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OFFON

FISKER INC.

(FSR)
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Fisker in EV Development Deal With Foxconn

05/14/2021 | 07:19am EDT

By Chris Wack

Fisker Inc. said it has signed framework agreements with Hon Hai Technology Group, also known as Foxconn, supporting joint development and manufacturing related to a program to develop a new breakthrough electric vehicle.

The company said the new segment vehicle will be jointly developed and sold under the Fisker brand into global markets including North America, Europe, China and India.

Manufacturing will begin in the U.S. with several locations under consideration by Fisker and Foxconn. Other global manufacturing sites under study for future production will support projected annual volumes of more than 250,000 units across multiple sites, the company said.

Under the agreement, Fisker and Foxconn will jointly invest in the project, with each company taking proceeds from the successful delivery of the program. Fisker will work with Foxconn on a new lightweight platform designated FP28, using technological expertise from each company to support this project and potential future vehicles, Fisker said.

Fisker shares were up 14% to $11.33 in premarket trading.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

05-14-21 0718ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.76% 33876.97 Delayed Quote.8.77%
FISKER INC. -0.79% 17.51 Delayed Quote.20.48%
HON HAI PRECISION INDUSTRY CO., LTD. -1.33% 111.5 End-of-day quote.21.20%
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06/09FISKERá : ANNOUNCES RESULTS OF FIRST ANNUAL STOCKHOLDER MEETING (Form 8-K)
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More news
Financials (USD)
Sales 2021 0,01 M - -
Net income 2021 -319 M - -
Net cash 2021 629 M - -
P/E ratio 2021 -12,6x
Yield 2021 -
Capitalization 5 211 M 5 211 M -
EV / Sales 2021 416 518x
EV / Sales 2022 12,3x
Nbr of Employees 170
Free-Float 53,4%
Chart FISKER INC.
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Technical analysis trends FISKER INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 23,89 $
Last Close Price 17,65 $
Spread / Highest target 127%
Spread / Average Target 35,3%
Spread / Lowest Target -43,3%
EPS Revisions
Managers and Directors
NameTitle
Henrik Fisker Chairman, President & Chief Executive Officer
Geeta Gupta-Fisker Chief Financial Officer & Director
Burkhard J. Huhnke Chief Technology Officer
Martin T. Welch Senior Vice President-Engineering
Roderick K. Randall Independent Director
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