The Chinese billionaire who bought Fisker Automotive Holdings Inc.
at a bankruptcy auction is planning to build a new slate of electric-drive cars in the U.S., challenging Tesla Motors Inc. on its home turf.
Lu Guanqiu, the chairman and founder of China’s Wanxiang Group Corp., plans to manufacture electric cars in the U.S. and ultimately in China, he said in his first extensive interview since prevailing in a February bidding war for Fisker’s assets.
“I’ll put every cent that Wanxiang earns into making electric vehicles,” he said at Wanxiang’s headquarters in Hangzhou, Zhejiang province. “I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.”Read Article