Wanxiang gets environmental OK to build Chinese EV plant
Wanxiang Group, the owner of Karma Automotive, moved one step closer to getting a permit to produce electric vehicles in China after clearing an environmental impact review.
The environmental protection bureau of Zhejiang province approved Wanxiang's plan for facilities capable of manufacturing 50,000 EVs a year, according to a filing posted on the agency's website on Tuesday.
Founded by Chinese billionaire Lu Guanqiu, Wanxiang bought the bankrupt Fisker Automotive Inc. and has provided financial backing to restart the company as Karma, the name of its plug-in sports sedan bought by the likes of Justin Bieber and Leonardo DiCaprio.
Karma is trying to reboot its image after Fisker failed to repay $139 million (928 million yuan) in U.S. government loans and filed for Chapter 11.
Wanxiang's Chinese plant would produce cars on the Karma platform, including extended-range versions of the Karma and Atlantic models, according to the application.
Out of its proposed annual capacity of 50,000 cars, 39,000 units have been earmarked for the two-door Atlantic. The Atlantic has a top speed of 216 kilometers per hour and can accelerate to 100 km/hour in 6.5 seconds.
Last year, China said it will issue new production licenses to non-automakers, paving the way for Wanxiang to expand beyond component production.
Wanxiang has been widely seen as one of the potential candidates for the special permit, given its ownership of Fisker and battery supplier A123 Systems, and its experience with component production.
To qualify for the license, companies must demonstrate experience in product development and manufacturing.
Founded by Chinese billionaire Lu Guanqiu, Wanxiang bought the bankrupt Fisker Automotive Inc. and has provided financial backing to restart the company as Karma, the name of its plug-in sports sedan bought by the likes of Justin Bieber and Leonardo DiCaprio.
Karma is trying to reboot its image after Fisker failed to repay $139 million (928 million yuan) in U.S. government loans and filed for Chapter 11.
Wanxiang's Chinese plant would produce cars on the Karma platform, including extended-range versions of the Karma and Atlantic models, according to the application.
Out of its proposed annual capacity of 50,000 cars, 39,000 units have been earmarked for the two-door Atlantic. The Atlantic has a top speed of 216 kilometers per hour and can accelerate to 100 km/hour in 6.5 seconds.
Last year, China said it will issue new production licenses to non-automakers, paving the way for Wanxiang to expand beyond component production.
Wanxiang has been widely seen as one of the potential candidates for the special permit, given its ownership of Fisker and battery supplier A123 Systems, and its experience with component production.
To qualify for the license, companies must demonstrate experience in product development and manufacturing.
