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Industry News
Fisker Automotive completes purchase of former GM factory in Delaware

The purchase is supported by a $528.7 million Department of Energy loan for the development of two lines of plug-in hybrids.

Author:
Posted on: 7/20/2010
Source: CompositesWorld

American automaker Fisker Automotive (Irvine, Calif., USA) on July 19 announced that it has finalized its purchase of a former GM factory where it will build plug-in hybrid electric vehicles that use some composites.

Fisker is now in full possession of the 3.2 million-ft²/300,000m² Wilmington Assembly plant in Wilmington, Del., for which it paid Motors Liquidation Co. (MLC) $20 million. MLC is the holding company formed by General Motors Corp.’s bankruptcy.

The purchase is supported by a $528.7 million Department of Energy loan for the development of two lines of plug-in hybrids. The Wilmington plant will be home to Project NINA, Fisker’s second line of plug-in hybrid electric vehicles, and where Fisker expects to ultimately create more than 2,000 factory jobs.

“This is a major step toward creating thousands of manufacturing jobs and restoring America as a leader in the global auto industry,” said Bernhard Koehler, COO, Fisker Automotive. “Wilmington will be instrumental in fulfilling our plans to export more than half of Fisker premium plug-in hybrid production to global markets.”

Fisker announced its intent to acquire the idled factory in October 2009. A federal bankruptcy judge approved the sale last month. The Wilmington Assembly plant opened in 1947 and produced more than 8.5 million vehicles before closing in mid 2009. 

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