Fisker expects capital expenditures of up to $240 million in 2021
Reuters
Published Feb 25, 2021 16:38
Updated Feb 25, 2021 16:48
(Reuters) - Fisker Inc expects capital expenditures for this year to be in the range of $210 million to $240 million, the electric carmaker said on Thursday in its first quarterly report since going public.
Fisker, which is yet to produce saleable vehicles, has been partnering with companies for manufacturing its electric cars, as investors place bets on which startup will be the next Tesla Inc.
Fisker's reverse merger with special-purpose acquisition company Apollo Global Management provided the startup with $1 billion in gross proceeds.
On Wednesday, Fisker said it would work with Apple Inc (NASDAQ:AAPL) supplier Foxconn to produce more than 250,000 vehicles a year beginning in late 2023.
Fisker said in December Canada's Magna International Inc would initially manufacture its first vehicle, the Ocean SUV, in Europe.
Its production is on track to start in the fourth quarter of next year, with a starting price of $37,499.
The eponymous Los Angeles-based company, launched by Henrik Fisker, a one-time Aston-Martin designer, on Thursday projected full-year research and development costs, on an adjusted basis, to be between $185 million and $205 million.
The company said net loss widened to about $12 million in the fourth quarter ended Dec. 31, from about $3 million a year earlier.
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Written By: Reuters
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