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Fisker Automotive gets $528M loan from DOE for hybrid vehicles
Creates thousands of jobs in the U.S., 65% of parts from U.S. suppliers
Washington, D.C. — The Department of Energy (DoE) announced a $528.7 million conditional loan for Fisker Automotive for the development of two lines of plug-in hybrid vehicles. The project touts it will save hundreds of millions gallons of gasoline and offset millions of tons of greenhouse gas emissions by 2016.
The project is also expected to create or save approximately 5,000 jobs for domestic parts suppliers and thousands more to manufacture a plug-in hybrid in the U.S.
This is the fourth conditional loan commitment by the DoE under the Advanced Technology Vehicles Manufacturing (ATVM) Loan program. The Department plans to make additional loans under this program to large and small automotive manufacturers and parts suppliers across the production supply chain.
Initially, Fisker Automotive will use a $169.3 million ATVM loan for engineering integration costs as it works with primarily U.S. suppliers to complete the company’s first vehicle, the Fisker Karma. Engineers will also design tools and equipment and develop manufacturing processes.
This work will be conducted at Fisker’s Pontiac, Michigan office with support from its headquarters in Irvine, California. While the final assembly of the Karma will be done overseas, more than 65 percent (based on cost) of the parts required for Karma will come from U.S. suppliers. The four-door Karma is scheduled to appear in showrooms in summer 2010.
The second stage of the project includes a $359.36 million ATVM loan for Fisker’s to manufacture a plug-in hybrid in the U.S., called Project Nina. Fisker estimates that up to 75,000 to 100,000 of these vehicles will roll off assembly lines in the U.S. every year beginning in late 2012.
Fisker automobiles are driven by electric motors powered by a lithium-ion battery, or, when that is depleted, a generator driven by an efficient gasoline engine. The battery can be charged at home overnight. Using gas and electric power, Fisker plug-in hybrids will have a cruising range of about 300 miles. The projected annual sales of these vehicles would contribute significantly to the Obama Administration’s goal of having one million plug-in hybrids on the road by 2015.
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