Two Super Rich Chinese Guys Are Trying To Buy A Bankrupt Car Company Called Fisker To Challenge Tesla | Exploring Markets

Two Super Rich Chinese Guys Are Trying To Buy A Bankrupt Car Company Called Fisker To Challenge Tesla

Tesla has become one of the biggest success stories in all of business.

Look at its stock alone and you'll see how fast it went from being called a walking bankruptcy to being a company worth more than $20 billion.

Electric cars are huge right now. That seems to be the case all around the world, too. Especially in emerging economies where pollution is rampant.

And that is why Chinese billionaires are bidding on an American car company called Fisker Automotive. Fisker specializes in building electric cars, and it's probably the case that these Chinese billionaires want to build the Tesla of China with Fisker:

The Chinese Billionaires Then Went To War 
Both men began by pledging to quickly resume production of the $100,000 Fisker Karma and finish developing its $50,000-$60,000 second-generation car Atlantic. Lu’s pledge to develop the model was contained in a Jan. 8 court filing (pdf). 
As for cash payment, Li offered $55 million as his opening bid, seriously sweetening the original deal with $30 million in cash. But Lu topped him, and rapid-fire counter-bidding followed—19 rounds in all over three days. Lu was declared the winner on Feb. 14, and Li appears to be standing down without public protest. 
Li’s final, losing bid is not known, but what appears to have made Lu stand out was his deep-pocketed willingness to bail out unsecured creditors: Under the terms of the auction, Li will get back his $25 million, and the rest will go to pay off these creditors. - (QZ)