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Old 10-17-2013, 06:47 PM   #1 (permalink)
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Default Richard Li acquires Fisker

I don't know if I believe it, but anyway here is the article

http://www.wantchinatimes.com/news-s...20131017000146

Richard Li acquires American automaker

  • Staff Reporter
  • 2013-10-17
  • 17:05 (GMT+8)

Visitors check out the latest Fisker Karma model at the Detroit Auto Show, Jan. 12. (Photo/CFP)

Richard Li, the second son of Hong Kong business magnate Li Ka-shing, recently acquired US-based Fisker Automotive, with the aim of integrating the automobile business with information technology, reports Guangzhou's 21st Century Business Herald.
Li was the only non-automaker bidder interested in the US company, but his background in the telecommunications business and his ability to develop the sector by manufacturing smart vehicles helped him beat out competitors. The younger Li is of the view that an integration of software and hardware will become a future trend in the IT sector and in the mobile services arena in particular.
Fisker Automotive was founded in 2007 and its hybrid electric model was an immediate hit. However, the company failed to generate significant profits. It was forced to suspend production last year, announcing in May that it was incapable of paying off its debts. Prior to encountering a debt crisis in spring last year, its market value was estimated at US$2.2 billion.
The firm's bankruptcy resulted in chaotic internal management, which led to the resignation of the company's co-founder Henrik Fisker in March. But this did not deter Chinese investors from buying the company, with five China-based automakers bidding for the company over the past year. These were namely Wanxiang Group's VL Auto, WM GrandTheft Automotive, Geely, Dongfeng Motor and the BAIC Group.
The first two companies maintained an interest until the final round of bidding, along with Richard Li's Hong Kong-based Pacific Century Group. An insider that Li held an edge in the bidding because his price was much higher than his rivals. Most of the bidders offered a buying price of US$200 billion, whereas Li was willingly to pay up to US$300 billion to acquire the automaker. In addition, Henrik Fisker, personally contacted Li and said he hoped to continue running Fisker Automative, lending his hand in the bidding war.
Over the past year, Li's personal acquisitions have mainly focused on mobile internet and insurance businesses, with the businessman purchasing Dutch ING Group's Hong Kong, Macau and Thailand businesses last year. After the Fisker acquisition, Li is following his father's footsteps into the European and American markets.
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Old 10-17-2013, 07:08 PM   #2 (permalink)
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Quote:
Originally Posted by Chicago View Post
I don't know if I believe it, but anyway here is the article

http://www.wantchinatimes.com/news-s...20131017000146

Richard Li acquires American automaker

  • Staff Reporter
  • 2013-10-17
  • 17:05 (GMT+8)

Visitors check out the latest Fisker Karma model at the Detroit Auto Show, Jan. 12. (Photo/CFP)

Richard Li, the second son of Hong Kong business magnate Li Ka-shing, recently acquired US-based Fisker Automotive, with the aim of integrating the automobile business with information technology, reports Guangzhou's 21st Century Business Herald.
Li was the only non-automaker bidder interested in the US company, but his background in the telecommunications business and his ability to develop the sector by manufacturing smart vehicles helped him beat out competitors. The younger Li is of the view that an integration of software and hardware will become a future trend in the IT sector and in the mobile services arena in particular.
Fisker Automotive was founded in 2007 and its hybrid electric model was an immediate hit. However, the company failed to generate significant profits. It was forced to suspend production last year, announcing in May that it was incapable of paying off its debts. Prior to encountering a debt crisis in spring last year, its market value was estimated at US$2.2 billion.
The firm's bankruptcy resulted in chaotic internal management, which led to the resignation of the company's co-founder Henrik Fisker in March. But this did not deter Chinese investors from buying the company, with five China-based automakers bidding for the company over the past year. These were namely Wanxiang Group's VL Auto, WM GrandTheft Automotive, Geely, Dongfeng Motor and the BAIC Group.
The first two companies maintained an interest until the final round of bidding, along with Richard Li's Hong Kong-based Pacific Century Group. An insider that Li held an edge in the bidding because his price was much higher than his rivals. Most of the bidders offered a buying price of US$200 billion, whereas Li was willingly to pay up to US$300 billion to acquire the automaker. In addition, Henrik Fisker, personally contacted Li and said he hoped to continue running Fisker Automative, lending his hand in the bidding war.
Over the past year, Li's personal acquisitions have mainly focused on mobile internet and insurance businesses, with the businessman purchasing Dutch ING Group's Hong Kong, Macau and Thailand businesses last year. After the Fisker acquisition, Li is following his father's footsteps into the European and American markets.
I though so too, but the I saw this, which disputes a winner was selected

http://www.detroitnews.com/article/2...utomotive-loan
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Old 10-17-2013, 07:30 PM   #3 (permalink)
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Quote:
Originally Posted by Chicago View Post
I don't know if I believe it, but anyway here is the article

http://www.wantchinatimes.com/news-s...20131017000146
I wouldn't, until there is an official announcement from DOE.
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Old 10-17-2013, 09:26 PM   #4 (permalink)
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Here's a more creditable report from Reuters.

http://ca.news.yahoo.com/hong-kong-t...--finance.html
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Old 10-18-2013, 02:43 AM   #5 (permalink)
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What would this mean for the future of Fisker?
New cars?
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Old 10-18-2013, 05:10 AM   #6 (permalink)
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Happy!!!

http://youtu.be/Q-GLuydiMe4

Hopefully we will get all the support and updates we need!!
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Old 10-18-2013, 06:21 AM   #7 (permalink)
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Quote:
Originally Posted by SC Karma View Post
Here's a more creditable report from Reuters.

http://ca.news.yahoo.com/hong-kong-t...--finance.html
Reuters is the most credible and authoritative when it comes to FA, and the story is in the US edition now:

(Reuters) - An investor group led by Hong Kong tycoon Richard Li is the likely winner of a government loan owed by Fisker Automotive, the now-dormant maker of plug-in hybrid sports cars, people familiar with the matter said on Thursday.

The U.S. Department of Energy picked Li's group after an auction held Friday to sell the green-energy loan. The DOE and Li are now nailing down the final details of the sale, which has not yet closed, the people said.

Buying the loan would allow Li, the youngest son of Asia's richest man and an early Fisker investor, to restructure Fisker unencumbered by the obligations of the DOE funds and potentially avoid a bankruptcy filing that would wipe out equity investors.

Sources familiar with the company have said however that reviving Fisker outside of a bankruptcy would be an expensive and difficult process.

The people declined to be named because the details were private. The DOE said Thursday that the winner would be publicly announced once final negotiations were completed and the sale was closed. Fisker owes the DOE $168 million.

Li beat out at least two other groups vying to buy the loan in Friday's auction. They were German investment group Fritz Nols AG as well as a team that included Chinese auto parts supplier Wanxiang and former General Motors Co (GM.N) executive Bob Lutz.

Fisker does not have enough money to pay its outstanding bills and has not built a car in about 15 months. Fisker laid off most of its employees in April to save cash.

The DOE said last month that it planned the auction after "exhausting any realistic possibility" that it could recoup the entire amount still owed by Fisker.

The exact value of Li's bid was not immediately clear, but bidders had to offer at least $30 million to participate in the Fisker loan auction, sources have said.

The DOE also required that all bids include a plan to promote U.S. manufacturing and engineering of "green" cars.

In 2009, Fisker won a $529 million DOE loan under a U.S. program to promote green vehicles. Fisker also got the backing of prominent investors like venture capital firm Kleiner Perkins Caufield & Byers and later won rave reviews for the design of its flagship car, the $100,000-plus Karma plug-in hybrid.

But in mid-2011, the DOE halted payments after Fisker drew down $192 million, citing delays in launching the Karma. The Karma's shaky launch and the disclosure in early 2012 that DOE had frozen access to funding hurt the Fisker's value.

Many Fisker executives left the company this year, including co-founder and well-regarded car designer Henrik Fisker, who resigned in March.

Henrik Fisker had been working with Li's group this spring, although the two sides parted ways this summer, sources said Thursday. They remain on good terms.

Henrik Fisker declined to comment and Pacific Century Group, the private investment group chaired by Richard Li, could not be immediately reached for comment by e-mail.
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Old 10-18-2013, 10:59 AM   #8 (permalink)
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The report states that Henrik Fisker and Richard Li have parted ways.

"Li was previously reported to be working with Fisker co-founder Henrik Fisker on the bid, though the two are said to have parted ways."

http://www.csmonitor.com/Business/In...re-report-says
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Old 10-18-2013, 11:49 AM   #9 (permalink)
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Here is pretty good source. consider is reporting from Reuters

http://www.reuters.com/article/2013/...99H02F20131018

Would that give fisker unlimited $$$ !!!
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Old 10-18-2013, 02:08 PM   #10 (permalink)
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I'm sure he's probably aware of it..but it might not be a bad thing for Mr. Li to be made aware of the passion and loyalty existing owners have for the brand he just purchased. Maybe we send a congrats letter (signed by as many owners as possible) with a message of how we're all excited and hopeful for what he has planned for current and future owners?
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