IRVINE, California — Fisker Automotive has been given $529 million in low-interest loans from the U.S. Department of Energy to get hybrid vehicles onto the market. The loan will let the startup firm complete development of its Karma, a high-end plug-in hybrid expected to retail for $88,000, and a second more family-car-oriented plug-in now called Project NINA.
The Department of Energy has previously given similar loans to Tesla Motors, Nissan and Ford to help them develop hybrid vehicles. Fisker says it will use some $169 million of the loan for engineering costs associated with the launch of the Karma. Final touches on the car's development will happen in Pontiac, Michigan, and the car will be assembled overseas.
Fisker will roll out the Karma for sale next summer and says more than 1,500 people have already placed orders for it. The car's Q DRIVE plug-in hybrid technology runs on electric power alone for the first 50 miles and then the gasoline engine turns a generator to charge the car's lithium-ion battery during driving. The Karma has two driving modes, Stealth and Sport, and a regenerative braking system. Fisker says the Karma will make 403 horsepower, will get from zero to 60 mph in 5.8 seconds and can reach a top speed of 125 mph. Fisker says it is "entirely possible" that drivers could get 100 mpg on average from the Karma.
The remaining $359 million on the government loan will help Fisker develop its Project NINA for a mass-market car to be built in the U.S. starting in late 2012. The Nina is intended to be a family sedan to be built in quantities of 75,000 to 100,000 per year. It is expected to be priced at about $45,000, or under $40,000 with government tax credits. Fisker also says it intends to export "a significant percentage" of these cars.
The Department of Energy issued a statement saying the Fisker investment "will result in approximately 5,000 jobs created or saved for domestic parts suppliers and thousands more to manufacture a plug-in hybrid in the U.S."
Inside Line says: The hum of hybridization is getting louder. — Laura Sky Brown, Correspondent
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