China's Wanxiang Group will take over luxury hybrid maker Fisker Automotive Inc., after a federal bankruptcy court granted approval Tuesday, reports the Wall Street Journal.
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.
See all comments