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Luxury carmaker Fisker wins $529 million government loan

Posted Wednesday, Sep 23, 2009, 3:21 pm in Employee News

The U.S. Energy Department on Tuesday awarded a $529 million low-interest loan to a California-based start-up luxury automaker to fund the development of an $88,000 plug-in hybrid vehicle and a future “family oriented” plug-in sedan, The Detroit News reported.

The work could create jobs in metro Detroit because Irvine-based Fisker Automotive Inc. plans to do some of the product and production development work at its facility in Pontiac, the paper said. Energy Secretary Steven Chu said the loan to Fisker to develop two lines of plug-in hybrids will help save hundreds of millions of gallons of gasoline and offset millions of tons of greenhouse gas emissions by 2016, the News said.

This is the second loan to a small-scale electric or plug-in vehicle producer that focuses on high-priced models, the paper said. San Carlos, Calif.-based Tesla Motors Inc. received a $465 million loan in June to finance production engineering and assembly of the Tesla Model S, an all-electric family sedan with an expected base price of $49,900 after a federal tax credit, the story said. (The Detroit News)
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