Fisker, Inc. (FSR) stock prices were down by 9.04% as of market close on April 22nd, 2021, bringing the price per share down to USD$13.78 at the end of the trading day. Subsequent pre-market fluctuations saw the stock price fall a marginal 1.67% to USD$13.55.
FSR and Spartan Work Together
Q4 2020 saw FSR raise USD$977 million in net proceeds from PIPE financing related to the completion of their business combination with Spartan Energy Acquisition Corp. (Spartan). These funds are planned for allocation towards product development, as well as general capital expenditure requirements and working capital.
New FSR Facilities Opened
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The highly successful quarter also saw the establishment of focal development centers, including company headquarters in Manhattan Beach, a software and Research & Development center in San Francisco, and an advanced design center in LA. November 2020 also saw the completion of the Preliminary Production Specification, a significant engineering milestone in the Fisker Ocean program.
FSR and Magna Collaborate
FSR also collaborated with Magna in the development of Fisker-Intelligent Pilot ADAS/AV hardware, standardized across the Fisker Ocean model. This system boasts cutting-ege vision, radar that utilizes digital imaging, and a multi-domain controller. The Pilot system will serve as a means to deliver innovative software-based safety, anti-annoyance, and various entertainment features.
FSR Teams up with Foxconn
The last quarter of 2020 also saw the announcement of an MOU with Foxconn to collaboratively develop a breakthrough vehicle that will pioneer a new segment targeted to be commercially available the world over in Q4 2023. With this development, FSR expects a consistent output of innovative products that will serve to expand FSR’s potential market share.
Consistent Growth and Workforce Expansion
The company has reservations that total upwards of 12,467 as of February 26th, 2021, with the trailing 30-day average of daily reservations having increased by roughly 400% since FSR was listed publicly in October of 2020. FSR continues to expect upward trends in reservations made and has accelerated its employee recruitment, with 148 employees as of the end of February 2021.
Bright Future Ahead of FSR?
FSR reported being debt-free and having USD$991.2 million in cash and cash equivalents as of December 31st, 2020. Recent developments and resulting growth, in conjunction with such a solid financial base, inspire resurgent confidence in the company and its future. With the world hurtling towards the proliferation of electric vehicles, Fisker is primed to leverage its resources to continue being at the forefront of that charge, ensuring sustained and significant increases in shareholder value.