The New York Stock Exchange welcomes Fisker Inc. (NYSE: FSR) to celebrate its recent IPO today, Monday, November 9, 2020.
Source: NYSE
Electric vehicle startup Fisker’s shares rose more than 20% on Wednesday morning after the company announced a manufacturing deal with Foxconn Technology Group.
The two companies have signed a memorandum of understanding for the Taiwan-based electronics contract maker, best known for assembling Apple iPhones and producing more than 250,000 units Electric vehicles per year for Fisker, according to a joint announcement by the companies on Wednesday.
Fisker, which went public through a reverse merger last year, has a market capitalization of $ 5.26 billion.
Assembly of the vehicle is expected to begin in the fourth quarter of 2023, according to the company. The officials gave few more details about the planned electric vehicle, except for a “new segment vehicle”.
“We will create a vehicle that transcends social boundaries, offers a combination of advanced technology, desirable design, innovation and value, while fulfilling our commitment to creating the most sustainable vehicles in the world,” said Henrik Fisker, CEO of Fisker. in a statement.
The companies announced that the deal, code-named Project PEAR (Personal Electric Automotive Revolution), is expected to close in the second quarter of this year. It would be Fisker’s second big deal in the past few months. The company has already signed a contract with auto supplier Magna to produce the Fisker Ocean, its first expected vehicle.
Magna and Fisker are expected to start production on the ocean in the fourth quarter of 2022. The ocean will initially be produced exclusively by Magna in Europe.
