Fisker receives $528 million loan for advanced vehicle technology
By Andrew C., 30 Aug, 2010. 0 Comments
Fisker Automotive has been granted a loan worth more than $500 million for its plan to develop plug-in hybrid vehicles. A majority of the funds will be spent for Project NINA, which is tasked to design, engineer, and assemble Fisker‚ line of plug-in hybrids. A portion of the budget will be spent in marketing the plug-in hybrid.
The Project Nina moniker is inspired by the Christopher Columbus ship. Fisker intends to market a family-oriented plug-in hybrid by 2012, with a global sales target of more than 100,000 units each year. Through the plug-in hybrid production, Fisker means to create or save at least 5000 jobs in the automotive supply industry. CEO Henrik Fisker said that the “conditional loan represents a significant step in America's future." Fisker said that the company is now enabled to develop affordable, clean cars that satisfy the passion for driving while helping to restore the U.S. as an auto industry leader. Fisker's Karma sedan is set for production in mid-2010 as a sports/luxury plug-in hybrid sedan. The hybrid line-up cars are each slated to start at $39,900 after tax credits.
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