The bidding for Fisker Automotive lasted more than a year and consisted of 19 stages. BAIC, Dongfeng and Geely wanted to buy the American hybrid manufacturer, and the price for Fisker was most inflated thanks to the Hong Kong company Hybrid Tech Holdings LLC.
The company entered the path of bankruptcy in 2009, when it received a loan of $529 million from the US Department of Energy. But Fisker Automotive's management failed to properly manage this money, and each sold Karma hybrid brought a loss of up to 35 thousand dollars.
In addition, the battery supplier A123 Systems Inc went bankrupt, and it all ended with Hurricane Sandy in 2012 destroying about three hundred cars ready for shipment. The insurance company chosen by the same management refused to compensate for the losses.
Bankruptcy proceedings were initiated, after which Fisker Automotive was put up for auction. An official statement about the completion of the deal will be made tomorrow, February 18, in Wilmington, Delaware.
