IRVINE, CA – July 19, 2010: American automaker Fisker Automotive today finalized its purchase of a former GM factory where it will build plug-in hybrid electric vehicles.

The southern California-based company is now in full possession of the 3.2 million square foot Wilmington Assembly plant in Wilmington, Delaware, for which it paid Motors Liquidation Company (MLC) $20 million. MLC is the holding company formed by General Motors Corporation’s bankruptcy.

The purchase is supported by a $528.7 million Department of Energy loan for the development of two lines of plug-in hybrids.

The Wilmington plant will be home to Project NINA, Fisker’s second line of plug-in hybrid electric vehicles, and where Fisker expects to ultimately create more than 2,000 factory jobs.

“This is a major step toward creating thousands of manufacturing jobs and restoring America as a leader in the global auto industry,” said Bernhard Koehler, COO, Fisker Automotive. “Wilmington will be instrumental in fulfilling our plans to export more than half of Fisker premium plug-in hybrid production to global markets.”

Fisker announced its intent to acquire the idled factory in October 2009. A federal bankruptcy judge approved the sale last month.

The Wilmington Assembly plant opened in 1947 and produced more than 8.5 million vehicles before closing in mid 2009.

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About Fisker Automotive Inc: Fisker Automotive is a privately owned, premium American car company creating environmentally conscious vehicles with passion, style and performance. Globalheadquarters are in Irvine, California, USA.

The company was created in 2007 to leverage the design capabilities of Fisker Coachbuild, LLC, founded by auto design veterans Henrik Fisker and Bernhard Koehler, and the PHEV powertrain capabilities of Quantum Fuel Systems
Technologies Worldwide, Inc. (NASDAQ-QTWW), a major Tier 1 supplier of clean vehicle technologies to automotive OEMs.

Previously, Fisker, CEO, was a board member and design director for Aston Martin, as well as president and CEO of BMW’s DesignworksUSA. Koehler, COO, led operations for Ford’s Global Advanced Design Studio and created concept cars for Aston Martin, MINI and BMW.

About LAcarGUY: Sullivan Automotive Group is also known as LAcarGuy.com, and offers automotive products and services to our greater Los Angeles area customers. The company carries a comprehensive line of vehicles by Toyota, Scion, Audi, Volkswagen, Lexus and Porsche, providing new and used cars, along with trusted car repair, original car parts, and financing as well a dedicated body shop. LAcarGUY’s Fisker Santa Monica is eagerly awaiting the opening of the marque location for Los Angeles and recently hosted the Fisker Road Show and last November held a private event for deposit holders to showcase the Karma vehicle.