Former GM plant to make Fisker hybrid cars

Reuters has reported that bankrupt General Motors is making its first major asset sale, selling a Delaware manufacturing plant to Fisker Automotive, which will make plug-in hybrid electric cars beginning in 2012.

On the drawing board just a few years ago, Fisker will join the likes of GM, Ford Motor Co., Toyota Motor Corp., and other brand-name car companies in operating a full-scale production facility in the United States.

Fisker, which has signed a letter of intent to pay $18 million for the 3.2 million square foot property on 142 acres, expects to produce 75,000 to 100,000 plug-in sedans per year. The plant is expected to create or support 2,000 factory jobs as production reaches full capacity in 2014. More than half the vehicles will be exported.

Fisker is using a $528 million U.S. government loan to overhaul the Boxwood Road plant.

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