Wanxiang America, an affiliate of Chinese automotive parts maker Wanxiang Group, has purchased a Delaware plant from American electric car maker Fisker Automotive for $18m.
Following an agreement signed last week, Fisker's plant has been transferred to an affiliate of Wanxiang America. The automotive plant is now owned by WX Delaware Real Estate Holding.
Wanxiang America investments director Paul Cumberland said that the building located close to Newport has been sold for $18m, the same price the plug-in hybrid auto manufacturer had paid for it back in 2010.
Delaware county spokesman Antonio Prado said that the state and county each received $270,000 in real estate transfer taxes.
The new owner will restart the brand by using the Delaware plant for mass production.
In Febraury 2014, Wanxiang America received an approval from the US bankruptcy court to acquire the assets of American electric car maker Fisker Automotive for $149.2m. The company has won a bankruptcy three-day auction against Hybrid Tech Holdings on 14 Febraury 2014.