The Department of Energy announced the closing of a $528.7 million loan to Fisker Automotive. The money will be used to support the development and production of two plug-in hybrid electric vehicles, namely, the Karma, and the recently started PROJECT NINA. The Karma is a full0sized four-door sedan-type vehicle, while Project NINA summarizes a line of family-oriented electric vehicles.
Aside from the development and production of the two environmentally-friendly lines of vehicles, the GM plant will also open up at least 2000 jobs for plenty of qualified American assembly workers. Because of the pending projects, economic experts also foresee more employment opportunities coming from service providers and domestic parts providers.
The Fisker projects are also set to contribute to reduced carbon emmicions and cleaner air. According to Secretary Chu, the release of these hybrid cars should put the production of American environmentally-friendly vehicles at the forefront of automotive design and production.
Initially, the money from the loan will be used by Fisker for qualifying engineering costs. This will be conducted in Irvine California, with the engineers designing tools and equipment and working on efficient manufacturing processes. The Karma should hit the showrooms in 2010, with the Project Nina hitting the assembly lines by late 2012.
These Fisker cars will run on electric engines which get their power from rechargeable Lithium-ion batteries. Once the power is depleted, the car will then use and efficient, gas-powered engine.
Both lines of hybrid vehicles will have an all-electric tailpipe, emission free range of forty to fifty miles when they’re fully charged. The cars can be conveniently charged at home, and the production of these vehicles is set to reduce America’s dependence on oil.