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2009 Fisker Karma
Fisker Automotive will begin deploying its government loan designated to spur U.S. production of fuel-efficient vehicles by buying and restoring an out-of-use GM plant in Delaware. Fisker paid only $18 million for the idle plant, but plans to spend an additional $175 million on refurbishing it. This Wilmington plant will be the manufacturing site for the company’s second model, a plug-in hybrid (PHEV) sedan.
The factory–originally built by GM in 1947–will reach full production capacity of 75,000-100,000 vehicles a year by 2014. By that point Fisker estimates that reopening the plant will create 2,000 factory jobs. The automaker expects production from this plant will create an additional 3,000 vendor and supplier jobs.
Project NINA
After releasing its $88,000 Karma sports car in Summer 2010, Fisker is looking to leverage the Karma’s buzz with a more mass market sedan. Project NINA refers to Fisker’s effort to design this PHEV sedan and then bring the design to life. Word is the car will cost $39,000… expensive, but in line with other luxury sedans. This is a big step forward from the ultra-exclusive $88,000 sports car market.
Fisker Automotive should not have much trouble establishing itself in the luxury market, not with the past success of the company’s name-sake: Henrik Fisker. Fisker formerly designed for BMW and Aston Martin, where he produced two “Bond Cars…” i.e. cars driven by the hero of the James Bond movies.
American carmakers have long been stuck in the middle between, symbolically, the Japanese and the Germans: unable to compete on either efficiency and cost or on luxury. Fisker is attempting to revive the American auto industry by leap-frogging the competition on efficiency while also differentiating itself on style and luxury.
This is a refreshing departure from the reactionary, conservative decision making of the Big 3 American automakers, who tend to respond to last year’s sales numbers rather than leading the way by envisioning what will sell next year. We’ll have to see whether Fisker can execute on its ambitious strategy.
True Cost of a PHEV
A lot of readers may be interested in Fisker’s progress and even aspire to own one of their green luxury vehicles someday, but can’t really see the difference between $88,000 and $39,000 because both are out of reach. However, an X Factor is the savings on gas that a PHEV provides.
At the current national average gas price of $2.675, as quoted by AAA on October 27th, buying a PHEV could save the average American car owner around $1,450 per year. Over 10 years that adds up to over $14,500. At the historic high national average gas price of $4.11 recorded on July 17, 2008 those savings jump to $2,236 per year and $22,360 over 10 years.
These calculations are based on the 2007 US average fuel efficiency of 22.5 mpg, a $0.02 per gallon cost of electricity, and 12,300 vehicle miles per year.
With those gas savings in mind, the price of a Fisker luxury sedan might be closer to $17 to $25k if you own it for 10 years. Admittedly, I have not made any attempt to account for the time value of money and do not know what the maintenance cost of a PHEV will be compared to a traditional car.
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