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Fisker Automotive’s DOE Loan Bought by Hong Kong Investor, Richard Li

Hong Kong Billionaire Richard Li Will Determine FIsker Automotive's Future
Hong Kong Billionaire Richard Li Will Determine FIsker Automotive’s Future

It seems that Fisker Automotive just might get that second chance it’s been needing since it stopped making cars over a year ago and filed for bankruptcy protection.

After suffering a series of unfortunate events, Fisker Automotive seemed like it was ready to fold. After receiving part of its promised funding from the US Department of Energy [DOE], the company just wasn’t able to keep up with developmental requirements. The DOE cut off the rest of the funding, leaving Fisker to fend for itself. Even former CEO and founder, Henrik Fisker, resigned from the company.

Fisker Automotive was, in spite of all this, able to file for bankruptcy protection while it sought funding from other sources. Bob Lutz, of Chevy Volt and VIA Motors fame, showed interest in keeping Fisker alive, if only to provide bodies to jam big V8 engines into. Wanxiang Group, Chinese auto parts company and acquirer of A123 Systems, who produced batteries for the Fisker Karma, seemed to show some interest in the company.

The DOE put the defaulted loan up for auction, some $171 million, on October 7. As it turns out, an early investor in Fisker Automotive, Chinese billionaire Richard Li, won the bidding. Once all the paperwork is signed, will Mr. Li be able to turn Fisker around? Apparently, founder Henrik Fisker and Li have been in talks to recover the company. Could Henrik Fisker be brought back onboard? We’ll have to wait and see!

Image © Bloomberg News

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