Fisker failed to meet target sales of the Karma, leaving it unable to meet the conditions of the U.S Department of Energy's $529 Million loan from April 2010. The planned Atlantic was supposed to be launched last year in 2012 as well.
As Fisker continues to struggle, Bob Lutz's VL Automotive, maker of the Destino—essentially a slightly modified Karma with a Corvette ZR-1 engine—recently bid to buy the company along with Wanxiang. The move would make sense for Mr. Lutz, as he needs Karma bodies to produce the Destino.
They have competition though, with investors in Hong Kong and Europe making offers to eliminate Fisker's debt and take control of the company.
Expect to hear a resolution about Fisker and its potential future buyer very soon.
This report appeared on autoweek.com, the website of Autoweek magazine, a Detroit-based sister publication of Tire Business.