Wanxiang Purchases Former Fisker Delaware Plant

By Jacob Brown | March 25, 2014
And it comes full circle. Back in 2011 before Fisker went bankrupt, the automaker had purchased a former General Motors plant in Wilmington, Del. to build its new compact plug-in. Fast-forward to last month, and the now-bankrupt Fisker Automotive saw itself purchased by Wanxiang, China's largest automotive parts manufacturer. Now, Wanxiang has purchased the Wilmington plant for $18 million, the same amount Fisker paid for it back in 2012.
Following the $100,000 Karma sedan, Fisker was intending to roll out a $45,000 compact sedan called the Atlantic. Unveiled before the 2012 New York Auto Show, the promising plug-in plundered amid financial foibles and a lack of battery supplies. When Fisker's battery supplier, A123, went bankrupt, it all but sealed Fisker's fate.
Recently, Wanxiang purchased Fisker's assets for $149 million with the intent to move some production to Michigan to supply VL Destino with Karma bodies for its Corvette-powered sedan. The company has also said that it may open up production in China. With the purchase of the Wilmington plant, Fisker looks like it will begin re-exploring the idea of large-scale production, including possible sedan, wagon, convertible, and SUV spinoffs of the Karma and Atlantic. Plagued by supply problems in addition to squandered finances and overly optimistic sales projections, Fisker withered off. Now, we're looking at the idea of an interesting prospect of a segment of high-end plug-in vehicles. Could this pose a threat to Tesla? We'll certainly see. Source: Delaware Online