SHANGHAI, March 18 China's Zhejiang Geely
Holding Group will drop out of the bidding for a
majority stake in troubled U.S. electric car maker Fisker
Automotive, according to two sources familiar with the matter.
Fisker, the Anaheim, California-based plug-in hybrid maker,
was waiting for final bids from two Chinese companies: Geely,
the owner of Sweden's Volvo, and state-owned Dongfeng Motor
The sources said Dongfeng Auto submitted its final offer
late last week but Geely will not make one because its top
executives and advisors deemed the deal too risky. The sources
declined to be identified because the matter has not been made
It was not immediately clear whether Fisker would
automatically pick Dongfeng as the winner.
Initial bids from both companies earlier this year were
valued at between $200 million and $300 million.