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Fisker Automotive Buying Shuttered GM Plant in Delaware for Hybrid Car Production

Fisker Automotive, a manufacturer of plug-in hybrid electric cars, will purchase a closed General Motors (GM) auto factory in Wilmington, Delaware, to locate a production facility for its vehicles, according to the Associated Press (AP). The California-headquartered company says its "Project NINA" will create or support 2,000 factory jobs and more than 3,000 vendor and supply jobs by 2014, with full production capacity of 75,000 to 100,000 luxury plug-in hybrid cars per year. More than half the cars will be exported, the largest percentage of any U.S. automaker. The cars are expected to retail in the United States for about $40,000 after federal tax credits. "This is a major step toward establishing America as a leader of advanced vehicle technology," says Henrik Fisher, Fisker's CEO, quoted by AP; Fisher says the production of electric hybrids is part of "the most dramatic change in the car industry ever." In September, Fisker won approval for $528.7 million in loans from the U.S. Department of Energy; the company paid $18 million for the GM factory and will invest an additional $175 million to refurbish the facility. Production of the vehicles is expected to begin in late 2012.

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