Sign in to follow this  
Followers 0
NewsFeeder

AutoBlog: BREAKING: Fisker gets $528.7 million loan from U.S. DOE for Karma, Project Nina

6 posts in this topic

Filed under: Hybrid, Sedan, Government/Legal, Fisker, Alternative Fuel

fisker_karma006b_opt-1253648296.jpg
Fisker Karma - Click above for high-res image gallery

Fisker's goal of becoming profitable by 2011 received a shot in the arm today thanks to the U.S. Energy Department's announcement that the upstart automaker will receive a $528.7 million conditional loan. The DOE says the loan, "will create or save about 5,000 jobs for domestic parts suppliers." Highlights of the DOE's announcement include confirmation that the money will go towards "two lines of plug-in hybrids" ($39,000 PHEV, here we come?) and that at least some of those jobs will be "to manufacture a plug-in hybrid in the U.S." Fisker will perform final assembly of its first car, the high-cost Karma, in Finland with partner Valmet.

When we spoke with company head Henrik Fisker about a low-cost model back in January, he told us once DOE funding came through, it wouldn't take long to get the lower-cost plug-in hybrid on the road. The DOE loan specifies that $169.3 million is to be used for engineering integration costs, working primarily with U.S. suppliers to get the Fisker Karma finished, with the remaining funding to be used on Fisker's Project Nina. Project Nina? There's a name we haven't heard before, butthe DOE says it will involve "the manufacture of a plug-in hybrid in the U.S." Fisker says the name was chosen as a reference to Christopher Columbus, and "is symbolic of the automobile industry's transition from old world to new."

Earlier this year, the DOE gave conditional loan commitments to Ford ($5.9 billion), Nissan ($1.6 billion) and Tesla Motors ($465 million). The money comes from the Advanced Technology Vehicles Manufacturing (ATVM) Loan program. All the details are available in the press releases below the fold.


Gallery: Fisker Karma

fisker_karma006bfisker_karma016image003-fkfisker_karma_1747refisker_karma_1798re-3

[source: Fisker, DOE]

Continue reading BREAKING: Fisker gets $528.7 million loan from U.S. DOE for Karma, Project Nina

BREAKING: Fisker gets $528.7 million loan from U.S. DOE for Karma, Project Nina originally appeared on Autoblog on Tue, 22 Sep 2009 15:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

di
di

autoblog?i=oPeqDP6963g:dkdFpR-Vvy8:wF9xT autoblog?i=oPeqDP6963g:dkdFpR-Vvy8:V_sGL
oPeqDP6963g

View the full article
0

Share this post


Link to post
Share on other sites
I thought Valmet was a firearms manufacturer?

Don't know about that, but they assembled the Porsche Boxster for years.

0

Share this post


Link to post
Share on other sites

Fisker and Tata both toured the Wilmington plant last week. They then held talks with GM and the National UAW ...

0

Share this post


Link to post
Share on other sites
Fisker and Tata both toured the Wilmington plant last week. They then held talks with GM and the National UAW ...

Ah, new life....

Same is happening to Wixom here.....

0

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   You have pasted content with formatting.   Remove formatting

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

Sign in to follow this  
Followers 0



  • Who's Online (See full list)

    There are no registered users currently online

  • Who's Chatting

    There are no users currently in the chat room