Fisker Karma Gets 52 MPGe

The Fisker Karma will begin selling at a measly $95,900. That makes it the most expensive plug-in hybrid to be mass produced and sold. Is 32 miles of electric range, followed by 20 mpg worth that amount?

To put it in perspective, the Volt is supposed to get 35 miles on electric, followed by 37 mpg on gasoline alone. But then again, I don't think fuel economy is what the Karma is truly about. When the Karma can go 0-60 in 5.9 seconds, but still get 52 MPGe, Fisker may be targeting a different demographic altogether.

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Fisker Raises Another $188 Million to Launch Karma

Fisker has raised another $188 million, including $115 million from the US government. The money will be used to begin producing their plug-in hybrid electric car, the Karma. The total includes $35 million they raised in private equity.

The launch of the Karma has been delayed a couple of times, as Fisker has worked to increase the funding it needs. Fisker plans on selling the Karma for $87,900, while the lower cost 'family sedan' Nina will cost almost half of that. The Nina will be built in 2012 at an old GM plant.

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Fisker Looks for More Millions to Upgrade Delaware Plant

Fisker is looking for more government money. After receiving almost $529 million from the federal loan program, they are looking for the state of Delaware to kick in another $9 million in a grant.

The grant money will be used to offset utility costs while it upgrades the GM facility in Newport using another $12.5 million from a convertible loan.

There's nothing really new about this sort of thing. The major automakers have relied on loans, grants, tax breaks and other money from the government for decades to build cars. The only difference here is the size of the automaker and the single type of car they are working on (plug-in).

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Fisker Gets $500 Million From the Government

Fisker has closed its loan with the federal government, giving it $528.7 million to help develop the Karma and NINA programs.

The NINA program is its new development, a family sedan to be built in the old Delaware GM plant.

"The story of Fisker is a story of ingenuity of an American company, a commitment to innovation by the U.S. government and the perseverance of the American auto industry," said Vice President Joe Biden. "The Boxwood Plant is opening again, employing workers in Delaware, and is serving as a roadmap for all we can accomplish if everyone works together. Thanks to real dedication by this administration, loans from the Department of Energy, the creativity of U.S. companies, and the tenacity of great state partners like Delaware—we're on our way to helping America's auto industry reclaim its top position in the global market."

Fisker says the NINA will cost consumers just under $40,000 after federal tax credits.

"Not only will the Fisker projects contribute to cleaner air and reduced carbon emissions, these plug-in hybrid cars will help put American ingenuity at the forefront of automotive design and production," said Secretary Chu. "And they will bring innovative cars to the market place while putting American workers back on the job," Secretary Chu added.

Fisker's plug-in hybrid products will be among the first to market and will help to accelerate the introduction of fuel-saving electrified vehicles in the United States. When full production is reached in 2015, Fisker estimates annual sales at up to 115,000 vehicles. Combining Fisker projected sales volume with the expected sales volume of the Nissan Leaf and the Tesla Model S, sales of electric and PHEVs funded with DOE ATVM loans could exceed 300,000 annually.

Initially, Fisker Automotive will use the proceeds of the loan for qualifying engineering integration costs as it works with primarily U.S. suppliers to incorporate components into the Karma's design. The engineering integration work will be conducted in Irvine, California, where engineers will design tools and equipment and develop manufacturing processes. The Karma is scheduled to appear in showrooms in late 2010. The second stage will involve the purchase and retooling of the former GM plant to manufacture the Project NINA line of PHEVs, which is expected to begin rolling off the assembly line in late 2012.

Fisker automobiles are driven by electric motors that get their power from a rechargeable Lithium-ion battery, or, when that is depleted, by a generator driven by an efficient gas-powered engine. The Karma and Project NINA models will have an all-electric, tailpipe-emission-free range of 40 to 50 miles on a full charge, more than most Americans drive each day. The battery can be charged at home overnight. Using gas and electric power, Fisker plug-in hybrids are expected to have a cruising range of up to 300 miles.

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