Fisker Media Round Up
Fisker Automotive’s purchase of the former GM Boxwood Road plant to build affordable, hybrid cars is not just about bringing 2,000 jobs back to Wilmington.
These jobs are also green jobs, the way of the future, according to state officials.
It is about restoring the American automotive industry back to the top of the world, in which the U.S. is a major exporter of cars, agreed Vice President Joe Biden and Fisker CEO Henrik Fisker at a Tuesday, Oct. 27 press conference.
Dealbook blog at the NY Times:
Vice President Joseph R. Biden Jr. was in Wilmington, Del., on Tuesday at a defunct G.M. plant that Fisker Automotive, backed by a $528.7 million government loan, will refurbish and use to make hybrids.
Luxury automaker Fisker Automotive is buying a shuttered General Motors assembly plant in Delaware to produce plug-in hybrid electric cars, officials said Tuesday.
The administration also sought to tie its energy initiatives to jobs. In Delaware, Mr. Biden presided over the reopening of a shuttered General Motors plant in Wilmington that has been acquired by Fisker Automotive, which plans to use it to build a new line of plug-in hybrid electric vehicles. In September, Energy Secretary Steven Chu announced a $528.7 million conditional loan for Fisker to develop two lines of plug-in hybrids, $359 million of which will go to revive manufacturing at the Boxwood Plant in Wilmington.
A hybrid-car maker plans to reopen the shuttered General Motors plant in Wilmington, Del., that employed several hundred Marylanders, igniting hope of new job opportunities for the laid-off workers.
Luxury automaker Fisker Automotive Inc. of Irvine has agreed to buy a closed General Motors assembly plant in Delaware to produce plug-in hybrid electric cars, the company said.
Fisker has signed a letter of intent with Motors Liquidation Co., formerly known as General Motors Corp., to buy the Wilmington, Del., plant for $18 million.
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Tags: Automotive, Delaware, Delaware, Fisker
Updated with Community News article by Antonio Prado which is a good read.
With friends like this…
http://www.foxnews.com/story/0,2933,569895,00.html
Fox News…always finding the cloud in every silver lining.
Joe Biden…always providing the cloud in every silver lining.
“buy the Wilmington, Del., plant for $18 million.”
WOW that’s pennies! The building is 4 million square feet. and Fisker bought it for the price of re-roofing it.
ofcourse we don’t know the cost of the needed environmental cleanup.
bad news for GM shareholders, good news for Fisker share holders, good news for the surrounding community and the men and women who will work there.
bad news for GM shareholders
Er…uh…surely you exaggerate. Their bad news wiped them out a long while ago. Just imagine if you held GM stock and experienced a name change to a more apt “Motors Liquidation”. Yeah, this sale, I don’t think, is bad news or should be looked at as bad news. Holding on to it did nothing in a time where they needed something.
smitty, perhaps you are right, the GM shareholders already knew they were screwed, this transaction simply serves as a reminder, putting a $ figure on it.
for those strugling with the math at home, the Boxwood Road Plant was sold to Fisker for less than 5% of replacement cost.
Yes, but what were YOU going to do with it?
Makes me crazy when we sell off the schools and rebuild them for “modernizing” reasons, but that’s because I walked 5 miles uphill in both directions to go to school and we licked the road clean with our tongues. But a giant empty auto plant… it’s a little big to make into a weekend antique mall, and if they plan to keep it fairly free of crack dealers AND employ someone, I count it as a win.
Brooke, it’s an observation, not a criticism.
But, I wonder if the UofD is feeling a little buyers remorse, thinking they overpaid for the Newark Plant?