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Fisker Says EV Startup Open to Borrowing Cash to Fund Vehicles
Bloomberg 2/26/2021 David Welch
(Bloomberg) Fisker Inc. is open to borrowing money rather than issuing equity to fund development of four future electric-vehicles by 2025, founder and Chief Executive Officer Henrik Fisker said.
Speaking after the company’s first-ever earnings report, the entrepreneur and longtime auto designer said he’d rather take on debt and sell zero-emission vehicle credits to raise money. These credits could be available as soon as production of the Ocean electric SUV the company’s first model starts in the fourth quarter of next year, Fisker said. Potential buyers have reserved 12,467 Oceans so far.
IPhone builder Foxconn is working on an electric car with Fisker
Foxconn, the Taiwan-based electronics manufacturing company best known for
assembling the Apple iPhone, is working on an agreement with the California electric car company Fisker to develop an electric vehicle, the companies announced Wednesday.
Fisker Inc. went public last year through a SPAC merger with Spartan Energy Acquisition.
Founded by car designer Henrik Fisker, the company already has an agreement with Magna, an automotive contract manufacturing company. Magna is expected to start building the Fisker Ocean electric SUV by the end of 2022. The Ocean is based on engineering developed by Magna but modified by Fisker.
Foxconn, the Taiwan-based electronics manufacturing company best known for assembling the Apple iPhone, is working on an agreement with the California electric car company Fisker to develop an electric vehicle, the companies announced Wednesday.
American EV maker Fisker completed its reverse merger with Spartan Energy Acquisition Corp. on 29th of October last year. Regardless of its name, Spartan Energy had no link with the energy sector. Instead, it was a special purpose acquisition entity that got listed with the sole purpose of merging with a private company.
Phoenix-headquartered Nikola Corp. went public in June 2020, through its merger with a blank-check company called VectoIQ Acquisition Corporation. Now, Nikola is trading on the NASDAQ without offering an IPO.
QuantumScape went public by merging with Kensington Capital Acquisition, a blank-check company that was listed on the New York Stock Exchange (NYSE) with the sole purpose of merging with a private, unlisted entity.