Billionaire Chinese Fisker Owner Says 'I'll Burn as Much Cash as it Takes,' Eyes Tesla

By Matthew Askari | May 21, 2014
Chinese billionaire Lu Guanqiu, who recently acquired Fisker Automotive Holdings Inc, says he'll "burn as much cash as it takes to succeed, or until Wanxiang goes bust." Guanqiu owns Wanxiang, the large Chinese conglomerate that acquired the remains of Fisker and its holdings at a bankruptcy auction. In a new Bloomberg report, he's quoted as saying "I'll put every cent Wanxiang earns into making electric vehicles." The acquisition of the defunt electric automaker Fisker also included about three-dozen current and pending patents, as well as an abandoned General Motors plant in Wilmington, Del. The patents give Wanxiang an edge in having access to several technologies it would have taken years to develop, and the plant in Delaware gives the Chinese automaker an entry point for selling cars in the U.S.
Several Chinese automakers--such as BYD, Great Wall Motor Co., Geely, and Cherry--have stated a goal to sell cars in the U.S., but none have yet managed to do so. Lu Guanqiu has said that he would start producing electric cars in the U.S., with the ultimate goal of eventually producing and selling cars in China. Tesla Motors CEO Elon Musk has also stated he hopes to grow his electric car business in China, a country suffering from a pollution crisis. Musk has previously said he thinks China will become Tesla's biggest market. Still, Wanxiang founder Lu Guanqiu is determined to begin production in America. "The road is very long. We want to concentrate for now on manufacturing in the U.S. If I don't succeed, my son will continue with it. If he doesn't make it, my grandson will." Source: Bloomberg