China’s Zhejiang Geely Holding Group has confirmed 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 US electric car maker’s obligations to the US government. Via: ChinaDaily.