Lu Guanqiu, the chairman and founder of China’s Wanxiang Group which owns Fisker, is planning to build electric cars in the U.S. and challenge Tesla Motors right in its home market.
The Chinese billionaire who bought Fisker Automotive at a bankruptcy auction is committed to build EVs in the U.S. and China, he said in an interview with Bloomberg. “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,” Guanqiu said.
Both Lu Guanqiu and Tesla’s Elon Musk hope to move their companies beyond the U.S. to sell electric vehicles in China, the world’s largest auto market. Earlier this year, Musk said he expects China to become Tesla’s biggest market. Lu, who is worth $3.1 billion, made tractor parts during China’s Cultural Revolution and wanted to build cars since the 1980s.
Now, after spending $149.2 million to get Fisker, he can finally do it. The Fisker estate included an abandoned GM plant in Wilmington, Delaware, which allows Wanxiang an entry point to sell cars in the U.S. The Chinese company wants to build the Karma model (pictured) in the United States and later build other hybrids there. Lu also said that he expects Wanxiang to receive a license to manufacture electric cars in China.
“The road is still very long. We want to concentrate for now on manufacturing in the U.S. If I don’t succeed, my son will continue with it. If he doesn’t make it, my grandson will,” Lu said. Sounds like a very determined man.
By Dan Mihalascu
PHOTO GALLERY
