Fisker Automotive Inc., which is an Irvine-based automaker of luxury hybrid cars, is planning to procure and establish a Delaware plant by spending a sum of around $200 million. By the year 2012, the plant would be making sedan cars that would be designed for the entire family.

In a ceremony on Tuesday, the company announced its future plans for the plant. Joe Biden, who is the Vice President of the company, was also present at the ceremony along with the Chief Executive Henrik Fisker. To generate these cars that come with an electronic-cum-gas engine, the company has received confirmation of federal loans of $528.7 million. A sum of $18 million is being paid by Fisker to a former General Motors Corp. plant in Wilmington. In the coming few years, an approximate $175 million is planned to be spent in renovating the factory.

The plant would be used to produce ‘Nina’ which is a complete family car. The price of the car after a federal tax credit of $7,500 is expected to come around $40,000. ‘Karma’, which is another luxury sedan of Fisker, might also shift its production base to Delaware in the coming years. Irvine-based Quantum Fuel Systems Technologies Worldwide Inc. designed the cars of Fisker Automotive Inc. with an unmatched combo of gasoline and a battery engine which is fully rechargeable.

This entry was posted on Wednesday, October 28th, 2009 at 1:43 pm and is filed under Venture Capital Funding, Venture Capital News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.