Hot News
for your iPhone
for your iPad
Go to our forums to discuss this news
DATE News (chronologically)
Fisker stops work at Delaware plant to renegotiate DOE loan
Electric car startup Fisker Automotive Inc. said Monday it has suspended work at its manufacturing plant in Delaware and laid off 26 workers while it renegotiates the terms of its $529 million loan from the U.S. Department of Energy.

The company said in a statement that it has received $193 million of the DOE loan so far, mostly for its Karma vehicle, which was introduced late last year.

Another 40 contractors and employees who were working in design and development of Fisker's Karma luxury car in Anaheim, Calif., also have been cut.

Fisker's Wilmington, Del., plant is expected to manufacture the company's second vehicle, known as the Nina. The $336 million balance of its DOE loan is intended to fund the Nina program, Fisker said.

The Delaware plant was formerly owned and operated by General Motors.

The Energy Department awarded Anaheim, Calif.-based Fisker $529 million in loans in April 2010 from a program intended to spur development of advanced-technology vehicles.

Part of the loan is for redeveloping the closed GM plant in Wilmington for Fisker’s use. Autonews.com

Hot News Archives
2000 2001 2002 2003

Search Hot News
Search Help
AutoRacing1 Inc. BBB Business Review