New hybrid to be produced by small automaker

The Fisker Karma and the Tesla Model S are the only electric sports cars in their class

Fisker Automotive has yet to produce a single vehicle, but that has not hindered its plan to create two new vehicles by 2012, one of which will be a plug-in hybrid electric car.

In order to put its plan into action, the automaker has secured a loan worth $528.7 million from the U.S. Department of Energy. The loan is part of a $25 billion fund set aside to spur the development of more fuel-efficient vehicles.

Fisker currently employs less than 30 people, but the new funds will help it hire several workers it will need. The company plans to employ 200 new workers at a plant in Pontiac, Michigan, to help build a new sports car called Karma, which will be priced at around $87,000. A portion of around $129 million of the loan will be used to fund its development.

The rest of the money will be used to design the hybrid vehicle, which is currently unnamed, but is often referred to by company employees as Project NINA. The car will be aimed at consumers with families, boasting high-fuel economy and a pricetag of $39,900 after federal rebates.

If Fisker's employment projections are correct, thousands of jobs in the automotive industry will be created by this loan, but they are likely to be given only to those with the proper automotive training.