Once we learned that the Fisker Karma hybrid sports car would produce fake engine sounds we knew plans to produce the beast had to be underway. And Fisker today has announced a letter of intent with producer Valmet Automotive to actually build the luxury hybrid sports car. First vehicle roll-off the production line will be in early 2009 and will become the "first ever plug-in hybrid 4 door sports sedan to hit the market," according to Fisker anyway. They're predicting big successes, since the annual production is predicted to reach 15,000. Press release below.

FISKER AUTOMOTIVE ANNOUNCES A LETTER OF INTENT FOR
ASSEMBLY CONTRACT WITH VALMET AUTOMOTIVE

Valmet to Serve as Global Manufacturing Facility, Fisker Automotive
Strategy Sees Manufacturing Facility in the US for Future Models

IRVINE, CA. July 14, 2008: Fisker Automotive, Inc., a green American premium
car company, today announced that Valmet Automotive will manufacture its first
production car, the Fisker Karma. Known for producing high quality specialty cars
like the Porsche Boxster and Cayman for Porsche AG, the Finland-based contract
manufacturer brings to the Fisker Karma 40 years of experience of working with
OEM customers and their wide ranging engineering and production needs.

When the Fisker Karma begins rolling off the Valmet assembly line in the fourth
quarter of 2009, it will mark the first ever plug-in hybrid 4 door sports sedan to hit
the market. With 50 miles of electric range and more than 350 miles of total range,
the Fisker Karma with its proprietary Q-DRIVE powertrain developed by Quantum
Technologies, will have the potential for a fuel economy of over 100 miles per gallon
(MPG) on extended drives. Boasting a top speed of 125mph and 0-60 acceleration
in less than 6 seconds, the Fisker Karma is poised to be the world’s first true luxury
plug-in hybrid sports car.

“After an exhaustive global search, we are thrilled to have found the ideal
manufacturing partner in Valmet Automotive,” said Fisker Automotive CEO, Henrik
Fisker. “Valmet offers us the quality and speed necessary to meet our production
goals and given that more than half of Fisker Automotive’s sales are expected to be
outside of North America, Valmet represents an ideal international foothold. We do
have a strategic plan to utilize an American manufacturing site for future models of
the Fisker Karma."

“It is forecasted that the market of environmentally-friendly electric vehicles will
grow very fast and we are proud to be in the pole position in this growth”, says Ilpo
Korhonen, President of Valmet Automotive. “Fisker Automotive leads the way by
adapting the most innovative technologies to new, environmentally-friendly premium
cars. The strategic partnership with Fisker Automotive will open a new window for
Valmet Automotive. Our production process can be easily adapted to the production
of electric and hybrid cars and new body designs. In line with our renewed strategy,
engineering will have a strong role in the cooperation.”

“Our mission at Fisker Automotive is to develop beautiful, environmentally friendly
cars that make environmental sense without compromise – be it quality-wise or cost-
wise,” Fisker continued. “Valmet Automotive has the track-record, high quality
technology and has the dedicated resources to take us there, and their high tech
production line with eco-friendly automated paints agrees with our ideology.”

Initial domestic deliveries of Fisker Automotive’s first car, the Karma, will
commence in the 4th quarter of 2009 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.

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