General Motors Corp. will supply Fisker Automotive Inc. with a gasoline engine for the company’s Fisker Karma extended-range electric vehicle, coming to North America late next year and Europe in 2010.

GM’s Powertrain Integration LLC unit will supply Irvine, CA-based Fisker with a 2.0L direct injection, turbocharged 4-cyl. Ecotec engine capable of 260 hp. Fisker says the purchase of several additional GM components remains under consideration.

Neither GM, nor privately owned Fisker, would disclose terms of the agreement, although Fisker says in a statement it hopes annual production of the EREV will reach 15,000 units by 2011. It expects more than half of the volume from overseas.

The engine from GM will generate electricity for the Karma after is exceeds its 50-mile (80-km) electricity-only range. The Karma’s powertrain combines the GM engine with a lithium-ion battery and a proprietary Q-Drive electric drivetrain developed by Quantum Fuel Cell Technologies Worldwide Inc.

The vehicle is expected to achieve 100 mpg (2.4 L/100 km), with a total range of 350-miles (563-km), Fisker says. Performance numbers include a 125-mph (201-km/h) top speed and 0-60 mph (97-km/h) acceleration of less than six seconds.

“Given General Motors’ global leadership in the parts and accessories space, the fact that it is already engineering parts for extended-range electric vehicles, and its commitment to helping the environment, it was clear that this was the right partner for us,” says Fisker CEO Henrik Fisker, in the statement.

GM plans to introduce its EREV – the Chevrolet Volt – in late 2010. It also combines a gasoline engine with Li-ion battery technology, although the Volt will receive a newly developed and normally aspirated 1.4L gasoline mill with direct-injection and variable-valve timing technology.

GM expects the Volt to arrive with an electric-only range of 40 miles (64 km) and with a sticker price of less than $40,000, a significant discount to the more luxury-oriented Karma.