Spartan Energy Acquisition Corp. merged with Fisker and helped it go public.
SPAC stands for Special Purpose Acquisition Company. Many companies went public with that method, including Nikola and QuantumScape. Since October 30, Fisker shares have been listed on the New York Stock Exchange under the ticker symbol FSR. The company that merged with Fisker is called Spartan Energy Acquisition Corp.
After starting to be negotiated, the company’s price has already increased by up to 15 percent. Fisker announced on October 15 that Magna would be its manufacturing partner for the upcoming Ocean mid-size electric SUV, a rumor that was going on since August. Magna will not take care only of manufacturing: the Fisker Ocean will also use Magna’s proprietary electric car platform.
There is not much information about it so far. We only know that it is lightweight and “aluminum-intensive.” Anyway, the electric SUV is supposed to have an 80 kWh battery pack. Fisker, on the other hand, was prepared to build the Ocean over any electric platform available with its Fisker-Flexible Platform Adaptive Design (FF-PAD).
Before taking Magna as its manufacturing partner, there were talks about Fisker buying the MEB from Volkswagen. With that, the company would still have to manufacture the Ocean on its own. The Magna deal takes that weight from Fisker’s shoulders and shows Hon Hai’s (Foxconn) plans to supply electric cars as much as it supplies iPhones to Apple is not far fetched.
Although things are looking good for Fisker, we will not see the Ocean on the streets until November 2022. That is the time it will probably take not only to develop the car but also to establish the selling infrastructure – whichever Fisker will decide to adopt.
At first, we thought the company would only lease Ocean units, but it has since announced it will also sell them for a starting price of $37,499, apparently without considering the federal tax incentive. Considering the vehicle development will only start with Magna after they disclosed their deal, we would not be surprised if the price changed until the car is up for sale.
It is not clear if Fisker will adopt traditional dealers or just spaces where people can get in touch with the Ocean and eventually order or lease one. Tesla started this model, with direct sales, and Polestar followed its form, but not its substance: the company still counts on dealers to deliver and service its cars.