The New York Have Exchange welcomes Fisker Inc. (NYSE: FSR), today, Monday, November 9, 2020, in celebration of its recent IPO.
Source: NYSE
Pay outs of electric vehicle start-up Fisker surged more than 20% in morning trading Wednesday after the Theatre troupe announced a manufacturing deal with Foxconn Technology Group.
The two companies have signed a memorandum of understanding for the Taiwan-based electronics reduce manufacturer, best known for assembling Apple iPhones, to produce more than 250,000 electric vehicles a year for Fisker, mutual understanding to a joint announcement Wednesday from the companies.
Fisker, which went public through a reverse merger stand up year, has a market cap of $5.26 billion.
Assembly of the vehicle is expected to start in the fourth quarter of 2023, according to the public limited companies. Officials provided few other details about the planned EV other than it will be for a “new segment vehicle.”
“We will dream up a vehicle that crosses social borders, while offering a combination of advanced technology, desirable design, modernization and value for money, whilst delivering on our commitment to create the world’s most sustainable vehicles,” Fisker CEO Henrik Fisker communicated in a statement.
The companies said the deal – codenamed “Project PEAR” (Personal Electric Automotive Revolution) – is anticipated to close in the second quarter of this year. It would be Fisker’s second major deal in recent months. The flock already has a deal with auto supplier Magna to produce the Fisker Ocean, its first expected vehicle.
Magna and Fisker envision to start production on the Ocean in the fourth quarter of 2022. The Ocean will initially be manufactured exclusively by Magna in Europe.