Fisker Automotive, Inc., a premium hybrid car startup, announced on Friday that General Motors (NYSE: GM) will supply the gasoline engine to be used in Fisker's first vehicle currently in development.
GM's powertrain group will supply the gasoline engine that generates electricity when the driver has exceeded the 50 mile electric-only range. The 2.0 direct injection, turbo-charged 4-cylinder Ecotec gasoline engine will deliver 260 horsepower to the Fisker Karma.
Fisker Automotive said it also considering the purchase of several additional GM vehicle components for the Karma.
Fisker is apparently unfazed by the recent struggles of the nation's largest automaker.
"Given General Motors global leadership in the parts and accessories space, the fact that it is already engineering parts for extended range electric vehicles, and its commitment to helping the environment, it was clear that this was the right partner for us," said Fisker Automotive, Inc. CEO Henrik Fisker.
Tom Stephens, Executive Vice President of GM Powertrain and Global Quality, said, "The advanced design of this engine offers a superior performance-to-weight ratio that makes it the right choice for the Fisker Hybrid Electric Vehicle. GM sees significant opportunity in working with Fisker Automotive, a visionary company developing products that embody both exciting vehicle design as well as technology friendly to our environment."
Initial domestic deliveries of Fisker Automotive's first car, the Karma, will begin in 4Q09 in North America with planned delivery to Europe in 2010. Fisker Automotive's annual production is projected to reach 15,000 cars, with more than half of sales expected to be overseas.
Fisker Automotive is a privately owned car company with Henrik Fisker as the CEO. Fisker Coachbuild, LLC will be the exclusive design house for Fisker Automotive through the entire range of product development. The company has backing from Kleiner Perkins Caufield & Byers and Palo Alto Investors and an affiliate of Qatar Investment Authority.
