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Fisker Auto pockets funding for electric Karma

Automaker lands $85 million to develop and manufacture the Karma, a plug-in hybrid luxury sedan due by the end of this year.

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.