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The Crazy Electric Car Market

2020-07-14T15:50:10.115Z


Monday, July 13, Fisker Inc. announced that it would go public, via a merger with an already listed subsidiary of the investment company Apollo.


A new actor in the electric car will appear on Wall Street. Monday, July 13, Fisker Inc. announced that it would go public, via a merger with an already listed subsidiary of the investment company Apollo. Fisker is expected to be valued at $ 2.9 billion. The operation should allow the young company to raise funds to produce and market its first vehicle. The latter, an electric SUV called Ocean, is due to hit the market in 2022. Fisker Inc. was created in 2016 by Henrik Fisker, a famous automotive designer, who worked for BMW and Aston Martin, and serial entrepreneur. He knows the automotive world very well, but many of his companies have already gone bankrupt.

Read also: The future of the sports car is electric

The announcement comes as US investors continue to push up prices for electric vehicle manufacturers. Tesla, the best known, flies from record to record. In opening on Monday, the title of the company led by Elon Musk soared more than 12%. This represents an increase in its capitalization of nearly $ 35 billion in a few hours! This is more than its turnover for the whole of 2019 (less than 25 billion dollars). And Tesla is not an isolated case. Electric truck maker Nikola Motor, which hasn't sold a single one yet, is valued at $ 20 billion.

The situation of electric start-ups is not always rosy, however. The Chinese Byton thus suspended its production on June 30 to reorganize. Uncertainty also hangs over the future of the American Faraday Future, which presented itself as the first competitor of Tesla. On the other hand, the situation seems reassuring on the side of Rivian, an American manufacturer of electric pick-ups which must release its first vehicle for the end of the year. The company raised $ 2.8 billion in 2019, before the Covid-19 crisis. Some investors dream of an IPO, even if Rivian has not communicated on the subject.

Source: lefigaro

All business articles on 2020-07-14

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