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 |  Oct 26 2009, 12:17 PM

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Having recently been awarded a $500 million loan by the U.S. government to build affordable pug-in hybrids, Fisker Automotive is expected to build those cars at a shuttered General Motors plant in Delaware. Vice President Joe Biden is expected to announce tomorrow that the California-based Fisker company will revive the Boxwood Road facility in Wilmington.

The plant, which built the Pontiac Solstice, Saturn Sky and their Opel variant, closed only recently as a result of GM’s decision to eliminate the Pontiac brand and sell-off Saturn.

The half billion dollar loan that Fisker recently received is part of the Department of Energy’s $25 billion Advanced Technologies Vehicle Manufacturing Loan Program. Fisker said it, “represents a significant step in America’s future.”

A portion of the loan will go towards final development of the luxurious and expensive Karma PHEV. The Karma uses a technology similar to the Chevy Volt, but is considerably more powerful, allowing the 403hp luxury car to hit 62 mph in six seconds while getting 67 mpg. It can drive on pure electric power for up to 50 miles, with a total extended range of 300 miles.

The majority of the loan will go towards building a new generation of plug-in hybrid electric vehicles (PHEVs) that will cost $39,900 after tax credits.

Fisker says the project will create or save at least 5,000 jobs among U.S. auto suppliers and in manufacturing the hybrids.

[Source: DetroitFreePress]

 |  Sep 22 2009, 3:26 PM

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Fisker Automotive, the company that beat both General Motors and Toyota to market with a plug-in hybrid, has been awarded a $527 million loan from the U.S. Department of Energy to develop affordable plug-in hybrids.

The majority of the loan will go towards building a new generation of plug-in hybrid electric vehicles (PHEVs) that will cost $39,900 after tax credits. The remainder will go towards final development of the Karma PHEV. The Karma uses a technology similar to the Chevy Volt, but is considerably more powerful, allowing the 403hp luxury car to hit 62 mph in six seconds while getting 67 mpg. It can drive on pure electric power for up to 50 miles, with a total extended range of 300 miles.

The loan is part of the Department of Energy’s $25 billion Advanced Technologies Vehicle Manufacturing Loan Program.

Fisker is calling its new initiative Project NINA, after the ship belonging to Christopher Columbus, symbolizing a move from an old word to a new world.

“This conditional loan represents a significant step in America’s future,” said Henrik Fisker, CEO. “With it Fisker Automotive can rapidly develop affordable clean cars that satisfy our passion for driving and help restore the U.S. as an auto industry leader.”

Fisker says the project will create or save at least 5,000 jobs among U.S. auto suppliers and in manufacturing the hybrids.

[Source: Yahoo]