Fisker Auto pockets funding for electric Karma
Electric-car maker Fisker Automotive said on Tuesday it has reached an agreement to receive $85 million for additional development and manufacturing of its plug-in electric luxury sedan.
Investors are Eco-Drive (Capital) Partners, a New York-based consortium, and venture capital company Kleiner Perkins Caufield & Byers, which is an existing investor.
Fisker Automotive's first car will be the Fisker Karma, a plug-in electric sedan due by the end of this year that will cost $87,900 before tax credits. The company also plans to develop a lower-cost car in the future.
The Karma will be able to go about 50 miles on lithium ion batteries and have a 2-liter gasoline engine that will act as a generator for longer rides. The full range will be 300 miles.
Earlier this year, the Irvine, Calif.-based company said it has set up a network of 30 retailers to distribute the Karma in the U.S.
Martin LaMonica is a senior writer for CNET's Green Tech blog. He started at CNET News in 2002, covering IT and Web development. Before that, he was executive editor at IT publication InfoWorld. E-mail Martin. 
I won't be buying one (too $$$) but it seems like a much more viable car than the Tesla. Plug in hybrids are the way to go if people are going to replace existing gas powered cars with these new models, IMO. Until they figure out a way to instantly charge a battery all electric cars will be a niche for putting around town and maybe to commute.