A team including former General Motors Co executive Bob Lutz and China's largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the "green" car company's estimated worth almost a year and a half ago.
People familiar with the matter said on Wednesday that VL Automotive, a venture between Lutz and industrialist Gilbert Villarreal, and China's Wanxiang Group submitted the bid earlier this month to buy Fisker through a prepackaged bankruptcy deal.
This is one of at least two investor groups looking to gain control of Fisker, which has not built a car since July. Earlier this year, the company hired bankruptcy advisers and fired the bulk of its staff, while continuing to seek a buyer.
VL Automotive, Lutz and Pin Ni, president of Wanxiang's U.S. division, declined to comment. Representatives for Fisker did not immediately comment.
The $20 million bid is a far cry from Fisker's estimated value during the launch of its flagship Karma plug-in hybrid sports car. In December 2011, Fisker told prospective investors that its total capitalization was "approaching" $2 billion, according to an investor document filing obtained by Reuters.