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.
09/22, 3:20 PM
posted by:
ChuckTown86
Not sure why larger manufacturers that make cheaper products and who are also exploring this technology are not being granted a loan. If others are receiving loans as well, then never mind. Regardless hopefully this will allow for chepaer production and for the tech to filter down the scale for the everyday person. The filtering down the scale of Frisker style would be a good thing as well.
Be American. Buy whatever you want.
09/22, 3:29 PM
posted by:
NavinRJohnson
Chuck – Ford has gotten money…others have applied, but I’m not sure if anyone else has been paid yet.
Giving money to Fisker is like betting on snake eyes, it is unlikely to payoff (this is automanufactuing, micromanufacturers are much less likely to suceed than say, microbrewers) but if it does it pays big. I guess it is money better spent than giving Chrysler $25B, who will likely go bankrupt again before the first Fiat hits America.
09/22, 3:42 PM
posted by:
ChuckTown86
*Fisker. @NRJ: Agreed, let’s all hope this will pay off.
09/22, 3:53 PM
posted by:
shaver
There arent many situations that cant be improved or fixed with an extra hundred HP.
09/22, 4:01 PM
posted by:
05Z88Path
I’d rather my money be loaned to Fisker then the dozens of other ways our all-knowing government sees fit to waste it. At least this way I get some eye candy…
09/22, 4:58 PM
posted by:
A4
I guess Pinta brought back too many memories of rear-end explosions.
09/22, 5:02 PM
posted by:
Cardemon04
I hope our government got more information about NINA than we did… although probly not
NINA is probly Fisker’s mistress.
09/22, 5:15 PM
posted by:
SoTXFord
In the age of handing out billions of tax payer dollars adding into the multi trillions, whats 529 million?
09/22, 5:20 PM
posted by:
beatusmongous
Would you rather it be Santa Maria?
09/22, 5:39 PM
posted by:
leftwingagenda
it’s not exactly a hand out, more like an allowance for research and development, with a promissory note attached…
09/22, 7:20 PM
posted by:
SomeGreek
There was a girl at school named Nina… Everyone wanted to get on top of her.
Good name then.