As companies fight for Fisker, Wanxiang raises bid

This is a summary. To read the whole story subscribe to

WILMINGTON, Del. — The Chinese auto parts conglomerate Wanxiang Group increased its offer for Fisker Automotive, heating up the fight for the failed electric-vehicle maker.

Wanxiang sweetened its bid by $10 million, raising what it hopes will be the starting bid in an auction to $35.7 million.

But Fisker’s attorneys are pressing a bankruptcy judge to approve a private sale to Hybrid Technology LLC, owned by Hong Kong billionaire Richard Li. Hybrid became Fisker’s senior secured lender by buying a failed Department of Energy loan for $25 million last fall. That resulted in a loss to US taxpayers of $139 million.

Full story for subscribers.

Get the full story with unlimited access to

Just 99 cents for four weeks.