Fisker Automotive, poised to begin production of its $87,000 Karma hybrid sports car sedan in March, has received another $150 million in funding, bringing its total financing to more than $1 billion.
In addition to private investing, Fisker has received about $530 million from the Department of Energy.
The Karma sedan is touted as the world’s “first true electric vehicle with extended range,” according to Fisker’s website. The car has an all-electric range of 50 miles when fully charged. After 50 miles, a gasoline engine turns an on-board generator for 250 miles before refueling or recharging.
The car is slated to begin production March 21 in the carmaker’s new location in Anaheim.
According to Russell Datz, Fisker Automotive publicist, Fisker has has planned a less expensive model to compete with with the Chevy Volt and Tesla Model S.