Print 10 comment(s) - last by Samus.. on Jun 2 at 1:55 PM

Fisker Karma  (Source:

Fisker Karma Sunset
New plant could create more jobs and greener roads

After Fisker Automotive's first delay pushed the sale of it's Karma plug-in hybrid electric vehicle (PHEV) from late 2009 to September 2010, another delay is postponing the vehicle's production to February 2011 in order to secure $189 million in additional funding.

The Fisker Karma PHEV made its first debut at the 2008 North American International Auto Show as part of the premium green car segment. Fisker Automotive took out a $528.7 million loan from the Department of Energy to start Project NINA, which is a plug-in hybrid car that Fisker plans to build in the United States starting in 2012, manufacturing approximately 75,000 to 100,000 per year. 

Then, back in January, Fisker secured $115 million in funds. Now with the additional $189 million, the company has a total private equity funding of around $339 million. Additional funding means design and engineering goals for the Karma PHEV are now more obtainable.  

With the funds and extended time frame, Fisker plans to "trigger its $528.7 million loan from the Department of Energy," and re-open a General Motors plant in Wilmington, Delaware. Fisker will eventually use this plant to develop hybrid electric vehicles under the Project NINA program that are lower in cost. Fisker expects the plant to create 2,000 new jobs and save or create another 5,000 more. 

While a press release said Fisker "expects to manufacture the Karma and Project NINA lnes" at their newly purchased GM plant, Russel Datz, a Fisker spokesman, said "Only NINA for now. It's too soon to say if next-gen Karma will also be built there."

Fisker intends to manufacture 75-100 Karma's for testing this year. The company anticipates the Karma having a 50-mile all-electric range and a full range of 350 miles, reaching 67.2 mpg. The Karma can reach 60 mph in 5.8 seconds and has a top speed of 125 mph. It features a solar roof option for climate control and recharging the battery pack. 

The vehicle will sell in the United States for $87,900

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Well . . .
By blueboy09 on 5/31/2010 2:46:09 PM , Rating: 1
It looks like this won't be available to the regular income public, as they won't be able to afford it, but there's no harm dreaming about it. ;) - BLUEBOY

RE: Well . . .
By Samus on 5/31/2010 2:52:46 PM , Rating: 2
they are in way over their heads. 100k units by 2012? they haven't even manufactured testing units yet. designing a car isn't a simple task. they should be doing what tesla did and buy a platform from somebody who's in the business (hopefully more reliable than lotus) like what Ford did with the Escort (Mazda) and concentrate on the drive train. you can be tied up for 10 years designing a chassis, and another 10 making it pass various safety standards, improving reliability and creating a maintenance network of replacement parts.

unless this company has some magic trick up their sleeve, they're doomed.

RE: Well . . .
By BZDTemp on 6/1/2010 7:51:24 AM , Rating: 1
There is a major difference between Tesla and FA. Tesla is a car company created by IT people while FA is a car company created by car people.

As for production of the Karma it is being done by Valmet Automotive in Finland, a company which builds, or has build (not sure), cars for Porsche (Cayman and Boxster).

There is no magic here just knowledge.

RE: Well . . .
By Samus on 6/2/2010 1:55:45 PM , Rating: 2
John DeLorean's company was made up of car people, and even though it only took him 2 years to push out the first DMC-12's, the only original thing about the car was the body. The platform was based on a Opel, the engine/transmission were binned from Volvo and the interior was done by Italdesign. He also had inexpensive, quality labor provided by the good people of Ireland, and to this day DMC-12's enjoy the reputation of having the highest ownership satisfaction rating of any vehicle produced in mass quantity in history.

I'm not saying it can't be done, but times have changed. But one thing that hasn't changed is everybody needs help from somebody in the industry. Making a completely original vehicle from scratch takes years even for the largest company. Just ask GM about the Volt.

$189 million
By droplets on 5/31/10, Rating: 0
RE: $189 million
By monomer on 5/31/2010 6:00:08 PM , Rating: 2
The $189 million is from private funding, not public.

RE: $189 million
By theapparition on 5/31/2010 8:55:47 PM , Rating: 2
Maybe I should be harping on bigger fish like GM, which by the way HASN'T paid back their loan, despite they're saying in their ads.

Not to rehash this, but every dollar in loans to GM has been paid back in full. The other cash you speak about went into purchasing GM. It is not a loan. When GM IPO's again, we'll see whether the government will get a positive return on investment.

Actually, as a tax payer (unlike the 48% of this country that doesn't pay a dime in taxes), I'm disappointed that GM paid back the loans. Early repayment means less interest collected, means less money back to the government, means more tax revenue must be collected to pay for other programs.

That's the only way I could really morally support a loan to a private company like this anyway: if the loaned amount returned significant economical or intellectual gains for the government.

These types of loans/grants do exactly that (although not directly back the the government, which would be a bad idea). This money is far better served going towards funding innovation than the 10000x more being spent on unsustainable social programs.

RE: $189 million
By BZDTemp on 6/1/2010 7:40:31 AM , Rating: 1
Yeah it's just a loan, but one-hundred eighty-nine million dollars of public money shouldn't be tied up for aid to this specific company in production of what appears to be a car with a very small, upper-class market.

First the $189 mill are not public money but private. Secondly the public money FA is borrowing is for Project NINA not for the Karma.

Project NINA is for a car to be for most people with production planned for 75,000 to 100,000 units per year all designed and produced in the US.

Wipe that grin off your face!
By GWD5318 on 6/1/2010 11:58:10 AM , Rating: 2
I wouldn't even consider buying this car (if I had the $$) until it wipes that absurd grin off its face.

This goes for you too, Mazda3!

By btc909 on 5/31/10, Rating: 0
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