Bob Lutz and Wanxiang Tenders US$20M for Fisker Fielded

By Marc Castro

May 23, 2013 05:51 PM EDT

A group participated by Bob Lutz, a former Executive of General Motors Co together with the biggest parts maker in China is eyeing to acquire Fisker Automotive for US$20 million which is a percentage of the "green" car company's projected value in the last quarter of 2011, according to a report from Reuters. Around the second quarter of 2012, Fisker participated in a fundraising round that appraised the company at US$2.2 billion. The tendered offer of US$20 million is way off the calculated value at the launching of its Karma Plug-in Hybrid Sports car where Fisker told possible investors that its overall capital outlay is "approaching" US$2 billion, based on the regulatory documents filed that was obtained by Reuters.

The sources who are knowledgeable of the issue disclosed on Wednesday that the joint venture of Lutz, with Wanxiang Group of China and businessman Gilbert Villareal of VL Automotive, had already tendered their offer to acquire Fisker through a preset bankruptcy deal at the early part of May 2013. They are one of the two investors who showed interest to acquire Fisker. Since July of 2012, Fisker have not built any cars and at early part of 2013, they hired advisers on the bankruptcy proceedings. Fisker have fired majority of its employees while it continues to look for buyers.

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