World News – US – Fisker Rises in NYSE Debut, CEO Talks Future EV Market on CNBC


Shares of Fisker Inc begin trading on the New York Stock Exchange on Friday after the completion of a special purpose acquisition company merger with Spartan Energy Acquisition Corp (NYSE: SPAQ)

Henrik Fisker on CNBC: On Friday morning, Fisker Inc (NYSE: FSR) CEO Henrik Fisker was interviewed by Jim Cramer and David Faber on CNBC

Slow surge in electric vehicle sales is happening in the United States, but it will explode in 2022 and 2023, CEO said

Along with Tesla Inc (NASDAQ: TSLA), Fisker said his company was one of two pure play electric vehicle companies in the US which is listed on the stock exchange

The legislation will advance the sale of electric vehicles, as well as the adoption by customers, said CEO

As people test or buy electric cars, they realize the vehicles are cheaper, quieter, and a better car to drive, he said.

Fisker’s partnership with Magna: Fisker discussed his company’s partnership with Magna International (NYSE: MGA) on CNBC

Fisker told viewers to think of his company and the Magna partnership like Apple Inc (NASDAQ: AAPL) and Foxconn

Apple doesn’t make its own phone, but relies on strong manufacturing partners to create a great product, he said.

Production is expected to increase to 50,000 vehicles in the first year, making Fisker cash flow positive, CEO said

What’s next for Fisker: Fisker told viewers the company will take its first step on November 15

With the SPAC deal, Fisker has $ 1 billion on his balance sheet, which is more than enough to go into production, he said

The company will build prototypes and showcase its product at the Los Angeles Auto Show in May 2021, CEO said

The Fisker Ocean is expected to go into production in the fourth quarter of 2022 and sell for a retail price of $ 37,499

FSR price action: Fisker shares are up 11% to $ 9.97 at time of publication

Benzinga’s point of view: Jim Cramer was very bearish on Fisker and even compared the company to Nikola Corporation (NASDAQ: NKLA)

Cramer has since become bullish on Fisker and has also started to shed more positive light on PSPCs

The addition of Bill McDermott of ServiceNow Inc (NYSE: NOW) to Fisker’s board of directors is one of the big reasons Cramer believes in the company

Henrik Fisker designed cars for Ford, BMW and Aston Martin and was also part of the Tesla design team

The decision to focus on design and concept and partner with Magna on manufacturing could be the biggest decision for the company and could help shareholders win in the future

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Fisker Inc, New York Stock Exchange, Stock Exchange, Fisker Automotive, Electric Vehicle

World News – US – Fisker shares rise on NYSE debut, on CEO talks about future electric vehicle market on CNBC


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