Reuters reported that Finnish engineering group Metso Oyj’s car manufacturing unit Valmet Automotive had signed a letter of intent with US hybrid car producer Fisker Automotive to build the Karma hybrid car in Finland.

Metso in a statement said that deliveries of the four door hybrid sports sedan are set to start in the fourth quarter of next year, with production volume projected to reach 15,000 a year. But it gave no financial details.

Valmet will stop making Porsche's Boxter and Cayman models in 2012 after Porsche AG decided not to extend the manufacturing deal they have had since 1997.