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China's Geely In Lead Bid to Buy Fisker

Fisker_Atlantic_Prototype
It's being reported that China's Zhejiang Geely Holding Group, the same company that owns Volvo is in the lead to acquire a majority stake in Fisker Automotive. Fisker is currently deciding between two bids, one from Geely and the second from another Chinese company, Dongfeng Motor Group Co.

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According to sources both offers are between $200 to $300 million. The same sources also report that Geely is seen as the top suitor by Fisker, since Fisker's leaders feel that Geely is moer serious and passionate about Fisker and its EV technology. Geely has also reportedly sent a team of engineers to Fisker's headquarters in Anaheim, California to evaluate Fisker.

Fisker hopes to finalize a deal next month, which will also likely involve another Chinese company, Wanxiang Group, an auto parts maker that purchased bankrupt U.S. lithium-ion battery maker A123 Systems. Either way the funds from the new deal will give Fisker the money it needs to produce its second model, the Atlantic plug-in hybrid, which is expected to start around $55,000.


Automotive News

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