Automaker Fisker Is Going Public, Will Be Listed On The New York Stock Exchange

Fisker is a name that's been around for a while, and the company is currently working towards producing its Ocean electric crossover by 2022. On Friday, the company announced that it was going public and would be listed on the New York Stock Exchange with the symbol "FSR." Fisker could expedite its desire to go public by a special-purpose acquisition sponsored through Apollo Global Management.

The deal with Apollo secured Fisker $2.9 billion, with the automaker noting that it now has $1 billion of cash available with no debt. The $1 billion in cash will be used to fully fund operations and the development of the Ocean. The announcement also brings the official planned start of production date of Q4 2022.

Several announcements have come from Fisker recently, including confirmation that a development and production deals in place with Magna to provide the EV architecture for the Ocean. Magna will also help develop a platform using lots of aluminum and will build the car for Fisker in Europe.

Magna may not be a name that many are familiar with, but it's already constructing vehicles for major automakers, including Jaguar. The car it builds for Jag is the I-Pace. Jaguars EV is quite expensive, and Fisker plans to sell the Ocean at about half the price, starting at $37,499. Buyers will be eligible for the $7500 federal EV tax credit in the US.

Fisker has long promised that the Ocean will be the most sustainable vehicle in the world and that it will be digitally focused. Features will be delivered over the air, and there will be an app-managed ownership experience. Ocean buyers will be able to option the vehicle with third-row seating. One major mystery that remains about the Ocean is who will manage the delivery and servicing of the vehicles.