Fisker Automotive purchased by Wanxiang, not Hybrid Technology
Fisker Automotive is the new Saab. Back in November, the company filed for Chapter 11 bankruptcy in an effort to sell all its assets to Hybrid Technology, an investment firm headed by Hong Kong billionaire Richard Li. However, reports now indicate that China's Wanxiang came up with a $149 million offer (including $126 million in cash), outbidding Li's $55 million.