China-based car parts conglomerate Wanxiang has sweetened its bid for failed US electric car maker Fisker Automotive in a battle with its rival suitor, Hong Kong-based firm Hybrid Technology.
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The Department of Energy will lose about USD139 million on a loan given to Fisker Automotive under a clean vehicles program after the automaker sold part of the loan to Hybrid Technology.
Fisker Automotive Inc filed for bankruptcy and plans for its assets to be acquired by Hybrid Technology. The group included Richard Li, the son of Hong Kong's richest man.