World News – US – Fisker goes public, targets Ocean Electric crossover deliveries by end of 2022

Fisker Inc, which hopes to start delivering electric vehicles in 2022, began trading on Friday morning on the New York Stock Exchange, under the symbol « FSR »

Thanks to a special acquisition sponsored by Apollo Global Management, the electric vehicle hope was able to accelerate its transformation, which was announced in July

Of that $ 2.9 billion with Apollo, Fisker noted today that he has $ 1.0 billion in free cash on his balance sheet, with no debt « This amount should fully fund Fisker’s operations and program development. Fisker Ocean thanks to the planned start of production in the fourth quarter of 2022 ”, said the company

The company just announced earlier this month a development and production partnership with Magna, which will provide the EV architecture for the Ocean electric crossover, help develop an aluminum-intensive platform and will build the vehicle for Fisker in Europe

Magna already builds several vehicles for major automakers, including the Jaguar I-Pace L’Ocean will be roughly the same size, but about half the price, starting at $ 37,499, not counting the eligibility of buyers for the federal electric vehicle tax credit of $ 7,500

Fisker has said the Y-size Ocean model will be « the world’s most sustainable vehicle, » and the company notes that the Ocean will be « digitally driven, » with some features being broadcast live, plus an app. managed ownership experience It will offer optional third row seats Fisker has not yet confirmed the details of the person who will manage the delivery and service of the vehicles

The company reports around 9,000 paid bookings through October 28, as well as an increase in these in recent weeks after production plans

The original Fisker, i.e. Fisker Automotive, did not go public and was mainly funded by venture capital In 2012 at least one investor accused the company of a system of ‘pay to play’ which effectively dilutes the shares of early investors Fisker also released U at low interest Department of Energy Loans for Finland-built Karma and the company’s ‘Project Nina’ vehicle, which did not reimbursed

There has been no recent disclosure of Fisker’s flagship EMotion model, the Orbit autonomous shuttle, or its development of solid-state battery technology – although Fisker said earlier this year that the company intended to manufacture four different electric vehicles by 2025

The increased control and reporting transparency required by a public company should give Fisker the necessary funds to go to market while keeping the company focused on getting the first product to market – and streamlined enough to survive

Fisker said he would reveal a ‘production intent prototype’ of the Ocean at the Los Angeles Auto Show in May 2021

This is the second time this week that a company intending to sell electric vehicles has gone public before making a single vehicle.The other is Lordstown Motors, which was first listed on Monday

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