Following completion of a business combination with Spartan Energy Acquisition Corp, Fisker expects to have in excess of $1.0 billion cash on the balance sheet and no funded debt.
30 Oct 2020 | 4629 Views | By Autocar Pro News Desk
Electric vehicle manufacturer Fisker Inc is to get listed on the New York Stock Exchange today and its stock will begin to be traded. Fisker yesterday announced today that it has completed its business combination with Spartan Energy Acquisition Corp, a special purpose acquisition company sponsored by an affiliate of Apollo Global Management.
“All the external pieces are now in place to execute our unique, asset-light business strategy, with today’s funding and the strategic cooperation announced with Magna on October 15,” commented Fisker chairman and CEO, Henrik Fisker. “We can now fully turn our attention to developing and launching the revolutionary, all-electric Fisker Ocean into the heart of the midsize SUV market, expected to commence in Q4 2022. We appreciate the confidence from all our shareholders and intend to deliver on our stated goals.”
As a result of the completion of the transaction, Fisker expects to have in excess of $1.0 billion (net of transaction fees and expenses) of cash on the balance sheet and no funded debt. This amount is expected to fully fund Fisker operations and the development of the Fisker Ocean program through the planned start of production in Q4 2022.
Fisker Ocean launch planned in Q4 2022
The Fisker Ocean has been designed to be the world’s most sustainable vehicle, including extensive use of environmentally friendly and recycled materials. The model is also digitally focused, reflected through innovative features delivered ‘over-the-air’, a groundbreaking user interface / user experience and an ownership experience that can be fully managed through the Fisker Flexee app. A strategic cooperation with Magna International supports the co-development and manufacture of the vehicle projected to launch in Q4 2022.
The Ocean will be assembled by Magna in Europe and aims to deliver class-leading range, interior space (with optional third-row seating) and overall vehicle performance at a starting price of $37,499. Joint engineering work with Magna is in full gear after kicking off in September, with Fisker recently announcing that a production-intent prototype will be unveiled at the Los Angeles Auto Show in May 2021.
Fisker has received approximately 9,000 paid reservations as of October 28, 2020, following an increase in order rate over the last several weeks.