Fisker's government loan blocked, Project Nina delayed

The Fisker Karma had a long and tumultuous path to production and it looks like the company's entry-level model, dubbed the Project Nina, is in for a similar fate.

According to Bloomberg, the U.S. Department of Energy has blocked the company's access to a $529 (€403.5) million loan due to unmet milestones. This has resulted in the company laying off 26 workers at the Wilmington, Delaware plant which was scheduled to build the Project Nina sedan later this year.

While the delay is unfortunate, Fisker wants to renegotiate the terms of the loan to restore access to the funds. There's no word on when this could occur, but it looks like the Project Nina wouldn't be arriving at dealerships anytime soon.

Note: Fisker Karma pictured

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Automaker Fisker
Article type Corporate/Financial
Tags 2012 fisker nina, 2012 project nina, 2013 fisker nina, 2013 project nina, fisker government loan, fisker loan, fisker nina, fisker project nina, project nina, us department of energy