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Fisker's government loan blocked, Project Nina delayed

 Fiskers government loan blocked, Project Nina delayed
2012 Fisker Karma plug-in hybrid - 22.3.2011

Model's future becomes hazy

The Fisker Karma had a long and tumultuous path to production and it looks like the company's entry-level model, dubbed the Project Nina, is in for a similar fate.

According to Bloomberg, the U.S. Department of Energy has blocked the company's access to a $529 (€403.5) million loan due to unmet milestones. This has resulted in the company laying off 26 workers at the Wilmington, Delaware plant which was scheduled to build the Project Nina sedan later this year.

While the delay is unfortunate, Fisker wants to renegotiate the terms of the loan to restore access to the funds. There's no word on when this could occur, but it looks like the Project Nina wouldn't be arriving at dealerships anytime soon.

Note: Fisker Karma pictured

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Comments (6)

duppy mowt
There making a conscious effort to do something different... really different. Good luck Fisker... press on through your adversity.
Feb 8, 2012 8:55 am
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eddie
Fisker should still be praised as they did what a lot of larger companies could not do with much less money. I hope they survive and costs will come down as the rich pay for initial technology so the masses will have it later!
Feb 7, 2012 11:01 pm
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axual
Deliver a $28,000 dollar electric with 250 mile range EV and 400 mile range EV+Gas Generator ... they I'll consider a loan. That includes GM ... the Volt is a nice piece of engineering ... now get the price down to $30K. Getting tired of handing over billions to companies who build $45,000 to $100,000 EV vehicles.
Feb 7, 2012 8:21 pm
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sideskraper
Before you can run, you must be able to walk. The technology to build that sub $30k EV/HEV isn't going to materialise out of thin air. It takes generations of development to get to that point. Thank the early adopters who are willing to spend the money today for these vehicles for subsidising the development and stimulating the investment required to build that vehicle you desire in the future.
Feb 7, 2012 9:34 pm
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eitanros1
The question is whether that money goes back into R&D or directly to the pockets of the investors.. taking into consideration that EV companies have not invented a thing in that area but only use battery and electric motor technologies developed by others(Bosch, Siemens, Panasonic, Sanyo etc..), i doubt the contribution of 100,000$ EVs such as Fisker to the development of mass produced EVs. The only exception right now is BMW which develops a brand new architecture with their Live-Drive platform.
Feb 8, 2012 1:50 am
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sideskraper
The assumption that these car companies developing EV/HEV's are simply buying standard off the shelf products that haven't changed in a long time, stuffing them into a pretty body, and sitting back as the money rolls in, is simply wrong. The purchase of technology from another company in turn stimulates the development of the technologies that will trickle down to the everyday user. I have an interest in a battery company, we are developing technology for cells that are 4-6 years away from being in production. We deal directly with many large companies including a lot of car manufacturers. The work that goes in to integrating our basic product into theirs is substantial. It is not simply a case of buying our batteries, buying a motor, buying a controller. When we do bring our product to market, it won't initially be in $15k compact cars. The cost of manufacturing, and the cost of our R&D is just too prohibitive. However as manufacturing is improved, and our development costs are amortized the price will come down to the point that they will be a competitive option for integration to everyday high volume vehicles. Not just in high end or niche products.
Feb 8, 2012 12:41 pm
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