Fisker and new Chinese owner to restart Karma production this year Yahoo Finance

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Fisker Karma

Fisker and new Chinese owner to Karma production this

By Norihiko Shirouzu

BEIJING — U.S.-based Fisker which has been acquired by s largest auto parts plans to restart production of its plug-in hybrid luxury car a year and will also the half-finished development of a second according to a senior executive.

Pin Ni, of the U.S. unit of the Wanxiang which acquired Fisker s for $149.2 million in a U.S. auction, said Fisker to restart production of the Karma as as this year at its plant in and start selling Karma again in the United States and

The car, a hybrid-electric vehicle with a small gasoline that kicks in when its battery is depleted, was previously at a starting price of around before Fisker ceased in 2012 after a series of and recalls.

Ni said the Hangzhou-based is finalizing business plans for and doesn t have a forecast for how Karmas it plans to sell.

we want to sell more what Fisker sold under its previous management, Ni We would like to restart production within a year.

Fisker, which began the Karma in 2011, sold a of 1,800 before it suspended falling far short of initial that it would sell sedans by early 2012.

sales gain steam, Ni Fisker could quickly production of the Karma in the United

There are several options for production, he said, including with a potential partner out of

It could also make use of a GM plant in Delaware, where had tried to produce cars a loan of up to $529 million the Department of Energy provided to clean-energy vehicles. Ni declined to on the Michigan option.

Ni said producing Fisker in China was a possibility in the future China is promoting the use of all-electric cars and other green with generous purchase

We don t know yet. The first is the United States, he said. But is a huge market we cannot So, down the road we are going to into the China market for China is a 22 million unit a market.

Fisker Karma

All we need is to make just a very small splash, he referring to sales.

Wanxiang, to Ni, also wants Fisker to the half-finished development of a second called the Atlantic, a mid-size hybrid sedan that was to be as a more affordable volume under Fisker s previous and was slated to go into production in

Fisker, founded in 2007, through more than $1 in private investment in addition to million of the U.S. government It had $168 million outstanding Fisker filed for bankruptcy. A bankruptcy judge ordered s assets be put up for sale to raise to pay creditors.

Despite the troubled history, was intense bidding for Fisker s a collection of patents and designs, a and customer network and production

Wanxiang and its founder Lu Guanqiu a company controlled by Richard Li of Kong in a battle of Chinese Bidding started at $55 million and through 18 rounds before emerged victorious earlier month.

(Editing by Raju

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