The start-up automaker announced its plans Tuesday morning at an event at the former General Motors factory, with officials including U.S. Vice President Joe Biden and Delaware Gov. Jack Markell in attendance.

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Fisker, of Irvine, Calif., plans to use some of the proceeds from a $528 million U.S. government loan at the plant, idle since July when General Motors ended production there. Fisker signed a letter of intent with Motors Liquidation Co. to purchase the plant for $18 million. Motor Liquidation is the legal entity disposing of unwanted GM assets in bankruptcy court.

The...