Fisker Scores $528-Million Loan From Feds For Next-Generation Plug-in Hybrid

Its first car hasn't gone into production yet, but already Fisker Automotive is well on the way to introducing a second plug-in hybrid, thanks to a $528-million federal loan.

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Fisker Automotive specializes in plug-in hybrid cars.

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The infant automaker said today that it has reached agreement with the federal Energy Department on terms of the low-interest loan, funded through the $25-billion Advanced Technology Vehicles Manufacturing Loan Program.

The company said in May that it was seeking the loan to spur production of the new car.

Fisker, based in Irvine, Calif., said today that the bulk of the money will be used to develop its next-generation plug-in hybrid with some being used to complete development of the company's first car, the Fisker Karma PHEV (left) slated to go into production later this year.

While the Karma is an $87,900, 408-horsepower exotic built under contract in Finland, Fisker's next cars will be more modestly priced and powered, will be built in the U.S., and will start at around $47,400 before the $7,500 federal tax credit.

The new plug-in is being developed under the code-name Project NINA - named, the company says, for one of the three ships in explorer Christopher Columbus' tiny fleet, and symbolizing the auto industry's "transition from old world to new."

The new "family oriented" Fisker PHEV is scheduled to launch in 2012 and the company says "a significant percentage' of an anticipated annual production of 100,000 cars will be exported.

 Fisker has partnered with a number of top-tier U.S.-based automotive suppliers to develop the Karma - even though their parts and components will be assembled into the car overseas.  It also has set up a network of 45 exiting premium-car dealers in the U.S. to market and service the Karma and will expand that to more than 100 dealerships with the Project NINA car.

Fisker also said that more than 1,500 Karmas have been ordered from a global customer base. The car uses a pair of electric moors that draw power form a lithium-ion battery pack, augmented by an on-board engine-generator when the initial charge is depleted. Range is estimated at 50 miles on batteries and a total of 300 before the engine-generator's gas tank would been to be refilled.

The company hasn't supplied powertrain or performance details for the NINA model.

Posted by

John O'Dell September 22, 2009, 2:05 PM

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