US

Californian startup Fisker Automotive has confirmed the closing of a $528.7 million loan from the Department of Energy (DOE) to support the production of plug-in hybrid electric vehicles in the US.

The loan will back Fisker’s plans to roll out the four-door Karma sports sedan in 2010 and a line of family aimed models in late 2012, which are currently being developed within the company’s Project NINA programme.

Both the Karma and Project NINA lines will be manufactured at a former General Motors facility in Wilmington, Delaware, the company announced last autumn.

The DOE loan will initially cover the costs of developing design tools and equipment, as well as manufacturing processes, for the Karma. The remainder will go towards purchasing and retooling the GM plant, which is also being supported by the state of Delaware.

When full production levels are reached in 2015, Fisker says it will be employing around 2000 assembly workers and expects annual sales of up to 115,000 vehicles.

The company has also signed up US producer A123Systems to supply the lithium-ion batteries for the vehicles, which will be manufactured at the company’s facility in Livonia, Michigan.

Vice President Joe Biden says that Fisker’s efforts are a “roadmap for all we can accomplish if everyone works together”.

For further information:
www.energy.gov
www.fiskerautomotive.com/

Related stories:
Fisker chooses A123Systems over Ener1 as battery supplier (19-Jan)
Fisker Automotive to build electric cars at former GM plant (28-Oct 2009)
Electric carmaker Fisker receives $528 million government loan (28-Sept 2009)