Fisker Automotive to Buy Shuttered GM Assembly Plant for Project NINA Production
28 October 2009
Fisker Automotive has selected the GM Wilmington Assembly plant in Wilmington, Delaware for production for Project NINA, the development and build of a family-oriented plug-in hybrid sedan costing about $39,900 after federal tax credits. (Earlier post.)
Fisker Automotive has signed a letter of intent with Motors Liquidation Co. (MLC), formerly known as General Motors Corp. to purchase the Wilmington plant for $18 million after a routine four-month evaluation period. An additional $175 million will be spent to refurbish and retool the factory over the next three years. Funds will come from a conditional loan of $528.7 million the Department of Energy awarded the company in September under the ATVM program.
Fisker Automotive anticipates Project NINA will ultimately create or support 2,000 factory jobs and more than 3,000 vendor and supplier jobs by 2014, as production ramps up to full capacity of 75,000-100,000 vehicles per year. More than half will be exported, the largest percentage of any domestic manufacturer.
The modernized Wilmington Assembly plant was selected for its size, production capacity, world-class paint facilities, access to shipping ports, rail lines and available skilled workforce.
I wish them all the best with this. It is good that they can get the loans, when the financial world has taken such a hit. Sometimes government is the only one left that can help us move forward.
Posted by: SJC | 28 October 2009 at 07:51 AM
I do not see where the government is helping us.
Fisker gets $528.7 million from the Department of Energy but the plant costs only $18 and they will spend $175 million refurbishing/retoolling over 3 years.
All for the promise of an expensive ($38,000+, after rebates) car ?
Delaware is NOT where the jobless auto workers are.
Delaware is where Joe Biden is.
Posted by: ToppaTom | 28 October 2009 at 10:13 PM
If you shut down a plant, there are jobless workers no matter where it is. The money is a loan, not a grant. If they put it in Michigan, then some politician there would be blamed...give it a rest.
Posted by: SJC | 29 October 2009 at 02:46 AM
I'm happy to see any kind of production in this country. I just with it was EV rather than hybrid. At least it's plug-in. AND, the "$39,900 after federal tax credits" price range is too high.
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One hundred yrs ago, ICE vehicles were for the rich only, until Henry Ford. Today his name is probably Kumar.
Posted by: danm | 29 October 2009 at 06:58 AM
No. Do NOT give it a rest. This is not ethical conduct.
If the administration puts it in any location but Chicago or Delaware, why would any politician be blamed.
Blamed for what ?
The inability to recognize pet projects and earmarks as unethical behavior is what needs to be given a rest.
There no longer seems to be an effort to give even the appearance of ethical conduct.
A state politician “winning” some project for his state should be praiseworthy – it should mean he was able to demonstrate that his state deserved it.
Now it just means he traded with another congressman; both states get some unjustifiable pet project, that we pay for.
When a member of the executive branch unilaterally gives something to their own state, they should hide it, not celebrate it.
Posted by: ToppaTom | 01 November 2009 at 08:34 PM