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PHOTO CAPTION: Lower priced Fisker sedan yet to be unveiled. Pictured is Karma model.

Fisker Completes Purchase of GM Plant

Boxwood Plant to be used to manufacture lower-priced plug-in hybrid.

Published: 20-Jul-2010

Fisker Automotive closed its purchase of the former GM Boxwood plant near Wilmington. Del., where it plans to build plug-in hybrids. The privately held California company paid $20 million to Old GM (the entity left in bankruptcy court to sell unwanted assets) for the 3.2 million sq. ft. factory. It opened in 1947 and turned out about 8.5 million vehicles before GM shut it down last year.

Fisker used money from the $528.7 million Department of Energy loan it recently got to develop two lines of plug-in hybrids. But the Wilmington plant won't be used until CEO Henrik Fisker's second, cheaper line of plug-ins is ready. Fisker's first car -- the $88,000 Karma sedan -- is to be built in Finland. The company has said it will be out later this, though much of its development has been kept behind closed doors.

The Wilmington plant would build vehicles for the U.S. and export, Fisker says, and could employ up to 2,000.

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