Fisker Automotive money woes complicate hybrid Karma, Nina development
Automotive News, Electric and HybridFisker Automotive in Fall 2009 was granted a $528 million low-interest loan by the Department of Energy for development and production of next generation plug-in hybrids, the Fisker Karma and Nina. One requirement for the massive funding was that Fisker meet certain deadlines, or milestones, for production of the Karma sedan. When those deadlines were not met, the DOE required modification of the loan terms to incorporate new deadlines for the company's second car, the Nina. Meanwhile, Fisker had to layoff some its workforce as reworking of the loan takes place between the hybrid carmaker and the DOE. Twenty-six people
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