Back in May when I expressed the pipe-dream goal of letting Chrysler and GM die I said that there was a new American auto industry waiting to grow fertilized by the corpse of the old.
Well, our Socialist overlords have apparently taken this to heart and have loaned Fisker $528M to help finance the building of a plug-in hybrid sedan.
The California startup said most of the $528.7 million low-interest loan will help finance project Nina, a four-door, five-passenger mid-size plug-in hybrid that will build on the technology underpinning the gas-electric Karma. Whereas the Karma (pictured above) will start at $87,900 when it goes on sale next year, the Nina is expected to cost $39,900 after the $7,500 federal tax credit for EVs and plug-in hybrids.
This follows the August DOE loan of $465m to Tesla motors which announced that same month that it is finally turning a profit. All of this of course, dwarfs the several billion dollars that has been doled out to the Detroit Dinosaurs.
