Looks like Chinese auto parts maker Wanxiang does have some grand designs laid out for recently-acquired Fisker after all, according to a Reuters report. The EV manufacturer, formerly led by Danish designer Henrik Fisker, was bought out last year after it filed for bankruptcy at the tail end of 2013, just six years since it began operations in 2007.

Sources reportedly told the news agency that Wanxiang is looking to rebrand Fisker as Elux, which would mean that the Karma plug-in hybrid will be called the Elux Karma. Speaking of which, the relaunch of the low-slung sedan has been postponed from this year to mid-2016, as Wanxiang is spending “millions” on updating the car’s hardware to better compete with newer, more advanced rivals.

Also changed will be the price – the updated Karma is planned to retail at US$135,000 (RM492,600), around US$25,000 (RM91,200) more than the Fisker-badged original. Production will also not be returning to Finland (where the original was built under contract by Valmet) as previously planned, although an actual site has yet to be finalised.

The original Karma’s battery pack was made by A123 Systems, which also went bankrupt and was also swooped up by Wanxiang in 2012. Both Fisker and A123 went under despite being recipients of a controversial US Department of Energy loan.