Fisker has been resurrected from the grave by a Chinese billionaire - who has bullishly admitted he will 'spend whatever it takes' to get the electric car company up to the level where it can compete with Tesla Motors.
Lu Guanqiu, chairman and founder of China's Wanxiang Group, bought California-based Fisker Automotive at a bankruptcy auction in February. Fisker brought the Karma electric range-extender sports saloon to market in 2011 and 2012, but had been looking for fresh investment when its battery supplier went bankrupt two years ago. Fisker itself declared bankruptcy in November last year. But now Tesla is firmly in the reinvigorated Fisker's sights, with Lu saying in his first interview since taking over the company: "I'll put every cent that Wanxiang earns into making electric vehicles. I'll burn as much cash as it takes to succeed, or until Wanxiang goes bust."
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Low-emission car sales are key in both the US and China, which has horrific air pollution problems. Both Fisker and Tesla are keen to be the first to crack China, the world's largest car market, which could be crucial to each firm's long-term success. And Lu has some experience - Wanxiang is China's largest auto parts manufacturer.