Out with the old, in with the new. Fisker buys shuttered GM plant to build hybrids.

WILMINGTON, Del. — Luxury automaker Fisker Automotive is buying a shuttered General Motors assembly plant in Delaware to produce plug-in hybrid electric cars, officials said Tuesday.
The California-based company has signed a letter of intent with Motors Liquidation Co. (MLC), formerly known as General Motors Corp., to purchase the Wilmington plant for $18 million after a four-month evaluation period.
Fisker, which recently won approval for $528.7 million in government loans to develop plug-ins, expects to spend another $175 million to refurbish the facility before production of next-generation hybrids begins in 2012.
Fisker expects Project NINA will create or support 2,000 factory jobs and more than 3,000 vendor and supplier jobs by 2014, with full production capacity of between 75,000 and 100,000 vehicles per year..
Fisker officials said the Wilmington site was selected for its size, production capacity, modern paint facilities, access to ports and rail lines and skilled work force..

"We're designing our cars for the world market," he said. Fisker told reporters that his company will demonstrate to consumers in the U.S. and overseas that electric cars can be powerful and sexy, and needn't be defined by dull styling and "range anxiety," about limited mileage between charges.

The Associated Press: Fisker to build hybrid cars at idled Del. GM plant

UPDATE: Official news release on Fisker website: Karma by Fisker Automotive
"The plant will support Fisker Automotive’s Project NINA, the development and build of an affordable, family-oriented plug-in hybrid sedan costing about $39,900 after federal tax credits. Production is scheduled to begin in late 2012"

So, does this mean Toyota is coming out with a plug-in Panamera under the Lexus badge?