By Jeff Feeley and Alex Ortolani
October 27, 2009 at 5:27 PM EDT
Delaware Plug-in Hybrid Auto Plant Has ‘Rebirth’ With $528 million US Funding, Biden Says
Hunter gets a $125,000 Fisker sports car
Company went belly-up soon after Biden gaveaway tax dollars loan
Then Vice President Joe Biden said the purchase of a former General Motors Corp. assembly plant in his home state using government financing would be a “rebirth” for the plug-in hybrids auto plant. Biden was at a former GM plant in Wilmington, Delaware, to announce its purchase by Fisker Automotive Inc.
The Delaware company will use a $528.7 million federal loan to help fund the purchase and retrofit the factory. The closely held startup will spend $175 million to upgrade the plant, where it expects to build as many as 100,000 plug-in hybrid cars.