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Fisker Automotive Buying GM Delaware Plant To Build Plug-In Hybrid, Joe Biden smile
By Steve Gavriliuc for CEOWORLD Magazine Updated:October 26, 2009
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California-based venture capital firm electric car maker, Fisker Automotive has reached a deal to acquire the recently idled General Motors (GM) assembly plant in Wilmington, Delaware with the intent of using it for the manufacture of one of its two electric plug-in hybrid vehicles.
GM’s Boxwood Road facility, which was manufacturing the Saturn Sky and Pontiac Solstice roadsters, and Opel version that was exported to Europe, remains closed since July. According to the reports, the plant to be set up by Fisker would likely employ at least 1,500 workers and produce up to 100,000 cars annually.
Fisker is a joint venture between Fisker Coachbuild and Quantum Technologies that has developed a plug-in hybrid sportscar which it intends to begin selling in June 2010. The White House said Sunday that Biden, a former senator from Delaware, will make a major announcement about the future of the former GM plant in Wilmington, Del., along with Delaware Gov. Jack Markell and state officials.
Fisker Automotive of Irvine, Calif., plans to revamp GM’s Boxwood Road facility to build plug-ins, officials said Friday. The officials declined to be identified before the formal announcement.
The GM plant closed last summer and had produced the Saturn Sky and Pontiac Solstice roadsters, as well as an Opel version that was exported to Europe.
Fisker CEO Henrik Fisker said last week that the automaker would soon announce the location of its refurbished U.S. plant.
The auto manufacturer recently received approval for a $528.7 million government loan to develop plug-ins and is expected to release its first vehicle, the Karma, in the summer of 2010. The Karma, which will be built in Finland by Valmet Automotive, will start at $87,900 and has pre-sold about 1,500 vehicles.
Most of the government loan will be used to develop a next-generation plug-in, under a program called Project Nina. The vehicle will sell for nearly $48,000 before a federal tax credit of $7,500 for plug-in hybrids and is expected to be built at the Delaware facility with an annual production of about 100,000 vehicles.
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