US loans $528.7 million to electric car maker Fisker Automotive

The US government granted a conditional loan of $528.7 million to electric car maker, Fisker Automotive for the development of affordable, fuel-efficient plug-in hybrid electric cars.

The $528.7-million low-interest loan was given by the US Department of Energy from its $25-billion programme established in 2008 to fund development of alternative vehicles as well as meet the country's stringent fuel efficiency standards.

The department has already lent $8 billion under the project to carmakers like Ford Motor, Japan's Nissan Motor, electric car startup Tesla Motors and other automakers and suppliers.

Although General Motors and Chrysler have also applied for loans under the programme, both the carmakers are yet to receive money from the government for making green cars.

The Obama administration has plans of putting more than 1 million plug-in hybrids on the road by 2015.

Of the $528-million loan given to Fisker, a major part of the money will go towards Project NINA that makes user-friendly cars, for designing, engineering and assembly of Fisker Automotive's next-generation plug-in hybrids.