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Fisker CEO says the EV startup is trying to do more than just take customers from Tesla

Fisker CEO says the EV startup is trying to do more than just take customers from Tesla

The founder and CEO of Fisker told CNBC on Thursday that the electric-automotive startup is trying to do more than just swipe market half from Tesla.

Henrik Fisker made the comments in an interview on “Enraged Money,” one day after his company announced it had inked a key manufacturing deal with Foxconn Know-how Community. The Taiwan-primarily based firm is supreme known for its characteristic assembling iPhones for Apple.

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“At the finish of the day, we’re no longer out right here just to fling and take Tesla customers away from Tesla,” Fisker told host Jim Cramer. “That’s big if they advance … however the actual market quite rather a lot of is the 80 million of us that rob a original automotive every person year. That’s big quite rather a lot of.”

Cramer had asked Fisker how he believes the like of the company’s first anticipated automotive, known as the Ocean, rivals these from Elon Musk’s Tesla, which is the dominant EV model in the U.S.

Whereas battery-powered electric autos anticipated to continue increasing market half when compared with inner combustion engines, the bid is increasing more and more crowded. In addition to startups fancy Fisker, established auto titans fancy General Motors and Ford are investing heavily.

“We did no longer prefer to do another ‘me-too’ Tesla. That is what they’re doing. That’s big, however we the truth is prefer to do an quite rather a lot of,” Fisker said, touting the Ocean as SUV. “That is what is going to possible be differentiating us from other automotive corporations which may possibly well well be truly making hatchbacks or sedans,” he added.

The Ocean, which has a beginning designate of $37,499, is situation to fling into manufacturing in the fourth quarter of subsequent one year. In October, Fisker struck a deal with auto vendor Magna International to like the Ocean.

Fisker, a neatly-known auto designer whose earlier EV startup went on to file for financial demolish, said the company’s ability to stable excessive-profile companions in Magna and Foxconn demonstrated its attainable.

Fisker and Foxconn like to this level signed a memorandum of understanding, with the deal anticipated to close in the second quarter of 2021. In accordance to the corporations, Foxconn plans to make the Fisker’s second automotive; manufacturing is situation for the fourth quarter of 2023.

“When it comes with Foxconn, I mediate that the truth is stamps in steel nearly that now we like a industry mannequin that works. It wasn’t just a one-off thing that we made a take care of Magna,” Fisker said.

Fisker, which last one year went public thru a reverse merger, saw its stock close down 4.43% Thursday to $21.58 per half. The company launched fourth-quarter outcomes after the bell, reporting a loss from operations of $31.3 million.

Fisker CEO says the EV startup is trying to do more than just take customers from Tesla