The United States’ government created a $25 billion fund some months ago in order to assist the development of more environmentally friendly vehicles. Thus far, the fund has facilitated loans equating to about $8 billion. The loans have been given to Ford Motor Company, Tesla Motors Inc. and Nissan Motor Company.
The recent addition to the list of loans is the Fisker Automotive company. The company is based in California and is considered a luxury electric vehicle manufacturer. The U.S. government has given the company $528.7 million in order to assist their development of electric vehicles.
The company, which first came to be in 2007, has yet to officially release a vehicle. The company would like to release a luxury sports vehicle by mid-2010. The vehicle will be titled the Karma and will be an electric hybrid. The vehicle is expected to cost nearly $90,000.
The Karma will be able to be driven 50 miles without requiring gasoline. The company has stated that as an owner of the vehicle there is potential to only require one tank of gas per year. However, in order for this to occur, the owner would have to drive a maximum of 50 miles per day for most of the year. The fuel economy of the hybrid is expected to be around 100 miles per gallon, with indications that it will surpass the 100 mpg mark.
The Karma will be built in Finland, however company officials have indicated that 65 percent of the parts will be supplied by U.S. companies. $169.3 million of the loan will be going towards completing the Karma and various pieces of equipment.
$359.36 million is going towards what the company is calling Project Nina. Project Nina is expected to produce another hybrid vehicle, however with a lower price tag. The company is hoping for the vehicle to be unveiled by 2012 and cost around $40,000. The vehicle will be built in the U.S. and 100,000 a year will most likely be made.