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  • Fisker Gets $528 Million From DOE For U.S. Production

    Fisker Gets $528 Million From DOE For U.S. Production September 22nd, 2009 By Nelson Ireson's avatar Nelson Ireson, Author, September 22nd, 2009 Nelson Ireson 0 Comments

    Fisker Gets $528 Million From DOE For U.S. Production

    Fisker's Karma plug-in hybrid electric sports sedan recently made its public driving debut on the curves and hills of Laguna Seca, and now the company has secured over half a billion in U.S. Department of Energy funding to build plug-in hybrids right here in the U.S.

    The $528 million in loans secured today will go to the construction of Project NINA, which Fisker says will "see the design, engineering and assembly of Fisker Automotive's next-generation plug-in hybrids." The next-gen car will be an as-yet unnamed car targeting a $39,900 price tag, or about half of the expected $87,900 price of the Karma. Fisker confirmed the third, low-cost...

    Fisker's Karma plug-in hybrid electric sports sedan recently made its public driving debut on the curves and hills of Laguna Seca, and now the company has secured over half a billion in U.S. Department of Energy funding to build plug-in hybrids right here in the U.S. The $528 million in loans secured today will go to the construction of Project NINA, which Fisker says will "see the design, engineering and assembly of Fisker Automotive's next-generation plug-in hybrids." The next-gen car will be an as-yet unnamed car targeting a $39,900 price tag, or about half of the expected $87,900 price of the Karma. Fisker confirmed the third, low-cost model was under development back in May. The decision to build the new model in the U.S. is a change from the Karma's construction, which will be handled by Valmet in Finland, though the wording of Fisker's press release leaves the door open for manufacturing of components to be done outside the U.S. with only final assembly taking place in North America. Powered by a 22.6 kilowatt-hour battery pack, a 2.0-liter turbocharged GM Ecotec generator engine and 408 horsepower from two electric motors, the Fisker Karma is the most luxury- and performance-oriented plug-in hybrid sedan drawing near to production, though Mercedes-Benz's recently-announced S500 plug-in hybrid concept will give it a run for its money if it sees production. Recent testing by the SAE--by no means official or equivalent to EPA testing--found the Karma capable of a 67 mpg combined rating. To hear Henrik Fisker, CEO and founder of the company, talk about the loan, the company's leadership in the segment and see the car on-track at Laguna Seca, check out the video below. Read More

  • Germany says no to Porsche's request for aid

    Germany says no to Porsche's request for aid June 30th, 2009 By Nelson Ireson Nelson Ireson, Author, June 30th, 2009 Nelson Ireson 1 Comment

    Germany says no to Porsche's request for aid Porsche Automobil Holding SE, the company that owns Porsche AG and has sought a controlling interest in Volkswagen AG, will not be on the list of government loans in Germany this year according to the latest reports. Porsche is already actively seeking help from outside sources, however.

    Porsche had sought a $2.45 billion loan from Germany's state bank KFW, but the bank rejected the loan on Tuesday, reports Reuters.

    Earlier this week Porsche rejected an offer from Volkswagen in favor of a deal still under discussion with Qatar's state-owned Qatar Investment Authority. The end goal, whatever the source of funds, is to find a way to service... Porsche Automobil Holding SE, the company that owns Porsche AG and has sought a controlling interest in Volkswagen AG, will not be on the list of government loans in Germany this year according to the latest reports. Porsche is already actively seeking help from outside sources, however. Porsche had sought a $2.45 billion loan from Germany's state bank KFW, but the bank rejected the loan on Tuesday, reports Reuters. Earlier this week Porsche rejected an offer from Volkswagen in favor of a deal still under discussion with Qatar's state-owned Qatar Investment Authority. The end goal, whatever the source of funds, is to find a way to service the roughly $12.5 billion debt the company holds. The takeover attempt on VW was made to get access to cash, but when Porsche's share stalled out at just over 50%, that access was still out of reach, so alternate routes were explored. Porsche's dramatic saga with Volkswagen has been well-documented - too well, really - and so while this latest development lacks the excitement of an espionage scandal, it's potentially more important in the long term. Since Porsche now knows it has no safety net, the fight for integration with VW is one of survival as much as expansion. Read More

  • House passes bill to double DOE fuel-efficient vehicle fund to $50 billion

    House passes bill to double DOE fuel-efficient vehicle fund to $50 billion June 29th, 2009 ByJames Martinez James Martinez, Author, June 29th, 2009 James Martinez 1 Comment

    House passes bill to double DOE fuel-efficient vehicle fund to $50 billion Former president Bush signed the $25 billion Advanced Technology Vehicles Manufacturing Incentive Program into life last year, but for the past 8 months, the U.S. Department of Energy (DOE) has sat on the money, carefully evaluating applications to see which companies would make the best use of the funds. That was until last week when the first announcements of disbursement were made from Ford's Research and Innovation Center in Dearborn, Michigan.

    The same funding program, earmarked for both automakers and suppliers, would be doubled to $50 billion under a bill passed by the House on Friday night. Attached to the climate-change... Former president Bush signed the $25 billion Advanced Technology Vehicles Manufacturing Incentive Program into life last year, but for the past 8 months, the U.S. Department of Energy (DOE) has sat on the money, carefully evaluating applications to see which companies would make the best use of the funds. That was until last week when the first announcements of disbursement were made from Ford's Research and Innovation Center in Dearborn, Michigan. The same funding program, earmarked for both automakers and suppliers, would be doubled to $50 billion under a bill passed by the House on Friday night. Attached to the climate-change legislation, the bill now goes to the Senate, where its fate is uncertain. The Senate rejected a similar bill last year, reports Automotive News. Under the program, up to 80% of the cost of a high-tech fuel-efficient vehicle's project costs can be financed with loaned funds, at a payback period of 25 years at an interest rate of around 4%. But to get that loan, companies must issue a security interest in all property the funds are used to purchase or acquire. Vehicles built with the loan money must be at least 25% more efficient than required by federal law, effectively ruling out most SUV and trucks, as well as many large sedans, luxury and performance cars. The latest updates to the bill would require each electric utility to consider creating charging stations on the street, in parking garages and lots, in homes, at fuel stations and at highway rest stops. So far, the DOE has awarded $5.9 billion in loans to Ford for development of new electric compact car, $1.6 billion to Nissan for construction of a plant in Tennessee for a new electric car, and $465 million to Tesla to help speed up development of the Model S electric sedan. The DOE has said it plans to award much of the remaining $17 billion in the next few months to automakers and parts suppliers.Ford Focus Battery Electric Vehicle (BEV)Tesla Model S Prototype Read More

  • U.S. DOE announces $8 billion in loans for fuel-efficient vehicles at Ford, Nissan and Tesla

    U.S. DOE announces $8 billion in loans for fuel-efficient vehicles at Ford, Nissan and Tesla June 23rd, 2009 By Nelson Ireson Nelson Ireson, Author, June 23rd, 2009 Nelson Ireson 1 Comment

    U.S. DOE announces $8 billion in loans for fuel-efficient vehicles at Ford, Nissan and Tesla President Bush signed the $25 billion Advanced Technology Vehicles Manufacturing Incentive Program into life last year, but for the past 8 months, the U.S. Department of Energy (DOE) has sat on the money, carefully evaluating applications to see which companies would make the best use of the funds. Today the first announcements of disbursement were made from Ford's Research and Innovation Center in Dearborn, Michigan.

    The three recipients - Ford, Nissan and Tesla - will be getting a total of about $8 billion in loans to help fund the development of advanced technology fuel-efficient vehicles. Ford will get $5.9 billion of those funds, while... President Bush signed the $25 billion Advanced Technology Vehicles Manufacturing Incentive Program into life last year, but for the past 8 months, the U.S. Department of Energy (DOE) has sat on the money, carefully evaluating applications to see which companies would make the best use of the funds. Today the first announcements of disbursement were made from Ford's Research and Innovation Center in Dearborn, Michigan. The three recipients - Ford, Nissan and Tesla - will be getting a total of about $8 billion in loans to help fund the development of advanced technology fuel-efficient vehicles. Ford will get $5.9 billion of those funds, while Nissan will get $1.6 billion and Tesla will get $465 million, reports the AP. With those loan figures, both Ford and Nissan will be able to push ahead at full speed with their existing EV and hybrid programs, but it's Tesla that will benefit the most from the loans, despite receiving the smallest amount. That's because the loan money will enable Tesla to meet its goals in building a new plant for the all-electric Model S Sedan, which Tesla hopes will be a volume seller and catapult the company into more mainstream status. Check out our previous coverage for more on Tesla's plans to build the Model S or its plans for the Tesla Roadster. Ford won't be losing out with its $5.9 billion loans, however. A recent study by the University of Michigan revealed that Detroit's carmakers could actually become more profitable by improving their average fuel efficiency. According to the study, as much as $2.9 billion in extra profit could be found if the carmakers can push their average fuel efficiency from the current 26.9mpg to the federally-mandated 35mpg by 2020, according to the Detroit Free Press. With some help to cover the initial outlay of cash to develop the more efficient vehicles, Ford out to be able to reap the benefits of the improved profitability even while paying back its loans - if the study's conclusions hold true in the real world. Ford is confident it will be able to make good with the government's help, however. "Ford is absolutely committed to fuel economy leadership with every new model we introduce. In fact, we plan to invest nearly $14 billion in advanced technology vehicles in the next seven years. Our partnership with the Department of Energy also will help retool our U.S. plants more quickly to produce fuel efficient vehicles and help meet the new, rigorous fuel-economy requirements," said Ford President and CEO Alan Mulally. Nissan, too, is happy with the loan amount. "This loan is an investment in America. It will help us put high-quality, affordable zero-emissions vehicles on our roads," said Dominique Thormann, senior vice president, Administration and Finance for NNA. "This project will expand our Smyrna plant and that’s great economic news."Ford Focus Battery Electric Vehicle (BEV) Read More

  • Ford: Government loans to Chrysler, GM saved the industry

    Ford: Government loans to Chrysler, GM saved the industry June 15th, 2009 ByAlex Kaufmann Alex Kaufmann, Author, June 15th, 2009 Alex Kaufmann 1 Comment

    Ford: Government loans to Chrysler, GM saved the industry It's easy to look at the bailouts and bankruptcies of General Motors and Chrysler as a big-government bonanza. Some even see tints of socialism in the loans and subsequent government ownership stakes. But as Ford points out today, there was more at stake than just two companies.

    The entire industry, and in some ways, the entire U.S. economy, was riding on the survival of GM and Chrysler, says Ford Motor Co executive chairman Bill Ford, Jr. "It would have been so catastrophic to have a supply-base meltdown because it would have brought down all the auto manufacturers and frankly some other industries as well," Ford told CNBC TV according to... It's easy to look at the bailouts and bankruptcies of General Motors and Chrysler as a big-government bonanza. Some even see tints of socialism in the loans and subsequent government ownership stakes. But as Ford points out today, there was more at stake than just two companies. The entire industry, and in some ways, the entire U.S. economy, was riding on the survival of GM and Chrysler, says Ford Motor Co executive chairman Bill Ford, Jr. "It would have been so catastrophic to have a supply-base meltdown because it would have brought down all the auto manufacturers and frankly some other industries as well," Ford told CNBC TV according to an Automotive News report. A cascading chain of bankruptcies was one of the primary fears of an unassisted GM or Chrysler bankruptcy. Because so many companies rely on GM and Chrysler to purchase their parts, and because there's no easy replacement outlet for those parts, there's no way for the supplier base to survive without them. Ford cautions that the fix remains in a state of flux, however, and that further action, including direct supplier support, should be taken. Read More

  • Volvo may receive lifeline from Belgian government

    Volvo may receive lifeline from Belgian government May 27th, 2009 ByJeremy Weber Jeremy Weber, Author, May 27th, 2009 Jeremy Weber 0 Comments

    Volvo may receive lifeline from Belgian government Despite Volvo being a Swedish company, the trouble-stricken carmaker may have to look to the Belgian government for financial aid to help keep it on its feet. Volvo currently operates a plant in the Flanders region of Belgium, and the Flemish Premier Kris Peeters has been in talks with Volvo CEO Stephen Odell in regards to securing loan guarantees for the carmaker to the tune of €300 million ($418 million).

    Belgian media outlets are reporting that Volvo and the Flemish Premier are hoping to work out a deal by June 7, just days before the region’s elections. Should the loan guarantees go ahead, there will be restrictions on where... Despite Volvo being a Swedish company, the trouble-stricken carmaker may have to look to the Belgian government for financial aid to help keep it on its feet. Volvo currently operates a plant in the Flanders region of Belgium, and the Flemish Premier Kris Peeters has been in talks with Volvo CEO Stephen Odell in regards to securing loan guarantees for the carmaker to the tune of €300 million ($418 million). Belgian media outlets are reporting that Volvo and the Flemish Premier are hoping to work out a deal by June 7, just days before the region’s elections. Should the loan guarantees go ahead, there will be restrictions on where the cash can be used, with the Flemish government stating to Automotive News that the guarantees would not apply for any "factories anywhere other than in Flanders." Securing a future for its auto workers appears to be the Flemish government's top priority at this point, and in this vein it will be examining a business plan from Volvo, as well as wanting to figure out a deal that takes into account a possible sale of Volvo. Peeters stated that he would require "firm commitments" and assurances about "Volvo's long-term future" before he could agree to any loans. Talks with the Swedish government are failing to progress following a strategic review from Ford that left Volvo in an uncertain position. The European Investment Bank has already given the ailing company a loan of €200 million ($279 million), but it requires significantly more funding to help it stay in shape. As for the likely sale of Volvo, there are reportedly five bidders interested in the company and a decision on a final buyer may be announced as early as next month. Read More

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