Fisker buyer vows to spend enough to succeed or 'go bust'

\"I\'ll burn as much cash as it takes to succeed, or until Qanxiang goes bust.\"

The Chinese billionaire who acquired Fisker has promised to make significant investments in reviving the troubled brand.

"I'll put every cent that Wanxiang earns into making electric vehicles," said Wanxiang chairman and founder, Lu Guanqiu, in an interview with Bloomberg. "I'll burn as much cash as it takes to succeed, or until Wanxiang goes bust."

The Chinese company finalized its Fisker purchase early this year for $149 million, aiming to restart production of the Karma plug-in hybrid within a year. The new owners also vowed to complete development of another model with a lower price tag.

The automaker is currently concentrating on manufacturing in the US, though it has also applied for a license to produce its electric cars in China.

Despite the lofty ambitions, Fisker last month still lacked a new headquarters, a permanent CEO and a workforce to build the cars. The employee ranks were slashed from 150 to just 25 amid the bankruptcy and subsequent buyout.

Lu acknowledges the hurdles that the company still faces in its quest to compete with Tesla and established players. The 69-year-old executive argues that his family will continue on the long road if the project outlives him.

"If I don't succeed, my son will continue with it," Lu said. "If he doesn't make it, my grandson will."