Fisker Automotive

Local News
8:41 am
Thu June 5, 2014

New Castle County Offers to Buy Former Fisker Site

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New Castle County would pay $9 million for the old General Motors plant on Boxwood Road near Newport.

The site was supposed to have housed a facility for Fisker Automotive – a deal that fell through when financing collapsed.

Councilman George Smiley said the county is looking for some kind of manufacturing but not an automotive company.

County Executive Tom Gordon told the Wilmington News Journal that he was looking to attract high-paying jobs.

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Local News
11:45 am
Tue April 15, 2014

$35 Million For Fisker Automotive's Unsecured Creditors

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WILMINGTON, Del. (AP) - Fisker Automotive's unsecured creditors will get $35 million in cash and stock under a new bankruptcy settlement.

But the News Journal reports that Gov. Jack Markell's office warned Monday that despite last week's settlement, Delaware won't see much for the $21.5 million in economic development incentives it awarded Fisker in 2010.

Markell spokeswoman Kelly Bachman says in a statement that the state is not expecting a substantial recovery of its investment.

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Local News
9:26 am
Tue March 25, 2014

Wanxiang Closes Deal on Fisker Plant in Delaware

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NEWPORT, Del. (AP) - New Castle County officials say an affiliate of Wanxiang America has acquired the Fisker Automotive plant near Newport.

Paul Cumberland, Wanxiang America's director of investments, says the deal was recorded Monday as Wanxiang officially closed on the purchase of Fisker's assets.

The county says the Elgin, Ill.-based affiliate, WX Delaware Real Estate Holding Co., bought the property for $18 million, the same price Fisker paid in 2010. The county and state each received $270,000 in real estate transfer taxes.

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Local News
8:56 am
Wed February 19, 2014

Judge Approves Fisker Bankruptcy Sale

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WILMINGTON, Del. (AP) - A Delaware bankruptcy judge has approved the sale of the remaining assets of failed electric-vehicle maker Fisker Automotive to Chinese auto-parts conglomerate Wanxiang Group.

In an auction stretching over three days last week, Wanxiang beat out Hybrid Technology, led by Hong Kong billionaire Richard Li, with a final bid of $149.2 million in cash and other considerations.

The judge approved the asset sale at a court hearing Tuesday.

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Local News
10:55 am
Fri January 10, 2014

Old Fisker Plant in Delaware Could Build Cars

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DOVER, Del. (AP) - A Chinese auto parts conglomerate that wants to buy failed electric-vehicle manufacturer Fisker Automotive says it will build cars in Delaware if there's enough consumer demand.

Wanxiang Group Corp. outlined its intentions in a court filing late Wednesday as it pushes for a competitive auction of Fisker's remaining assets.

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Local News
8:47 am
Wed December 4, 2013

Fisker Bankruptcy Costs Delaware Taxpayers $7.4 Million

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Fisker Automotive’s failed Boxwood Road plant has cost Delaware taxpayers $7.4 million.

The plug-in hybrid automaker wanted to reopen the former General Motors facility with the federal and state financial assistance.

The state’s economic development director Alan Levin said that Delaware put up $5 million for Fisker’s electricity bill and $2.4 million for the company’s natural gas service.

There’s $1.5 million left in the utilities funds although the last two months have not been counted up.

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Local News
12:50 pm
Fri October 11, 2013

Governor Markell Defends State Aid for Private Projects

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Delaware Governor Jack Markell defended his plans to build a data center and a power plant at the former Chrysler site in Newark.

He told a town hall meeting last night that the projects would bring jobs to the state – especially in these difficult economic times.

Markell said, “We have to stop saying no.”

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News
9:47 am
Thu April 25, 2013

Fisker Loans Get Hammered by GOP in Washington

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In Washington Republican lawmakers on the House Oversight Committee blasted Fisker Automotive and the US Energy Department yesterday for nearly $200-million in loans to the ailing car company.

The Wilmington News Journal reports sayst that money went to not only development the gas-electric hybrid model called the Karma but also to buy the Boxwood plant in Delaware.

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News
10:20 am
Tue April 23, 2013

Feds Seize Fisker Automotive Money

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WASHINGTON (AP) — The Obama administration says it has seized $21 million from troubled automaker Fisker Automotive Inc., just weeks after the company laid off three-fourths of its workers amid continuing financial and production problems.

Fisker had received $192 million in federal loans before a series of problems led U.S. officials to freeze the loan in 2011.

In a statement Monday, the Energy Department says it recovered money from the company's approximately $21 million reserve account, which was set up as part of the initial loan commitment in 2009.

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News
10:43 am
Fri March 29, 2013

Delaware Cautious of Fisker Automotive Financial Troubles

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WILMINGTON, Del. (AP) - State officials are taking a wait-and-see approach to the financial troubles of Fisker Automotive

The News-Journal reports that Gov. Jack Markell says the state's primary objective is to get people working at a closed automobile plant and the state will deal with issues with Fisker as they happen. Delaware has backed a plan to build Fisker cars at the closed plant with $21 million in loans and grant aid tied to employment targets.

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News
9:02 am
Wed August 15, 2012

Fisker CEO Leaves After Less Than A Year on the Job

Fisker Automotive Website

The CEO of Fisker Automotive is stepping down after being in the job for less than a year.

Tom LaSorda said he is returning to retirement.

His replacement is Tony Posawatz.

He is credited with leading the successful launch of the Volt.

The Wilmington News Journal reports that this is the latest shake-up at the top for Fisker which has seen a delay in its effort to launch a second line of plug-in hybrid cars at the former GM plant near Newport Delaware.

News
11:18 am
Fri August 10, 2012

Fisker Gets Taxpayer Money For Utility Bills

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Despite Fisker Automotive suspending work at its Newport-area factory in April Delaware taxpayers have shelled out $400-thousand to pay for the plant’s utility bills.

The Wilmington News Journal reports that the Markell administration says it must make payments under the $9 million deal with the California based hybrid car maker.

The auto company says even though it has laid off dozens of workers and keeps only a small maintenance team the power is necessary to ensure the valuable equipment inside is in good shape.

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News
9:00 am
Tue April 24, 2012

Two GOP Senators Question Federal Loan to Fisker

 

            Two prominent Senate Republicans are questioning the federal loan to Fisker Automotive which is negotiating with the Obama administration for funds to build its new facility at the old GM plant in Delaware.

            The Wilmington News Journal reports that Senators Chuck Grassley of Iowa and John Thune of South Dakota fired off a letter to Energy Secretary Stephen Chu demanding that he defend the now frozen loan to the automaker.

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News
8:31 am
Tue April 17, 2012

Fisker Layoffs at Newark Plant

 

            Another dozen workers have been laid off at the Fisker Automotive plant in Newark that has been backed by federal and state money to build hybrid-electric cars.

            The layoffs took place on Friday and come as the company continues closed door talks with the US Department of Energy for a loan that could decide if Fisker ever builds a car in the First State.

            Company spokesman Russell Datz told the Wilmington News Journal that Fisker is employing only a small maintenance team to protect the facility.

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