauled....
New battery ... new more powerfull electric motors ... etc....
__________________
Fisker Karma EcoChic 04/2013 #1451
Abarth 595
Toyota Tundra 2014 Platinum CrewMax
Carved is offline   Reply With Quote
Old 02-11-2014, 10:12 AM   #3 (permalink)
Early Adopter
 
Nin ja's Avatar
 
Join Date: Jan 2012
Location: Virginia
Posts: 1,211
Mentioned: 10 Post(s)
Tagged: 0 Thread(s)
Quoted: 212 Post(s)
Garage
Default

let's hope so -- i would like to get Sw updates to fix all the bugs, maybe some performance enhancement and dealerships that will service the car for the warrenty period. it would be nice if we could get some updates as well to the console (smooth's modification) and it would be nice to get some of the fit and finish issue resolved as well -- roof panels, trunk and hood etc.
__________________
Karma Ecosport eclipse / dune
Nin ja is offline   Reply With Quote
 
Old 02-11-2014, 11:08 PM   #4 (permalink)
Senior Member
 
Join Date: Jan 2012
Posts: 555
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 33 Post(s)
Default

Quote:
Originally Posted by Nin ja View Post
let's hope so -- i would like to get ....and dealerships that will service the car for the warrenty period. ...
I think the new Fisker should adopt a hybrid of the Tesla model and work only with the few dealerships which stuck with their Fisker customers. The techs working at those dealers, plus the independent techs, could provide warranty (or non-warranty) service to the rest of us. That should provide lots of Fisker work to those who have developed so much knowledge and avoid rewarding the dealers who abandoned their customers.
EVer1 is offline   Reply With Quote
Old 02-12-2014, 09:22 AM   #5 (permalink)
Carved - Karma bites back
 
Join Date: Jul 2013
Location: Belgium, Antwerp
Posts: 79
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 11 Post(s)
Default

fit & finish issues? what do you mean?

Quote:
Originally Posted by Nin ja View Post
let's hope so -- i would like to get Sw updates to fix all the bugs, maybe some performance enhancement and dealerships that will service the car for the warrenty period. it would be nice if we could get some updates as well to the console (smooth's modification) and it would be nice to get some of the fit and finish issue resolved as well -- roof panels, trunk and hood etc.
__________________
Fisker Karma EcoChic 04/2013 #1451
Abarth 595
Toyota Tundra 2014 Platinum CrewMax
Carved is offline   Reply With Quote
Old 02-12-2014, 09:24 AM   #6 (permalink)
Carved - Karma bites back
 
Join Date: Jul 2013
Location: Belgium, Antwerp
Posts: 79
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 11 Post(s)
Default

Quote:
Originally Posted by EVer1 View Post
I think the new Fisker should adopt a hybrid of the Tesla model and work only with the few dealerships which stuck with their Fisker customers. The techs working at those dealers, plus the independent techs, could provide warranty (or non-warranty) service to the rest of us. That should provide lots of Fisker work to those who have developed so much knowledge and avoid rewarding the dealers who abandoned their customers.
I agree. The Belgian importer just abandoned all of its customers. I now get serviced by the Dutch importer, who was kindly enough to contact me directly when I had issues.
__________________
Fisker Karma EcoChic 04/2013 #1451
Abarth 595
Toyota Tundra 2014 Platinum CrewMax
Carved is offline   Reply With Quote
Old 02-12-2014, 09:30 AM   #7 (permalink)
Carved - Karma bites back
 
Join Date: Jul 2013
Location: Belgium, Antwerp
Posts: 79
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 11 Post(s)
Default

Also check this article

http://green.autoblog.com/2014/02/11...the-situation/

I qoute:" Leach told Reuters that he has been working on a business plan "for months," and it starts with the company taking care of current Karma owners and re-engaging suppliers".

This seems going in the right direction.
__________________
Fisker Karma EcoChic 04/2013 #1451
Abarth 595
Toyota Tundra 2014 Platinum CrewMax
Carved is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Aston Martin Vantage in China marswill The Car Lounge 0 12-31-2013 09:10 PM
Richard Li Harleyguy Fisker Karma 2 12-31-2013 05:01 PM
Richard Li acquires Fisker Chicago The Fisker Lounge 90 12-11-2013 08:36 PM
Richard Li wins...at least that's the rumor Lormax The Car Lounge 25 10-16-2013 09:55 AM
New Aston Martin Rapide S... pretty nice! SoCalGuy The Car Lounge 9 09-07-2013 04:57 PM

Powered by vBadvanced CMPS v3.2.3

All times are GMT -4. The time now is 04:36 PM.



Powered by vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Search Engine Friendly URLs by vBSEO 3.6.0 PL2
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.
User Alert System provided by Advanced User Tagging (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.