An electric car company backed by more than a half-billion dollars in Department of Energy loan guarantees has missed early manufacturing goals and has gradually pushed back plans for U.S. production and the creation of thousands of jobs.
This week, Fisker delayed until 2013 the production of the moderately priced family car it plans to build in Delaware. It also learned that its Finnish-produced luxury model, the $96,000 Karma, which is two years late in reaching U.S. markets, failed to meet a promised energy-efficiency standard.
With the demise of Solyndra, a solar company that also won a half-billion-dollar loan from a program to spur clean-energy technologies, the Energy Department’s loan guarantees have come under intense scrutiny, and the Obama administration has been under fire for making risky loans to unproven ventures. “Without any excuses, yes, we did have some delays,” company co-founder Henrik Fisker said during a stop in the District this week to show off his company’s sleek new Karma.
The Energy Department confirmed this week that it has eased expectations after conditionally approving the loan to Fisker and has made allowances for scaling back projections in the final loan agreement. But the agency declined to make public those adjusted terms, including projected car sales volume or milestones the company must meet in connection with its $529 million loan. Agency officials attributed Fisker’s delays to regulatory hurdles and issues beyond the company’s control.
Henrik Fisker said in an interview Wednesday that, as of this week, the Karma had been cleared for sale in the United States. “Next year we will reach the 12,000 or 15,000 vehicles we predicted,” Fisker said. The Fisker commitment was questioned by some from the start, partly because of the company’s political connections. California-based startup automaker Fisker will not be delaying the introduction of its second extended range electric car, known as “Project Nina,” despite a report in the News-Journal of Wilmington, Delaware that production had been pushed to mid-2013.
Project Nina is being developed with the help of a $359 million loan from the Department of Energy. As recently as September, Fisker had said that the Karma would achieve up to 100 mpg and have an all-electric range of 50 miles per charge. Ormisher adds that the company believes the 20 mpg rating is misleading because the figure combines city and highway driving, and most owners will keep the Karma in electric mode when driving it around town.
Unlike the Chevrolet Volt, which depletes its battery before engaging its internal combustion engine, Karma drivers have the ability to switch between the battery pack and range-extender at any time.
The Karma is currently built for Fisker in Finland by automotive supplier Valmet.
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