Fisker Approved for $529M Government Loan

Fisker has been awarded a $529 million dollar low-interest government loan by the US Department of Energy.

The company will use $169.3 million dollars to finalize the manufacturing and supplier processes needed to produce the highly anticipated Karma plug-in hybrid. This is important because more than 65 percent (based on cost) of the Karma's components come from US suppliers.

As we have previously reported, the Karma uses two electric motors that produce up to 375 kW (403 hp) and 1,300 Nm (959 lb/ft) of torque. Power comes from a 200kW lithium-ion battery pack, which is recharged by a GM-sourced four-cylinder engine with 260 hp. When the battery is fully charged, the car can travel up to 50 miles (80.5 km) before the petrol engine kicks in to recharge it. This unique powertrain allows the Karma to accelerate from 0-60 mph in less than six seconds, before hitting a top speed of 125 mph (201 km/h). More importantly, the Karma is expected to consume just 3.5L/100km (67.2 mpg) while emitting 83 grams of CO2/km.

Fisker has already received more than 1,500 orders for the Karma, which is impressive considering it doesn't go on sale until summer 2010.

The rest of the loan will be used to finance Fisker's 'Project Nina'. While details are limited, Fisker says Nina production will begin at a US factory in late 2012. Priced around $45,000 USD ($39,000 USD after government incentives), sales of the speculated family sedan are expected to total between 75,000-100,000 units per year.