Your Tax Dollars At Work? Fisker Awarded $529 Million Dollar Loan To Produce $88,000 Car

The Energy Department awarded a $529 million low-interest government loan to a start-up luxury automaker to fund the development of an $88,000 plug-in hybrid vehicle.

Energy Secretary Steven Chu today announced the loan to Fisker Automotive for the development of two lines of plug-in hybrids that will save hundreds of millions gallons of gasoline and offset millions of tons of greenhouse gas emissions by 2016.

The department said the "project will result in approximately 5,000 jobs created or saved for domestic parts suppliers and thousands more to manufacture a plug-in hybrid in the U.S."

2009 Frankfurt Auto Show Photo Gallery