EV startup in Los Angeles Fisker (FSR) and Taiwan-based electronics maker Foxconn will collaborate on an electric vehicle project, the two companies announced Wednesday. Fisker’s stock soared.
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Fishing a appeal (AAPL), a Foxconn partner, has signed a memorandum of understanding to develop a breakdown of an electric vehicle, according to a press release.
The collaboration, called “Project Pear” (Personal Electric Automotive Revolution), will manufacture a vehicle developed and sold under the Fisker brand, including through the Fisker Flexee Lease program.
The yet-to-be-named EV will be available in several world markets, including North America, Europe, China and India. The enterprises project annual volumes of more than 250,000.
The two companies say it will take just 24 months to manufacture the next Fisker vehicle – from research and development to production, which reduces half the traditional time it takes to bring a new vehicle to market.
Foxconn and Fisker expect to enter into discussions and enter into a formal partnership agreement during the second quarter. The project is expected to start in Q4 2023.
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Fisherman Stock
Shares rose 42% today to 23.20 at a high volume on the stock market ahead of the company’s quarterly earnings report late Thursday. Fisher stock, which trades well above the 50-day line, forms a cup base with a buying point of 23.73, according to the MarketSmith chart analysis. The relative strength line is trending upwards.
Among other EV manufacturers, Tesla (TSLA) climbed 4.3% today after falling 24% from a high of 900.40 intraday on January 25th. Nine (NIO) increased by 3.8%, Li Auto (LI) is 3% and Xpeng (XPEV) added 1.5%.
This is Fisker’s second vehicle after the launch of the Ocean SUV. Fisker plans to start production in the fourth quarter of 2022. According to him, there have been more than 12,000 paid bookings for the Ocean SUV so far. It is planned to present a prototype of the Ocean with a production later this year.
Fisherman with Magna International (MGA) for the Ocean. It will use a customized version of a Magna-developed EV platform. The Ocean SUV has a starting price of $ 40,000.
Fisker shares took place on October 30 after the merger with Spartan Energy. The deal valued Fisker at $ 2.9 billion.
Henrik Fisker launched the company of the same name in 2016. This comes after an earlier business went bankrupt. The operating company manufactured a luxurious, built-in hybrid electric Fisker motor. However, the company discontinued the Karma EV due to poor sales.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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