Wilmington, Delaware – Plug-in hybrid vehicle company Fisker Automotive plans to develop and build a family-oriented plug-in hybrid sedan in General Motors’ plant in Wilmington, Delaware.
Fisker Automotive has signed a letter of intent with Motors Liquidation Company, the company formed after General Motors declared bankruptcy, to purchase the Wilmington plant for US$18 million after a routine four-month evaluation period.
An additional $175 million will be spent to refurbish and retool the factory over the next three years. Funds will come from a conditional loan of $528.7 granted to the company in September by the U.S. Department of Energy.
Fisker Automotive anticipates full production of 75,000 to 100,000 vehicles per year by 2014, with more than half being imported. The sedan is expected to cost about $39,900 after U.S. federal tax credits.