Fisker to Produce Plug-in Hybrid Karma in Finland ~ Hybrid Car Review
Hybrid Car Review: Fisker to Produce Plug-in Hybrid Karma in Finland

Wednesday, July 16, 2008

Fisker to Produce Plug-in Hybrid Karma in Finland

Fisker Karma in 2009

Fisker Automotive has signed a letter of intent with Valmet Automotive to manufacture the Fisker Karma in Finland. The final contract will be done in the next few months.

The Karma will be Fisker's first production car, a four door plug-in hybrid sports sedan.

The first cars to be delivered in North America in late 2009, with European deliveries beginning in 2010. Projected projection numbers are 15,000 a year.

"Valmet offers us the quality and speed necessary to meet our production goals, and given that more than half of Fisker Automotive's sales are expected to be outside North America, Valmet represents an ideal international foothold", says Fisker Automotive CEO, Henrik Fisker.

"It is forecasted that the market of environmentally-friendly electric vehicles will grow very fast and we are proud to be in the pole position in this growth", says Ilpo Korhonen, President of Valmet Automotive. "Fisker Automotive leads the way by adapting the most innovative technologies to new, environmentally-friendly premium cars. The strategic partnership with Fisker Automotive will open a new window for Valmet Automotive. Our production process can be easily adapted to the production of electric and hybrid cars and new body designs. In line with our renewed strategy, engineering will have a strong role in the cooperation."

Valmet produce the Boxter and Cayman, but will stop production for Porsche in 2012 after Porsche decided not to renew their deal.

Holger P. Härter, Deputy Chairman of Porsche SE, and as Chief Financial Officer responsible for the allocation of commissioned production, comments: "Over the last eleven years, Valmet Automotive has built more than 200,000 sports cars of outstanding quality for us. Our decision not to continue the successful cooperation is in no way a vote against Valmet. Rather, it was the high development capacity and competence of our future partner that tipped the balance."

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