Gas 2.0 has a post on a large chunk of US economic stimulus money being granted to electric vehicle company Fisker Automotive for plug-in hybrid development - Fisker Gets a Half Billion Dollar Stimulus Loan To Develop Affordable Plug-In Hybrids.
The world may have just gotten one very big step closer to viable, affordable electric cars. Fisker Automotive and the U.S. Department of Energy have agreed to loan terms for $528.7 million to bring an affordable electric car to the mass market.
Most of the money will go towards Project NINA, which aims to bring a plug-in hybrid car to market for under $40,000 (after tax breaks). The project named after one of the three ships Christopher Coloumbus led to the New World, and will hopefully create or save 5,000 U.S. jobs. While most of the money will go towards creating an affordable family sedan, some of it will also be used to put the finishing touches on the Fisker Karma, an all-electric luxury sports car in the same vein as the Tesla Roadster.