Fisker will be sold to Dongfeng
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Reference?
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There's a report that Geely is out. There is a presumption is that Dongfeng's bid will be accepted, but there's no indication that is yet the case:
http://www.greencarreports.com/news...-deemed-too-risky-due-to-u-s-government-loans
http://www.greencarreports.com/news...-deemed-too-risky-due-to-u-s-government-loans
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I would not jump to that conclusion just yet. Fisker has kept a pretty tight lid on the identity of all the bidders and just because the Chinese bidders are in the news, that does not necessarily mean there are no other bidders. I don't know anything definitive one way or another, just urging caution on reaching conclusions based on limited, and speculative, data.
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Yes, there's no point in speculating - though it's apparent that some of you know more than you can share at the moment.
However, it's interesting to look at DongFeng's financial strength as an indicator of the level of partner/owner with whom Fisker is negotiating with. Not too shabby:
http://money.cnn.com/magazines/fortune/global500/2012/snapshots/11636.html
However, it's interesting to look at DongFeng's financial strength as an indicator of the level of partner/owner with whom Fisker is negotiating with. Not too shabby:
http://money.cnn.com/magazines/fortune/global500/2012/snapshots/11636.html
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More speculation from "sources":
http://online.wsj.com/article/SB10001424127887323415304578368341051986934.html
http://online.wsj.com/article/SB10001424127887323415304578368341051986934.html
From what little I know I think everyone may be a little surprised by who may become Fisker's "money" partner. (Hint: I have not seen their name mentioned anywhere)
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Fisker Automotive Sales Talks Fall Apart
Yuliya Chernova and Sharon Terlep
March 18, 2013
(c) 2013 Dow Jones & Company, Inc.
Chinese auto makers have pulled back from talks to buy Fisker Automotive Inc . over a disagreement on whether to revive a loan agreement with the U.S., leaving the Anaheim, Calif., company's future uncertain ahead of an April loan payment.
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Kevork Djansezian/Getty Images
A Fisker Karma is shown during the LA Auto Show in Los Angeles in November, 2012.
Fisker management had proposed to the Chinese that as part of any sale it tap the remaining portion of a $529 million U.S. loan, a move that would commit a new owner to building Fisker cars at a former General Motors Co . auto factory in Delaware, a person familiar with the situation said on Monday. Fisker executives believed a sale to a well-financed buyer would allow the U.S. government to unfreeze its loan, that person said....
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http://pevc.dowjones.com/article?an...n=DJFVW00020130318e93iug1g7&from=alert&pid=32
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Hmm, if true, that doesn't seem like the best option. I'd want to make a clean break from all that DOE mess -- pay back what you can and move on.
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Maybe this is what's behind Henrick resignation, a willingness to walk away from Deleware -- Tony may be more inclined to stick with the original plan to build in the I'd GM plant and force the issue with the buyers. Lets hope an buyer with "build America" in the plans emerges.
Wow. I find it very surprising that anyone, including Fisker Automotive, would think that they had much of a chance getting access to the rest of that DOE loan, especially after a majority stake sale to a Chinese company.
The earlier Reuters article simply suggested that Geely wanted to use the plant to build Volvos. I'm sure at this point Delaware would be happy to have anything built there, but the $30M Fisker already got for that plant from the AVTM loan program is supposed to be used to manufacture "advanced technology vehicles". So building normal Volvos probably wouldn't cut it.
Like others, my thinking is any buyer really needs to just pay off that loan so there are no strings attached.
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If there's a buyer, the best and highest use for the brand is to be a division of the big three.
I feel like we own the 21st century version of the 'Vette. Chevrolet rarely made any money on this car, but owners (like myself) were passionate and it's presence added overall excitement to the product line. The Karma can do the same. Detroit - are you listening?
I feel like we own the 21st century version of the 'Vette. Chevrolet rarely made any money on this car, but owners (like myself) were passionate and it's presence added overall excitement to the product line. The Karma can do the same. Detroit - are you listening?
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While Geely would of made a good partner, based on the dealer network and potential to use the Deleware plant or European plants, it's not the only option. There are more offers on the table I'm sure , and only time will tell.
The window for a deal is wide open and I'm sure if things go south, most Fisker owners may find options, use them till they die, preserve for collection or maybe even retro for a Destino power plant. All in all, it's still the best looking car out there and that has value for people with means - remember Fisker was not building a mini van, but a luxury Grand Turing 4dr Coupe with an Electric drivetrain.
I'm not so sure the window is wide open. Statements from Fisker execs indicated that they needed to close a deal by March, which could be interpreted as early as a couple weeks ago, the end of this month at the latest. Supposedly there's a loan payment due in April. They're in cash save mode at the moment so it's unclear how much time is left, but sounds like the window is almost closed.
I'm not really concerned for Karma owners, particularly recent ones who knew the risks going in. I agree with you that they will have some options "if things go south" as you put it. These may not be low cost options, but if one could afford a Fisker Karma ...
My main interest is the progress of plug-in vehicles. I think Fisker Automotive occupies an important niche of luxury PHEVs. Plug-ins should be seen as desirable. Though it's more expensive now, an electric drivetrain can be both high performance and high efficiency in the same package. Unfortunately, I think the Karma falls short in this area, but there's hope for future Fisker vehicles with the right partner. I'd like to see Fisker reach its potential and encourage other automakers to follow suit.
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Apparently they (Detroit) are (listening)...
http://www.wired.com/autopia/2013/03/detroit-electric-apple/
I'll add myself to the list that believe there are other 'buyers/partners' in the mix besides the Chinese...although it might be wishful thinking on my part. I have to believe that as a bidder - many would not want the attention / spotlight during the due diligence and prefer to remain below the radar. I think we still may yet be very surprised at who emerges.
Who knows ... maybe "Maximum Bob" and VL Automotive is sniffing around. Would be sorta sad to see the powertrain go bye-bye in favor of a Corvette lump though. My guess is they could use a factory too if they're serious about building cars at any sorta scale.
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We had a discussion on this on TMC. The company is Dutch.
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With all this negative chatter about Fisker in the media; I wish I could place a bet on Fisker in Vegas. I wonder what the odds would be for Fisker to survive.
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