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Fisker targets Tesla's success. Image by Fisker.

Fisker targets Tesla's success
Chinese boss of Fisker vows to spend, spend, spend to revive its fortunes.
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What's the news?

A Chinese billionaire who bought defunct electric car firm Fisker earlier this year has said he will "spend whatever it takes" to challenge Tesla Motors' growing ascendancy in the marketplace.

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."

Anything else?

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.

Matt Robinson - 21 May 2014

Fisker exhibits the Karma at Harrods in London. Image by Fisker.    

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