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.

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