Fisker Automotive, Inc. said today it is buying General Motors’ old Wilmington Assembly plant in Delaware to build an “affordable” plug-in hybrid. The company signed a letter of intent to buy the plant for $18 million. Funding to refurbish and retool the facility is coming from a $528 million U.S. Department of Energy loan, announced in September.
In a press release on the company’s web site, Fisker said it plans to “build an affordable, family-oriented plug-in hybrid sedan costing about $39,900 after federal tax credits.”
The new sedan will be the second of Fisker’s products. The company’s first vehicle, an $89,000 luxury sports car known as the Karma, is expected to be the world’s first plug-in hybrid when it goes on sale in the summer of 2010.
Fisker executives made the announcement inside the dormant facility today, joined by Vice President Joe Biden.
Fisker Automotive, Inc. is a privately-owned car company in Irvine, CA.