According to a story by Richard Truett for Automotive News Fisker Automotive is set to buy a now-shuttered General Motors plant in Delaware for $18 million and retool the facility to construct plug-in hybrids with a United Auto Workers labor force.

It will take three years to refurbish the plant, which, if all goes according to plan, would begin to produce late in 2012. Fisker has qualified to receive federal loans under the Advanced Technology Vehicle Manufacturing program totaling $528.7 million, $175 million of which would go toward updating the Delaware facility.

Fisker has a goal of producing a mid-sized family sedan with a price tag of $39,900 after federal tax credits. They are targeting an annual sales goal of 75,000 to 100,000 units, 50 percent of which will be exported out of the country.

Before that happens, however, Fisker will need to hire and train its labor force, design and build the car, and insure its supply chain. To date, Fisker has sold only a few luxury models, each hand built. Its first production car, the Karma, will be built in Finland and will sell for $87,000.

The press release distributed by Fisker did include a statement from UAW Local 435 attributed to UAW director Gary Casteel, who is responsible for the plant. "It gives me great pride to give UAW Local 435 workers the opportunity to partner with Fisker Automotive to create a greener America by building a plug-in hybrid car that will compete globally."