Fisker To Pull Out All Stops In Chase To Topple Tesla

The Chinese billionaire who bought Fisker Automotive Holdings Inc. at a bankruptcy auction is planning to build a new slate of electric-drive cars in the U.S., challenging Tesla Motors Inc. on its home turf.

Lu Guanqiu, the chairman and founder of China’s Wanxiang Group Corp., plans to manufacture electric cars in the U.S. and ultimately in China, he said in his first extensive interview since prevailing in a February bidding war for Fisker’s assets.

“I’ll put every cent that Wanxiang earns into making electric vehicles,” he said at Wanxiang’s headquarters in Hangzhou, Zhejiang province. “I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.”

vdiv - 5/21/2014 10:48:15 AM

+1 Boost

Alright! This will be a lot of fun (grabs a 3-gallon popcorn bucket). :)

dumpsty - 5/21/2014 11:35:16 AM

+1 Boost

If Wanxiang Group is committed to working with VL, the overall company and partnership will definitely flourish. Tesla has opened the minds of deep pockets, real "competent" competition will increase consumer awareness & desirability for the brand & EV tech.

And if VL can sell as many V8 & hybrid versions as they want, the Wanxiang Group should make enough profits to sustain the EV business side for a while.

Holydude - 5/26/2014 6:28:22 AM

+1 Boost

“I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.” or until the government subsidies stop...