Wednesday, June 30, 2021

Electric cars: Fisker (NYSE:FSR)

Fisker Inc. is an American electric vehicle automaker founded by Henrik Fisker and his wife Geeta Gupta-Fisker.
Henrik Fisker launched the eponymous company in 2016 after an earlier automotive venture went bankrupt, costing taxpayers $139 million. The now-defunct business produced a luxury plug-in hybrid electric Fisker car. But the company discontinued the car, called Karma, due to poor sales.
  • Founded in 2016 
  • Headquartered in Manhattan Beach, California
  • Fisker Inc. went public through a reverse merger with Spartan Energy Acquisition Corp, which is backed by private private equity firm Apollo Global Management.
  • Full Time Employees: 170
The company plans to start production of the Ocean SUV in Nov. 17, 2022. The EV now now has nearly 17,500 reservations, up from 16,000 in May.

In June, Magna and Fisker signed a manufacturing deal through 2029. Magna will make the Ocean luxury electric SUV, Fisker's first EV and a potential Tesla (TSLA) challenger.

The Ocean EV starts under $40,000, excluding subsidies.
 Fisker's Ocean EV, the Tesla Model Y rival, starts under $40,000, excluding subsidies. (Fisker)

In May, Taiwan's Foxconn, a key Apple (AAPL) partner, agreed to build a second Fisker EV, with plans to open a U.S. plant. This "breakthrough" EV will begin under $30,000, Fisker said. Production is set to begin in Q4 2023.

Analysts say Fisker's partnerships with manufacturing giants set it apart from other EV startups.

In February, Fisker stock jumped on a bullish Morgan Stanley note. The analysts called Fisker's strategy "most compelling," combining Magna's mastery in manufacturing with Fisker's own asset-light and clean-sheet design approach.

Many new EV stocks, including Fisker, emerged last year amid a frenzy for EV stocks and SPAC deals. But as the lingering global chip shortage threatens an industry shift to electric vehicles, EV startups may be especially at risk.
 June 2011:  Fisker has chosen Sharp Corporation, majority owned by Taiwan-based Foxconn, to develop technologies to support the next generation of in-vehicle screens and interfaces for Fisker cars. 

May 24, 2021: Henrik Fisker confirmed he had travelled to the Vatican City to meet with officials to discuss plans for a new battery-powered popemobile. The zero-emissions popemobile will feature a solar roof and carpets made from plastic bottles recovered from the ocean.

"Fisker Ocean to be built in Austria", 30 Oct 2020 
Production of the regular Fisker Ocean SUV has been confirmed to begin in November 2021 at Magna Steyr’s factory in Graz, Austria.

Henrik Fisker on CNBC, 30 Oct 2020
 2012 Fisker Karma
Luxury plug-in hybrid electric Fisker car (now discontinued)
Base price: $96,895 • Horsepower: 403 hp • Range: 33 mi battery-only, 240 mi total
MPGe: 55 city / 54 highway • Engine: Electric

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