Fisker shares surge on electric car deal with Apple iPhone assembler Foxconn

The New York Stock Exchange welcomes Fisker Inc. (NYSE: FSR), as we speak, Monday, November 9, 2020, in celebration of its latest IPO.

Source: NYSE

Shares of electric automobile start-up Fisker surged greater than 20% in morning buying and selling Wednesday after the corporate introduced a producing deal with Foxconn Technology Group.

The two corporations have signed a memorandum of understanding for the Taiwan-based electronics contract producer, finest identified for assembling Apple iPhones, to supply greater than 250,000 electric automobiles a yr for Fisker, in accordance with a joint announcement Wednesday from the businesses.

Fisker, which went public by a reverse merger final yr, has a market cap of $5.26 billion.

Assembly of the automobile is anticipated to start out within the fourth quarter of 2023, in accordance with the businesses. Officials offered few different particulars concerning the deliberate EV aside from it will likely be for a “new segment vehicle.”

“We will create a vehicle that crosses social borders, while offering a combination of advanced technology, desirable design, innovation and value for money, whilst delivering on our commitment to create the world’s most sustainable vehicles,” Fisker CEO Henrik Fisker mentioned in an announcement.

The corporations mentioned the deal – codenamed “Project PEAR” (Personal Electric Automotive Revolution) – is anticipated to shut within the second quarter of this yr. It can be Fisker’s second main deal in latest months. The firm already has a deal with auto provider Magna to supply the Fisker Ocean, its first anticipated automobile.

Magna and Fisker count on to start out manufacturing on the Ocean within the fourth quarter of 2022. The Ocean will initially be manufactured completely by Magna in Europe.

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