Judge Approves Fisker Asset Sale To Wanxiang

New Castle County officials say an affiliate of Wanxiang America has acquired the Fisker Automotive plant near Newport.

Randall Chase, AP Business Writer
Mar 25th, 2014

NEWPORT, Del. (AP) -- New Castle County officials say an affiliate of Wanxiang America has acquired the Fisker Automotive plant near Newport.

Paul Cumberland, Wanxiang America's director of investments, says the deal was recorded Monday as Wanxiang officially closed on the purchase of Fisker's assets.

The county says the Elgin, Ill.-based affiliate, WX Delaware Real Estate Holding Co., bought the property for $18 million, the same price Fisker paid in 2010. The county and state each received $270,000 in real estate transfer taxes.

California-based Fisker planned to build cars at the former General Motors plant, but it filed for bankruptcy protection in November. Wanxiang won an auction for Fisker's assets last month for $149 million in bankruptcy court.

Wanxiang has said it would consider using the Delaware facility for mass production.

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