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Fisker Automotive lands $529 million White House loan

PRNewsFoto/Fisker Automotive

(Read caption) Fisker Automotive has received a conditional loan of $527 million to build affordable, fuel-efficient plug-in hybrid cars. Pictured here is the company's first car, the Fisker Karma.

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Fisker Automotive, a private company based in Irvine, Calif., has received a $529 million loan from a Department of Energy program designed to fund the development of alternative vehicles.

Energy Secretary Steven Chu told the Los Angeles Times that the low-interest loan, which was announced on Tuesday, "is another critical step in making sure we are positioned to compete for the clean-energy jobs of the future."

In a statement, Fisker said it would use the bulk of the money to fund the design, engineering and assembly of a next-generation plug-in hybrid cars. The cars will retail at $39,900, after tax credits, according to a Fisker statement:

By 2012 Fisker Automotive is expected to launch a family oriented, user friendly plug-in hybrid featuring cutting edge technology, radical styling and world-class quality. Global sales are predicted to exceed 100,000 units annually. A significant percentage will be exported, helping to balance the US trade deficit.

The rest of the loan will reportedly go towards a line of more affordable vehicles.


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