Wanxiang Group, China's largest auto parts company, won a bankruptcy auction for the assets of Fisker Automotive, the defunct manufacturer of the Karma plug-in hybrid sports car, Reuters reported on Friday. Wanxiang's bid has been valued at about $149.2 million, representing $126.2 million of cash, $8 million of assumed liabilities, and a contribution of common equity in an affiliate designated by Wanxiang, Fisker said in a statement. The sale will be presented to Bankruptcy Judge Kevin Gross today for approval. Wanxiang outbid an affiliate of Richard Li, a Hong Kong billionaire and Fisker investor.
