Fisker Automotive – maker of the Karma plug-in hybrid – announced on Tuesday that it has come to terms with the United States Department of Energy for a $528.7 million loan. The loan – part of the Department of Energy’s $25 billion Advanced Technology Vehicles Manufacturing program – will be used to finalize the Karma sedan, as well as launch Fisker’s new Project NINA.
Although a portion of the $528.7 million loan will go towards the completion of the Karma sedan, most of the funds will be used to launch Fisker’s new Project NINA. Intended to take the automotive world into a new era – hence the Christopher Columbus reference – Project NINA will be charged with developing, designing and engineering Fisker’s next-generation of affordable plug-in hybrid vehicles.
No details were released on the new program but the first Project NINA vehicles are expected to carry a price tag of about $39,000 after tax credits — compared to the $88,000 starting price of the Karma. However, Fisker CEO Henrick Fisker previously indicated a new, more affordable model could begin production by late 2011.
Fisker expects the DOE loan to save at least 5,000 jobs in the automotive supplier sector, with thousands more to be saved or created in the auto manufacturing industry. “This conditional loan represents a significant step in America’s future,” said Henrik Fisker. “With it Fisker Automotive can rapidly develop affordable clean cars that satisfy our passion for driving and help restore the U.S. as an auto industry leader.”
Fisker rival Tesla Motors was awarded $465 million in DOE loans earlier this year.
