July 15, 2008

Valmet Automotive announces a Letter of Intent for an Assembly Contract with Fisker Automotive

Valmet Automotive has signed a letter of intent with an American premium car company Fisker Automotive Inc. According to the letter of intent Valmet Automotive is to manufacture Fisker Automotive's first production car, the Fisker Karma, in Finland. The target is to sign the final contract within next months.

Fisker Karma is a four-door plug-in hybrid sports sedan which was introduced in January 2008. The first cars will be delivered in the 4th quarter of 2009 in North America with planned delivery to Europe in 2010. Fisker Automotive's annual production is projected to reach 15,000 cars.

Valmet Automotive was chosen as the engineering and manufacturing supplier for Fisker Automotive after an extensive global search.

"Valmet offers us the quality and speed necessary to meet our production goals, and given that more than half of Fisker Automotive's sales are expected to be outside North America, Valmet represents an ideal international foothold", says Fisker Automotive CEO, Henrik Fisker.

"It is forecasted that the market of environmentally-friendly electric vehicles will grow very fast and we are proud to be in the pole position in this growth", says Ilpo Korhonen, President of Valmet Automotive. "Fisker Automotive leads the way by adapting the most innovative technologies to new, environmentally-friendly premium cars. The strategic partnership with Fisker Automotive will open a new window for Valmet Automotive. Our production process can be easily adapted to the production of electric and hybrid cars and new body designs. In line with our renewed strategy, engineering will have a strong role in the cooperation."

Fisker Automotive is a privately owned American car company. The company was founded in 2007 as joint venture of Fisker Coachbuild, LLC and Quantum Fuel Systems Technologies Worldwide Inc., the leading supplier of powertrain engineering for electric vehicles.

Valmet Automotive is a provider of automotive engineering and manufacturing services of premium cars. In nearly 40 years the company has produced over 1,000,000 high-quality vehicles in Finland. The cars have been delivered worldwide. Today Valmet Automotive manufactures Porsche Boxster and Porsche Cayman for Porsche AG. The company is a part of Metso Corporation.

For further information, please contact:
Ilpo Korhonen, President, Valmet Automotive, tel. +358 204 84 8000


Fisker Karma
(Downloadable picture at the bottom of the page.) 

It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for customer industry profitability and investment willingness, expectations for company growth, development and profitability and the realization of synergy benefits and cost savings, and statements preceded by "expects", "estimates", "forecasts" or similar expressions, are forward-looking statements. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by the company.

Such factors include, but are not limited to:

(1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating environment and profitability of customers and thereby the orders received by the company and their margins

(2) the competitive situation, especially significant technological solutions developed by competitors

(3) the company’s own operating conditions, such as the success of production, product development and project management and their continuous development and improvement

(4) the success of pending and future acquisitions and restructuring.

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