Fisker Gets a Half Billion Dollar Stimulus Loan To Develop Affordable Plug-In Hybrids


The world may have just gotten one very big step closer to viable, affordable electric cars. Fisker Automotive and the U.S. Department of Energy have agreed to loan terms for $528.7 million to bring an affordable electric car to the mass market.

Most of the money will go towards Project NINA, which aims to bring a plug-in hybrid car to market for under $40,000 (after tax breaks). The project named after one of the three ships Christopher Coloumbus led to the New World, and will hopefully create or save 5,000 U.S. jobs. While most of the money will go towards creating an affordable family sedan, some of it will also be used to put the finishing touches on the Fisker Karma, an all-electric luxury sports car in the same vein as the Tesla Roadster.

The half-billion bucks comes out of the U.S. Department of Energy’s $25 billion Advanced Technologies Vehicle Manufacturing Loan Program. Fisker hopes the injection of federal funds will allow them to bring a plug-in hybrid family car to market by 2012. Fisker’s projections aim for selling 100,000 cars annually, with many of them being exported overseas.

As a big fan of Fisker, this is indeed welcome news. While the issues of charging and batteries still have to be dealt with in terms of electric cars, the future seems closer than ever. Besides, more choice is always a good thing, and Fisker really knows how to pretty up a green car. Turn the page for the full press release.

Source and Image Credit: Fisker

Christopher DeMorro

A writer and gearhead who loves all things automotive, from hybrids to HEMIs, can be found wrenching or writing- or else, he's running, because he's one of those crazy people who gets enjoyment from running insane distances.