Department of Energy loans Fisker $528 million to produce two plug-in hybrid vehicles

Fisker Automotive announced today that it has received a $528 million conditional loan from the U.S. Department of Energy to develop two plug-in hybrid vehicles.

About $169 million of the $528 million will allow the company to produce its Fisker Karma plug-in hybrid sedan. While assembly of the $87,900 ($80,400 after US government tax credits) Fisker Karma will be done overseas, more than 65% of the parts will come from U.S. suppliers.

The rest of the money will be used to produce a more affordable plug-in hybrid in the United States. The DOE said that Fisker estimates annual production of 75,000 to 100,000 units of the vehicles to roll off U.S. assembly lines. It was reported earlier this month that Fisker is planning a $39,000 plug-in hybrid vehicle.

Fisker said that the funding will help create or save at least 5,000 U.S. jobs.

2010 Fisker Karma:

– By: Omar Rana