Fisker Automotive lands $528 million in ATVM government loans

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Vehicle in the news

Make/Model: Project NINA
Manufacturer: Fisker Automotive
In Brief: Fisker Automotive is announcing they have landed a US government loan in the amount of $528.7 million to "create affordable, fuel-efficient plug-in hybrid electric cars."

The Word

According to a press release issued September 22, 2009, Fisker Automotive and the US Department of Energy have come to terms on a low-interest government loan of over half a billion dollars to "create affordable, fuel-efficient plug-in hybrid electric cars."

Fisker says that most of the money will go towards what they're terming Project NINA, "the design, engineering and assembly of Fisker Automotive’s next-generation plug-in hybrids, starting at about $39,900 after tax credits." The rest will go towards finalizing development of the company's flagship vehicle, the Fisker Karma (picture below).

Fisker

The money is coming from the US Department of Energy’s $25-billion Advanced Technologies Vehicle Manufacturing Loan Program, which Congress established late last year in an effort to encourage energy-efficient, advanced-technology vehicles.

The name Project NINA derives from the name of the ship used by Christopher Columbus to explore the New World.

And so …

Said Fisker CEO Henrik Fisker, “This conditional loan represents a significant step in America’s future. With it Fisker Automotive can rapidly develop affordable clean cars that satisfy our passion for driving and help restore the US as an auto industry leader.”

Dive deeper

- Fisker Automotive homepage
- The Advanced Technologies Vehicle Manufacturing (ATVM) Loan Program homepage

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