On February 18, US local time, the Delaware Bankruptcy Court officially ruled that Wanxiang Group became the last successful bidder for the electric car manufacturer Fisco bankruptcy acquisition. At this point, the universal acquisition and “Fisla”, the same name of Fisker, has been settled.
After 19 rounds of bidding, Wanxiang Group overwhelmed Li Zemin’s Hybrid Technology Holdings with a price of $149.2 million and obtained the acquisition rights of Fisker. $149.2 million includes $126.2 million in cash, $8 million in compensatory debt, and some securities. Wanxiang will acquire the assets of Fisker, including 18 granted patents and a scrap factory in Delaware that was purchased by Fisker from GM in 2010.
& ldquo;Fisco is one of the world’s best new energy vehicle manufacturers, and we will not miss it if we have the opportunity. & rdquo; Wan Guan Group Chairman Lu Guanqiu was very calm when interviewed by reporters.
For many people in China, Fisker still sounds a bit “unfamiliar”. Fisco is the world’s two major new energy vehicle manufacturers that are on a par with Tesla, both at the same level and level. Fisko has stopped production in 2012 due to technical mistakes and deep debt dumps. At the beginning of Fisko’s Chinese business, “Wanfang, Geely, Dongfeng, Beiqi and other car companies have thrown olive branches, but in addition to Wanxiang, several others have successively withdrawn.
“ We have been in close contact with Fisker because Fisker’s battery supplier is A123. After the acquisition of A123, the US lithium battery manufacturer last year, Wanxiang became a shareholder of Fisko, “Whoever wants to acquire Fisker, he has to deal with Wanxiang, of course, from Wanxiang’s acquisition. Better, the relationship between the two can be closer. “Lu Guanqiu told reporters that this is also an important reason why the local government, Fisker’s credit committee and courts are all inclined to acquire Fisker.
The acquisition of Fisker was approved, and Wanxiang took another step away from its dream of making a car. A123 and Fisker are both clean energy technology companies that have received loans from the US Department of Energy. Lu Guanqio mentioned that “three things to do in 2013”, the second one is to integrate the advanced technology in foreign clean energy with domestic enterprises.
It’s not just Wanxiang that is happy. For Fisker’s unsecured creditors, Wanxiang’s victory in the auction means they will at least not lose their money. Judge Kevin Gross, who judged the acquisition, said to the verdict that “I am very happy to see Wanxiang win Fisker. & rdquo;
It is understood that Wanxiang plans to resume the production of Fisker in the next few months. The resumption plan will be implemented first at the Fisker plant in Finland. Next, after the European affairs were properly arranged, Wanxiang and the VL Motor Company of the United States will jointly launch a new car at its Auburn Hills plant in Michigan, USA. In addition, Wanxiang plans to use the general waste plant in Delaware.
In the middle and late March, Wanxiang’s acquisition of Fisko will be completed. In the next year and a half, Wanxiang will sell at least 1,000 Karma sports cars in the US and 500 in Europe. Before the bankruptcy, Fisker sold about 2,000 pure electric Karma sports cars.
For the Wanxiang, which has made frequent overseas acquisitions in recent years, the acquisition of Fisco, for example, is not the first time, nor will it be the last time.
In January, the US media commented that “2013 US-China economic and trade leaders”, Lu Guanqiu and Warren · Buffett, Apple CEO Tim · Cook and others were on the list, the reason is : Wanxiang Group has been integrated into the US auto industry earlier and has become a benchmark for US-China economic and trade cooperation.
“Win the United States and win the world. & rdquo; This is a sentence that Lu Guanqiu said to Wanxiang employees at the beginning of the new year. How to win? The question thrown by the reporter, Lu Guanqiu’s answer is not complicated: “The product is internationally recognized and enters the international market in large quantities. This is the beginning of winning. The market recognizes your products and you have an international status. ”
& ldquo; won’t miss Fisker
$149.2 million. The last purchase price given by Wanxiang was about six times that of Fisker’s initial purchase price. What does this price look like? Lu Guanqi smiled a little, “Look at this price is meaningless.” For things that are useful to you, the price is high and worth it. The key is to see how to use it after getting it. ”
Careful people can find that Fisker, who is in deep debt crisis, is struggling after the bankruptcy of battery supplier A123. At that time, some insiders said that if Fisco was bankrupt, Wanxiang was inevitably “interested”. Lu Guanqiu confirmed this statement, “As long as Fisco is openly bidding, we will never miss it. ”
This is a win-win situation for both Wanxiang and Fisko; “Acquisition”: From the perspective of the industry chain, Wanxiang acquired A123 last year and has mastered the core technology of lithium batteries. The acquisition of Visco has taken another big step in the technology and experience of the entire vehicle. For Fisker, the most important concern of the credit committee is whether it can restore the car production as soon as possible, and whether the three-pack service of the sold car can be guaranteed. Wanxiang is undoubtedly the most suitable buyer.
“Because no matter who buys Fisker, you have to deal with battery manufacturers. Fisker has been supplying batteries from A123, and now we are the owner of A123. “Ningxiang US company president Ni frequency told reporters that Li Zezhen also tried to join another battery supplier in Boston to solve this problem, but it takes two years.
A dramatic scene appeared. The US government, which rarely stated its position before the auction, has clearly supported Wanxiang this time. The governor of Delaware and the senators have all issued open letters, hoping that Wanxiang will successfully acquire Fisker. “It’s equal to saying that they have already chosen to stand. The goodwill that Wanxiang accumulated in the United States and the good impression left on the US government and people also added a lot to the acquisition. ” Wanxiang US company official said.
The entire acquisition process is not as complicated as the outside world thinks. In the past two years, Wanxiang has invested in five new US energy companies, all of which are funded by the US Department of Energy and have internationally leading technologies, especially A123. Wanxiang told reporters that, compared with 2012, A123’s loss has dropped by 70%. This shows that Wanxiang has the ability to lead those bankrupt companies to regain their vitality, which is what Americans value very much. ”
& nbsp;Fisko Future China Made
From parts to parts, to system module supply, eventually into the vehicle manufacturing field Is the development track of Wanxiang. “The acquisition of Visco has accelerated this process, but it is hard to say when it will make Wanxiang’s own car. ” Lu Guanqiu said.
Lu Guanqiu has “Car Dream”. Since 1999, Wanxiang has determined that pure electric vehicles have not been changed. In the interview, Lu Guanqiu said with Xiaoshan words, “Developing new energy vehicles is social responsibility. Because the United States has advanced clean energy technologies, we have increased our investment in the clean energy industry in the United States in recent years. & rdquo;
Previously, due to the lack of passenger car production qualification, Wanxiang mainly provided spare parts in the domestic new energy vehicle field. “The acquisition is to make up for the shortfall. Regardless of technology, talent and market, we have a certain gap with the United States. Lu Guanqi told reporters that Wanxiang’s acquisition of Fisker was to improve the overall quality. Now Wanxiang has gathered a large number of talents, forming an industrial system from batteries, motors, electric controls to electric vehicles.
Fisker and Tesla have a very similar business model, starting with a luxury car, complemented by several mid-range cars. The difference is the technical route. Tesla is all-electric, and Fisker is an add-on "hybrid", that is, gasoline can be used to drive the motor. In contrast, Fisker’s “hybrid” model is more popular. In addition, Fisker’s design is also better than Tesla.
In China, Tesla has already spurred a new energy car whirlwind. Can Lu Guanqiu bring Fisker to China? The answer is, yes.
“Investing in the acquisition of clean energy companies, integrating their advanced technologies and universal integration, forming operational mechanisms for Chinese investment, US technology, and global markets, and generating benefits as soon as possible. & rdquo; Lu Guanqie clearly told reporters, “Fisko will be localized in the country”. According to him, to a certain extent, China will become the production base of Fisker.
"Acquisition for the joint"
According to industry insiders, Wanxiang Group has positioned itself as the best in the world through this overseas merger and acquisition. New energy vehicle manufacturer. When the reporter asked Lu Guanqiu for verification, he believed that “the current electric vehicle battery of Wanxiang can be said to reach the global leading position, and the title of first-class new energy vehicle manufacturer will take time. ”
For Lu Guanqiu, the acquisition is for unity. “ unite all the power that can be combined to make use of all available resources. & rdquo; There are many opportunities for acquisition, but not everyone is suitable for themselves. He insisted that he should develop himself, develop his own, plan for himself, and thoroughly investigate and research before the acquisition, so that the risk of acquisition can be minimized.
More people are concerned about the follow-up of the acquisition. Can Wanxiang revitalize Fisco’s hot potato? It is relatively easy to restart Fisko production and sales, but it is not easy to guide Fiske’s profit. Fisker has been criticized as “not developing any new technology in the true sense” and managing poorly.
“ This is a misunderstanding. “The general responsible person responded that Fisker had outsourced the core technology of electronic control for some time, but when designing the second model, Fisker was all personally involved, but the engineering has not yet been realized, and it has been declared bankrupt. . Fisker’s 18 patents also indicate that it does have its own core technology.
Lu Guanqiu believes that “all things must be dialectically seen. Wanxiang’s acquisition of a bankrupt enterprise is also the same. The acquisition is to retain its good things, absorb its essence, and then combine with Wanxiang’s resources. Take advantage of each other’s strengths, and finally create a value-added effect to achieve a win-win situation. & rdquo; In the current global economic background, Lu Guanqi frankly said that the pressure is also great, “Investment should be more calm and more stable.” There is no turning back, only forward. ” Reporter Chen Wenwen
Responsible Editor: Zhang Xiaofang