Electric Vehicles

Chinese-backed firms prepare for bidding war for Fisker patents

Source: 
Bloomberg

Chinese-backed firms Wanxiang Group and Hybrid Tech Holdings are preparing for an auction next week for the assets of bankrupt electric-car manufacturer Fisker Automotive, including its 18 patents, Bloomberg reports.

Tesla surges into top five brands in vehicle ranking

Source: 
Bloomberg

An annual Consumer Reports survey ranked electric-vehicle maker Tesla Motors Inc. as the fifth top vehicle brand among customers, up from its 11th-place ranking last year, Bloomberg reports.

US probes Camry hybrids for power brake problem

DETROIT (AP) — U.S. safety regulators are investigating complaints that power-assisted brakes can fail at times in Camry gas-electric hybrids.

The probe covers about 30,000 of the midsize cars from the 2007 and 2008 model years.

The National Highway Traffic Safety Administration says it has 59 complaints about intermittent loss of power-brake assist. The agency says the problem happens without warning. It causes increased stopping distances and requires more pedal pressure to stop the car.

Tesla supercharger network 'energized': Musk

Source: 
Bloomberg

Electric car maker Tesla has completed its network of supercharging stations enabling its Model S cars to travel long distances without long stops to power up, according to a tweet from company CEO Elon Musk, Bloomberg reports.

Fisker buyer must keep work in US: Moniz

Source: 
Bloomberg

Whichever Chinese buyer ends up purchasing bankrupt Fisker Automotive will have to keep engineering and manufacturing in the U.S., Energy Secretary Ernest Moniz said Wednesday, according to Bloomberg.

Silicon Valley sees shortage of EV charge stations

PALO ALTO, California (AP) — An increasing number of electric-vehicle driving employees at Silicon Valley companies are finding it hard to access car-charging stations at work, creating incidents of "charge rage" among drivers.

Installation of electric vehicle charging ports at some companies has not kept pace with soaring demand, creating thorny etiquette issues in the workplace, the San Jose Mercury News reported (http://bit.ly/1joxwJ6).

Peter Graf, chief sustainability officer for German software company SAP, says the company's 16 charging stations are now not nearly enough for the 61 employees who drive electric vehicles.

Fisker auction set for Feb. 12, says bankruptcy court

Source: 
Reuters

A bankruptcy judge has determined that the assets of electric car maker Fisker Automotive will be sold off in a closed auction in New York Feb 12, with the company hoping that other potential buyers will join China's Wanxiang group and Hybrid Technology of Hong Kong, Reuters reports.

Battery packs, adapters can pose safety risks for electric cars

Source: 
Bloomberg

Electric cars are as safe overall as vehicles powered by other fuel sources, but problems with battery packs and adapters pose different risks, according to the National Highway Traffic Safety Administration, Bloomberg reports.

Fisker bankruptcy bidding heats up quickly

WILMINGTON, Delaware (AP) — Hybrid Technology, led by Hong Kong billionaire Richard Li, has offered $55 million in an auction of Fisker Automotive's assets, just days after a bankruptcy judge in Delaware rejected Hybrid's plan to take over the failed electric-vehicle manufacturer in a private sale.

In court papers submitted Monday, Hybrid made a conditional offer of $30 million in cash and $25 million in credit for what it is owed as Fisker's senior secured lender. Hybrid also is promising that at least $5.5 million will go to Fisker's unsecured creditors, provided that the official committee of unsecured creditors supports its proposal to be the lead, or "stalking horse" bidder in the auction.

Hybrid also noted that its cash consideration was subject to its rights as a secured creditor in all collateral involving a $529 million loan commitment to Fisker from the U.S. Department of Energy. Hybrid recently paid $25 million for DOE's outstanding loan balance of more than $160 million, which resulted in a loss to U.S. taxpayers of $139 million.

US judge orders auction for auto maker Fisker

WILMINGTON, Delaware (AP) — A U.S. bankruptcy judge on Friday ordered a competitive auction for the assets of Fisker Automotive, rejecting a proposal by a group led by Hong Kong billionaire Richard Li to assume control of the failed electric auto manufacturer in a private sale.

U.S. Bankruptcy Judge Kevin Gross refused to accept Hybrid Technology LLC's plan to use $75 million it said it is owed as Fisker's senior secured lender as a credit bid for Fisker's assets. Agreeing with Fisker's official creditors committee that a competitive auction was the best way to maximize recoveries for Fisker creditors, Gross capped Hybrid's credit bid at $25 million.

Chinese auto parts conglomerate Wanxiang Group Corp. offered an alternative cash bid of $35.7 million as the starting point for a competitive auction.

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