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Wanxiang wants to restart Fisker Karma production as quickly as possible

It appears that Wanxiang America’s $149.2-million acquisition bid was about more than just owning the assets of Fisker Automotive. The Chinese auto parts maker is apparently serious about getting the Karma plug-in hybrid luxury vehicle back on the production line.

“We will want to get the Karma back online as quickly as possible.”

“We will want to get the Karma back online as quickly as possible,” Pin Ni, president of Wanxiang America, told The Boston Globe. More details will likely be released by Wanxiang now that US Bankruptcy Judge Kevin Gross has officially approved the purchase. Gross was satisfied that the purchase price includes a 20-percent stake in Fisker for creditors valued at $15 million – something that was not addressed by the original bids from Wanxiang and Hong Kong-based Hybrid Tech Holdings. Wanxiang also owns the maker of the Karma’s lithium battery pack, A123 Systems.

Creditors were delighted to see Wanxiang’s bid, according to attorney William Baldiga, whose law firm represented creditors. “The value is six times what [Fisker] said it was worth when it filed for bankruptcy,” Baldiga said, describing the negotiations as “two and a half days of yelling, screaming, bidding.”
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