Tuesday, May 26, 2015

US approves $500M loan for auto plant in Biden's backyard

Department of Energy approves "$528.7 million loan with Fisker Automotive" for Wilmington plant and other locations

US approves $500M loan for auto plant in Biden's backyard

US Department of Energy says today that it's approved "a $528.7 million loan with Fisker Automotive for the development and production of two lines of plug-in hybrid electric vehicles" by California-based Fisker Automotive, which wants to build some of the cars at a vacant ex-General Motors plant in Wilmington. Previous report here. 
Also here.

Vice president Joe Biden, who trolled for votes for years at the plant when he was a Delaware politician, has been a prominent supporter of the deal, whose minority owners include at least two local investment firms.

Energy says Fisker "expects to manufacture the Karma and Project NINA lines at a recently shuttered General Motors factory in Wilmington" and that it "anticipates that it will employ 2,000 American assembly workers," not counting suppliers.

 

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano