Washington, D.C. – Fisker Automotive will receive a US$528.7 million conditional loan from the U.S. Department of Energy (DOE) for the development of two lines of plug-in hybrids, the fourth conditional loan commitment under the Advanced Technology Vehicles Manufacturing Loan program.
The project will result in approximately 5,000 created or saved for domestic parts suppliers, and thousands more to manufacture a plug-in hybrid in the U.S.
In the first stage of the program, Fisker will use a $169.3 million loan for engineering integration costs as it works with suppliers, primarily in the U.S., to complete its first vehicle, the Fisker Karma. Engineers will also design tools and equipment, and develop manufacturing processes. The work will be conducted at Fisker’s office in Pontiac, Michigan, with support from its headquarters in Irvine, California. While final assembly of the Karma will be done overseas, more than 65 per cent (based on cost) of parts required will come from U.S. suppliers. The four-door Karma is scheduled to go on sale in the summer of 2010.
The second stage includes a $359.36 million loan for Fisker’s Project Nina, involving the manufacture of a plug-in hybrid in the U.S. Fisker estimates that 75,000 to 100,000 will be built in the U.S. each year, beginning in late 2012.