One of the latest players to join the battle in the electric vehicle segment, Karma Automotive, has fallen for the world’s largest auto market – China.
Bought by Wanxiang Group after it went bankrupt and re-baptized from Fisker Automotive Inc. to Karma Automotive, the company founded by Henrik Fisker is now looking into the People’s Republic for car production, according to AutoNews, which is quoting an environmental impact review.
The brand, which has Chinese billionaire Lu Guangqiu behind it, has an investment plan of 2.5 billion yuan, which equals to approximately $375 million at the current exchange rates, for a new facility that will open in Hangzhou. The factory, which will have a manufacturing capacity of 50,000 units annually, will produce vehicles on the Karma platform, including extended range versions of the Karma and Atlantic.
The EV rush has seen more than 200 Chinese companies developing 4,000 new models and unveiling prototypes at various motor shows, backed up by the government’s commitment to boost annual sales of greener vehicles over the next decade. The local authorities will also issue new production licenses to non-automakers, which will allow brands such as Wanxiang Group to expand their operations beyond making components.
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