Home / Auto News / News article: VL Automotive Looking to Buy Fisker for $20 Million - AutoGuide.com News
 |  May 23 2013, 2:22 PM

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Fisker’s fall from grace is well documented, and it appears that the value of the company is plummeting in the eyes of potential buyers.

VL Automotive, a team consisting of former General Motors executive Bob Lutz, industrialist Gilbert Villarreal, and China’s Wanxiang Group, have submitted a bid of $20 million to buy Fisker through a prepackaged bankruptcy deal. That’s a shocking figure considering the American electric automaker told prospective investors in December 2011 that its total capitalization was “approaching” $2 billion.

SEE ALSO: VL Productions Destino is a 556 HP, Gas-Powered Fisker Karma

Fisker hasn’t made a vehicle since July, and resale value of its Karma is dropping as uncertainty with the brand continues to grow. In spring 2012, Fisker completed a round of fundraising that valued the company at $2.2 billion according to filings analyzed by venture capital data provider VC Experts.

The bid isn’t surprising from VL Automotive, who wishes to build the Destino, essentially a Fisker Karma powered by a traditional powertrain from the Chevrolet Corvette. Wanxiang was also the company that bought out A123 Systems, Fisker’s old battery supplier.

Fisker currently owes the Department of Energy about $171 million in loans.

[Source: Reuters]

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