$528.7 Million DOE Loan to Fisker for 2 Hybrid Plug-Ins

The Fisker Karma is one car that everyone has their eye on. Exoticly-stylish, efficient, performance-oriented and more practical than its competition, the Karma has the potential to shake up the marketplace. Using a different business model than is traditional in the automotive world, Fisker is hoping that its Karma will push the company to see its first profits as early as 2011. Helping this goal right along, Fisker has received a conditional $528.7 million loan toward the creation of two hybrid plug-ins. The first $169.3 million will go toward completion of the Karma, while the near-$360 million that remains will be directed toward Fisker’s Project Nina, which entails development of a  more-affordable, next-generation hybrid expected to fall in the $39, 900 range (the Karma will sell in the $80K range). The DOE states that the loan will create or save 5,000 jobs for domestic parts suppliers. The loan is the fourth that’s been made under the ATVM loan program, following previous loans to Ford, Nissan and Tesla. [via AutoBloggreen]