As expected, venture funded Fisker Automotive Inc. announced the purchase of a production facility in Wilmington, Del., from the old General Motors, known Motors Liquidation Co., which is still in bankruptcy. Overseeing the announcement was a parade of Delaware politicians including Vice President Joe Biden, a former senator from Delaware; a gaggle of United Auto Workers members; and founder Henrik Fisker.
So why did Fisker choose Delaware when rivals are opting to stay close to home like Tesla Motors Inc. or heading to the deep south like V-Vehicles Co.? Delaware Gov. Jack Markell offered some interesting insight. For starters, he touted Fisker's connections with E.I. du Pont Nemours & Co. (NYSE:DD). Additionally, both Markell and Henrik Fisker said the Port of Wilmington could handle shipping Fisker's cars abroad and also noted that the UAW workforce and supportive political climate were important factors in their decision.
"The commitment from Delaware has been amazing," said Henrik Fisker. "The governor pulled together faster than I can take my family of four people to dinner."
Fisker expects to use the facility to build a so-called plug-in hybrid family sedan called Project Nina starting in 2012. Some media reports also indicate its Karma sports car (pictured), which is currently built in Finland, could also eventually be produced at the facility. Fisker is reportedly going to spend 18 months renovating the facility before it opens in either 2011 or 2012, and it will build up to 100,000 cars, half of which may be exported abroad. The facility is expected to employ 2,000 -- almost twice as many people as GM employed when the facility produced the Pontiac Solstice and Saturn Sky roadsters. Fisker said that he planned on hiring UAW members.
In addition to raising over $150 million in venture funding from
Kleiner Perkins Caufield & Byers, Eco-Drive (Capital) Partners LLC, Palo Alto Investors
LLC and others, Fisker recently received approval for a $528.7 million loan from U.S. Department of Energy to help bring its electric cars to market. - Matthew Wurtzel
For a fact sheet, see The News Journal of Wilmington
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