Wednesday, April 04, 2012

Flexible Commitment

Barack Obama gave Fisker gobs of money. In exchange they said that they would build cars in the US. Well, they started by building cars in Finland. And now they're waffling about re-opening an abandoned GM plant in Delaware.
Fisker automotive executives said Wednesday the company is open to building its new Atlantic electric car someplace besides the former General Motors factory in Delaware where they originally planned the car's assembly.

While they say they are still committed to the former GM plant, Fisker spokesman Russell Datz told CNNMoney that the company is flexible enough to make the car elsewhere, should a better offer materialize. 

Company chairman Henrik Fisker told CNNMoney on Tuesday that the automaker has secured about $400 million in private equity financing. 

Prior to Tuesday's announcement, Fisker had been waiting on funding from a $529 million U.S. government loan so it could begin retooling the Delaware factory. The plant used to make the Pontiac Solstice, Saturn Sky and Opel GT convertibles for GM (GM, Fortune 500).

Fisker has already received $193 million of the government money and recently began selling its luxury, $103,000 plug-in "range extended" electric car called the Karma. 

But the rest of the money has been held up due to what Fisker says were some missed production targets with the Karma.

The Karma is assembled in Finland.


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