Fisker filed for Chapter 11 last year, after the U.S. Department of Energy cut off funding from the company. The company failed to deliver a line of plug-in electric hybrids. Fisker had secured a $168 million federal loan intended to stimulate the production of alternative vehicles.
The Wanxiang Group outbid Hong Kong billionaire Richard Li of Hybrid Tech Holdings for Fisker.
The eye-catching Fisker Karma received a slew of negative reviews, including a Consumer Reports failing grade, for its high price tag and dependability issues.