Dongfeng Motor Terminates Bid for Fisker
Chinese car manufacturer Dongfeng Motor Group has decided to terminate its bid for a major stake in Fisker Automotive, sources knowledgeable about the matter said.
Dongfeng got deterred by the loan obligations of Fisker to the U.S. government which include the restoration of capacity and employment at its plant in Delaware, according to the sources who wanted their identity become anonymous because of the matter's sensitivity.
The obligations prevented Dongfeng to produce Fisker's products to China, the sources added.
Fisker's conditions also discouraged other bidder Chinese carmaker Zhegiang Geely Holding Group, leaving the American electric carmaker without a decided financial supporter.
Fisker has been looking for assistance for its development of its Atlantic, a second plug-in hybrid and has halted its car production since July last year.