China's Geely says will not make final bid for Fisker stake

HONG KONG, March 20 Wed Mar 20, 2013 6:56am EDT

HONG KONG, March 20 (Reuters) - China's Zhejiang Geely Holding Group said on Wednesday it will not make a final bid for a stake in Fisker Automotive Inc as it is not in line with its strategic considerations.

"We did have a deep discussion with the company, but Fisker doesn't match our strategic consideration so we decided to stop the bid," Vice President Daniel Li said at an earnings briefing on Wednesday.

Reuters, citing two sources familiar with the matter, reported on Monday that Geely would not make a bid for a majority stake in Fisker, mainly due to the troubled U.S. electric car maker's obligations to the U.S. government.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article