Fisker will soon be known as Elux.

Wanxiang Group is set to rename Fisker Automotive before relaunching the Karma plug-in sedan in 2016, a new report finds. China-based Wanxiang purchased Fisker Automotive back in 2014.

Two sources with inside knowledge of the situation revealed to Reuters that Wanxiang will change Fisker's name to Elux. The Chinese company will retain the Karma nameplate.

Wanxiang was hoping to have the newly-minted Elux Karma on the market by 2015, but that launch date has been delayed until at least mid-2016. The company has also scrapped plans to produce the Karma in Finland. No replacement site has been named.

The Elux Karma will be nearly identical to the Fisker Karma that was sold in 2011 and 2012, but one sources says Wanxiang is spending "millions" to update the car's hardware, which could include a significant battery upgrade. In addition to its purchase of Fisker, Wanxiang also purchased bankrupt battery maker A123 Systems, which was the original battery supplier for the Karma.

The Elux Karma will reportedly land with an asking price of $135,000, or about 20 percent more than the Karma's asking price in 2012.