Fisker to Make Electric Cars in Old GM Plant (Now That's Recycling!)


Photo: Michael Graham Richard
Project NINA Moving Forward
Just like Tesla's future depends on its second car, the Model S electric sedan, the future of Fisker probably rests more on its second model (codename: NINA) than its first. Why is that? Because both companies are starting way up-market and, because of their hefty price-tags, those cars are destined to be mostly low-volume technology showcases. So it's a very good thing indeed that Fisker just got approval to buy the factory where it will make its more affordable second model.
The Fisker Karma plug-in hybrid. Photo: Michael Graham Richard

A federal bankruptcy judge Tuesday approved the $20 million sale of a former General Motors Corp. plant in Wilmington, Del., to Fisker Automotive Inc.

Fisker, a California-based plug-in electric vehicle start-up, announced in October it would purchase the shuttered Boxwood Road plant in Wilmington. The 3.2 million-square foot plant is on 142 acres.

Fisker hopes to assemble 100,000 vehicles a year when it ramps up to full production in Wilmington. Using a $529 million low-cost government loan, it plans to start production at the plant in 2012. (source)

The Project NINA plug-in hybrid is expected to sell for $47,400, and price that should be lowered significantly by government incentives. Fisker will have to invest about $175 million in the ex-GM plant to retool it for production, and process that could cause further delays if not everything goes according to plan.

Fisker's problem right now is that it doesn't have a project to sell, so it is vulnerable to delays and problems that could increase its cash burn-rate.

Via Detroit News, Earth2Tech
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