Fisker Automotive's new owner says the Karma sports car will come roaring back with a supercharged V8 engine -- with the help of former General Motors executive Bob Lutz.
The U.S. unit of Wanxiang Group of China received approval on Tuesday to acquire Fisker's assets for $149.2 million. Plans to revive the Karma as a traditional gas-guzzling sports car were revealed in U.S. Bankruptcy Court documents and by a person briefed on them.
Fisker, founded in 2007, sought to plant its flag as the first manufacturer to put a hybrid engine in a sports car with an eye-catching design. Celebrity backers included movie star Leonardo DiCaprio, who was drawn to the project by his concern about climate change. After technological glitches and management missteps, Fisker ceased production in 2012.