DOE Closes $529M Loan to Fisker for Multiple Plug-in Cars

By · April 23, 2010

2011 Fisker Karma

The Department of Energy announced today the closing of a $528.7 million loan with Fisker Automotive for the development and production of two lines of plug-in hybrid electric vehicles. This key wording in the press release is the use of the plural and the text describing “a line of family oriented models” produced by Fisker.

The appropriate dignitaries offered quotes—blending the energy-jobs message.

Veep Biden: “The story of Fisker is a story of ingenuity of an American company, a commitment to innovation by the U.S. government and the perseverance of the American auto industry. The Boxwood Plant is opening again, employing workers in Delaware, and is serving as a roadmap for all we can accomplish if everyone works together.”

DOE Chief Stephen Chu: “Not only will the Fisker projects contribute to cleaner air and reduced carbon emissions, these plug-in hybrid cars will help put American ingenuity at the forefront of automotive design and production. And they will bring innovative cars to the market place while putting American workers back on the job.”

The Karma is scheduled to appear in showrooms in late 2010. The purchase and retooling of a former GM plant in Delaware happens later, to manufacture the follow-up more affordable models. Those vehicles are expected to roll off assembly line in late 2012—realistically not until 2013.

New to EVs? Start here

  1. Electric Cars Pros and Cons
    EVs are a great solution for most people. But not everybody.
  2. Seven Things To Know About Buying a Plug-In Car
    A few simple tips before you visit the dealership.
  3. Federal and Local Incentives for Plug-in Hybrids and Electric Cars
    Take advantage of credits and rebates to reduce EV costs.
  4. Guide to Buying First Home EV Charger
    You'll want a home charger. Here's how to buy the right one.
  5. The Ultimate Guide to Electric Car Charging Networks
    If you plan to charge in public, you'll want to sign up for charging network membership (or two).
  6. Comprehensive Electric Vehicle Charging Guide for Businesses
    How do you ensure that electric car owners will be happy with every visit to your charging spot?
  7. How to Use the PlugShare EV Charging Station Tool
    Locate EV charging stations and optimize their use with a powerful mobile app.
  8. Guide to Quick Charging of Electric Cars
    Add 50 to 60 miles of range in about 20 minutes. Here's how.
  9. Calculating the Real Price of EV Public Charging
    Compare the cost of charging on the road to what you pay at home.
  10. Eight Rules of Electric Vehicle Charging Etiquette
    Thou shalt charge only when necessary. And other rules to live by.