Electric car maker Fisker eyes deal to go public

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2020-07-09 17:11:52

Henrik Fisker, a one-time Aston-Martin designer, launched the eponymous Los Angeles-based company in 2016, and plans to begin selling the Fisker Ocean luxury electric SUV in 2022 at a starting price of $37,500.

His previous automotive venture, Fisker Automotive, filed for bankruptcy in 2013 after burning through $1.4 billion in private investments and taxpayer-funded loans. Once billed as a rival to Tesla, it ended up making fewer than 2,000 cars.

Spartan raised $552 million in a initial public offering in 2018, saying it would focus on an acquisition in the North American energy industry. It would use these funds and borrowed money to fund the deal with Fisker.

Tesla's shares have risen 500% over the past year, as the company increased sales of its Model 3 sedan and Model Y SUV, pushing the company's market capitalization past Toyota Motors Corp <7203.T> as the world's most valuable automaker. [nL1N2E819R]

(Reporting by Joshua Franklin in Pompano Beach, Florida, Ben Klayman in Detroit and Rebecca Spalding in New York; Editing by David Gregorio)