Electric Vehicles
Fisker, DOE Close on Loan
Fisker Automotive has closed on a more than $528 million Department of Energy loan that will help the company build plug-in hybrids at a plant in Delaware.
Fisker Automotive, which makes the Karma PHEV, closed on a $528.7 million loan from DOE. (Photo By: Fisker Automotive)
Part of the money will go toward engineering work being done in California, where the startup automaker is based. In stage two, Fisker Automotive will purchase and retool a shuttered General Motors plant in Wilmington, Del. While production in Delaware is not expected to begin until 2012, Fisker plans to have its first PHEV, the Karma, built in Finland, in showrooms late this year.
“These plug-in hybrid cars will help put American ingenuity at the forefront of automotive design and production,” said Energy Secretary Steven Chu. “And they will bring innovative cars to the marketplace while putting American workers back on the job.” The Delaware factory is expected to employ 2,000.
The Karma can go up to 50 miles on a full charge before switching to the gasoline engine. Fisker said about 60 percent of Americans would be able to make their round-trip commute solely on electricity.
Meanwhile, Fisker is literally taking the show on the road. The company this week launched a 42-city tour of the Karma. Between now and early July, the PHEV will be on display at dealerships in 26 states and three Canadian provinces.