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Li Ka-shing’s son Richard Ze’s plan to acquire Fisker, the US’s bankrupt electric car maker, may be being “halted†by the auto parts maker Wanxiang Group.
According to the news from the reporter yesterday (January 2), the VL of the US subsidiary of Wanxiang Group unexpectedly made an offer to the bankrupt Fisker before the deadline for purchase on Monday night (December 31, 2013) in the US local time. Quote.
In October 2013, Wanxiang Group had participated in a bid for Fisker but eventually gave up. This time, Li Zeyi will be slammed into the corner of Fisker. His intention is thought-provoking.
The reporter yesterday called Lu Guanqiu, president of the Wanxiang Group's Board of Directors, and Lu Weiding, the president of the Wanxiang Group, but no one answered the call.
A person in the domestic auto industry stated that the purpose of Wanxiang Group's acquisition is “capital operationâ€, and some market analysts also believe that Wanxiang intends to improve its industrial chain and the “car dream†of founder Lu Guanqiu.
Universal "cut Hu" Richard <br> <br> public information, Fisker is the leading US manufacturer of electric vehicles in 2010 to obtain $ 529 million loan provided by the US Department of Energy, and advance the use of which US $ 169 million for the production of its The brand Kama electric sports car, but the US Department of Energy later frozen the remaining line of credit, in part because Fisker failed to launch Kama electric sports car as scheduled, and its debt expired on April 22, 2013.
Fisker stopped production of cars since July 2013 and was caught in a debt quagmire. Despite obtaining 1.2 billion U.S. dollars of private investment for a time, it did not get out of trouble.
According to the "Oriental Morning Post," citing foreign media reports, Li Zezhao plans to accept the company as a whole and wants to acquire the company's 168 million U.S. government debt through "credit bidding" to obtain the company's assets.
The US Department of Energy auctioned Fisker’s debt on October 11, 2013 in the United States and Li Zeyi won the bid. Both Wanxiang Group’s VL Motors and Wang Xiaolin’s GTA Motors entered the final bidding process but eventually gave up.
Public information revealed that Fisker’s creditors demanded that the U.S. bankruptcy court repeal the deal that has been reached to sell Fisker to Li Zexi’s affiliates and hold a public auction. Wanxiang’s VL Motors intends to participate in the bid.
According to the documents submitted by Wanxiang, VL has agreed to submit a preliminary bid of US$24.725 million and said that it will assume some of Fisker’s debt. Sources said that the United States will hold a hearing on Friday to determine whether Fisker should continue to sell to Li Zeyu's affiliates or adopt creditors' proposals.
According to the presentation document submitted by Wanxiang, Wanxiang plans to resume production of Fisker as early as April and eventually relocate manufacturing operations from Finland to Michigan, the United States. Universal estimates that in the first 18 months, more than 1,000 Kama hybrids could be sold in the United States and 500 in Europe. Fisker's Kama sells for more than $100,000 each. Wanxiang stated in the statement that the production cost can be reduced, but no reference price was provided.
Or to improve the industrial chain
In response to this move, some market participants told reporters that they are trying to improve the electric vehicle manufacturing industry chain.
Wanxiang Group has been accelerating the deployment of new energy vehicles. In 2009, Wanxiang Group announced that it invested 1.365 billion yuan to build the largest domestic electric vehicle and lithium battery production base, and launched a round of intensive overseas mergers and acquisitions. In May 2010, Wanxiang Group and Ener1, a US joint venture company, invested more than US$300 million in the first phase and established a fully automated cell and battery system production base in Hangzhou.
On January 28, 2013, the United States Foreign Investment Commission (CIFUS) formally announced that it agreed with Wanxiang Group’s $260 million acquisition of civilian business of A123 Systems, the largest lithium battery manufacturer in the United States.
A123 is the development and manufacturer of nano-sized lithium iron phosphate batteries and systems in the United States. It is the largest and most technologically advanced lithium battery manufacturer in the United States and the only company in the world that uses lithium iron phosphate batteries from materials to systems.
In October 2013, Wanxiang Electric Vehicles Co., Ltd. was included in the list of new vehicle manufacturers to be issued by the Ministry of Industry and Information Technology, “Vehicle Production Enterprises and Products Announcement†(No. 254). Lu Guanqiu also highly publicized his "car dream".
Market participants believe that Wanxiang had an early intention to transform into a pure electric vehicle. Following the acquisition of the American A123 civilian business and the joint venture with the American Ener1, the acquisition of an auto manufacturing company will follow suit.
However, a senior executive of a domestic electric vehicle production company stated that he does not favor the market performance of Wanxiang’s acquisition of American Fisker. In its opinion, Wanxiang’s move may be more for the purpose of capital operations.
According to the source, the current penetration rate of electric vehicles in the world is quite low, and Wan Xiang and Li Zeyi's acquisition of Fisker is an indiscretion of wine for the sake of capital operation.
At the time of the acquisition of the American A123 civil service, Ni Feng, the general manager of Wanxiang Group’s US company, admitted in an interview that due to the high cost of lithium batteries used for automobiles and difficulties in marketing, it was difficult to make profits within three to five years.