Fisker Inc. is a company based in the United States, mainly focusing on the automotive industry. It is the successor to Fisker Automotive, which Henrik Fisker founded in California.
Using a market cap estimator, Fisker Inc.’s current valuation stands at approximately $2.29 billion, making it the 3513th most valuable company in the world. Its stock price is delayed by a few minutes to hours. The best time to buy is late afternoon or early evening sessions.
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During the first quarter of this year, Fisker’s CEO Henrik Fisker purchased 33,700 shares of Fisker Inc. Class A common stock. In addition, CFO/CO Geeta Gupta-Fisker and Chief Accounting Officer John Finnucan both purchased 450 shares of Fisker stock.
Henrik Fisker was previously the CEO of Tesla, an electric vehicle manufacturer. He has since co-founded Fisker Automotive, an automobile manufacturing company.
On September 30, 2017, Fisker had $824 million in cash. The company plans to build its first fully electric SUV, the Ocean, in the second half of 2018. The company also has plans to establish a production site in the United States to take advantage of government subsidies for electric vehicles.
As the market for electric cars matures, larger automakers may need outsourced manufacturing capacity. This could give Fisker an edge over competitors. Moreover, despite the company’s challenges, it has plenty of cash to fund its operations.
Fisker plans to produce the Ocean SUV in the United States by 2024. The model will be priced at $37,500. It will be lower than most electric SUVs on the market. The company expects to build 42,400 of them by that time.
Founded in 2016, Fisker is a California-based electric car maker. Fisker’s product line includes an electric SUV, an electric sports car, and a mid-range all-electric vehicle. These vehicles display Fisker’s technological prowess and ability to build practical, mass-market vehicles.
Fisker’s primary goal is to produce at least 250,000 vehicles per year. It plans to begin building its first SUVs in November of 2022. Assuming it hits its target, Fisker could generate a gross profit of up to $1.5 billion. However, the company’s historical results may not reflect its future performance.
Fisker uses an asset-light business model to develop and sell its electric vehicles. This strategy reduces the time it takes to bring a car to market. It also allows Fisker to pass on cost savings to customers. While the company does not have a factory, it does have a global supply chain. Its manufacturing contract with Magna International is a significant advantage. In addition, it has decades of experience in the automotive industry.
Electric vehicle space
Investing in Fisker stock (FSR) could be an exciting move. With its asset-light business model and focus on sales, Fisker could make a splash in the electric vehicle space. However, the stock price could prove volatile. The stock is trading at a 1.7x FY23E revenue multiple.
Regarding production targets, Fisker plans to ramp up production to 50,000 vehicles in 2023, then to 150,000 cars in 2024. In addition, it is working on a project called the Fisker PEAR, aimed at mass-producing sub-$30,000 compact EVs. The car will be built in partnership with Foxconn Technology Group.
Earlier this year, the company entered into a non-exclusive agreement with Electrify America. Under the deal, Electrify America will provide package rates and charging locations to Fisker customers. Electrify America has already activated over 188,000 ports across the U.S. and has established itself as a leader in the EV charger market.
The company has also signed a non-exclusive agreement with Contemporary Amperex Technology to supply over five gigawatt-hours of battery capacity from 2023 through 2025. These batteries will allow the vehicle to travel hundreds of miles per charge.