Fisker to Buy Delaware GM Plant for Plug-In Hybrid Production

Nov 2 2009 | 9:22am ET

Fisker Automotive will pay $18 million for a former General Motors assembly plant in Wilmington, Delaware, and spend an additional $175 million over the next three years to refurbish and retool the factory for the production of plug-in hybrid vehicles.

Funding for the deal will from a conditional loan of $528.7 million from the U.S. Department of Energy (DoE).

The plant will support Fisker Automotive’s Project NINA, the development and assembly of an affordable, family-oriented, plug-in hybrid sedan carrying a price tag of about $39,900 after federal tax credits.

Production is scheduled to begin in late 2012. Fisker Automotive anticipates Project NINA will ultimately create or support 2,000 factory jobs and more than 3,000 vendor and supplier jobs by 2014, as production ramps up to full capacity of 75,000-100,000 vehicles per year. More than half will be exported, the largest percentage of any domestic manufacturer.

The modernized Wilmington plant was selected for its size, production capacity, world-class paint facilities, access to shipping ports, rail lines and available skilled workforce. The plant, built by General Motors in 1947, has been expanded over the years to 3.2 million square feet on 142 acres of land. It includes an on-site powerhouse and waste water treatment facility. Production capacity is 300,000 cars per year.

“This is a major step toward establishing America as a leader of advanced vehicle technology,” said Fisker CEO Henrik Fisker. “Wilmington is perfect for high-quality, low-volume production and will soon be the proud builder of world-class, fuel-efficient Fisker plug-in hybrids.”


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.