World News – US – Fisker went public with no proceeds or income

Fisker cash in, Polestar needs money and Carlos Ghosn’s case is still in development All this and more in The Morning Shift of October 30, 2020

(Irregular FYI: Some of the stories linked below are behind Pay for the News paywalls you enjoy!)

Fisker won’t deliver its Ocean electric car until late 2022 at the earliest, but it will be made public anyway in the meantime Fisker is still not generating revenue, as Input Mag reported a few years ago. months, and his car is, yes, in a while, even though everything is going as planned You can buy stocks today! This column does not represent advice on buying stocks; please put your money in index funds

Fisker Inc (“Fisker”), a developer of the world’s most emotionally desirable green electric vehicles, today announced the completion of its “Business Combination” with Spartan Energy Acquisition Corp (« Spartan ») (NYSE: SPAQ), a special purpose acquisition company sponsored by a subsidiary of Apollo Global Management, Inc (NYSE: APO) Spartan shareholders approved the business combination in a special meeting held on 28, 2020 In October On January 30, 2020, the Class A common shares and public warrants of the combined company are expected to begin trading on the New York Stock Exchange (“NYSE”) under the ticker symbols « FSR » and « FSR WS », respectively

« All the external elements are now in place to implement our unique and lightweight business strategy, with today’s funding and the strategic cooperation announced with Magna on October 15, » commented Henrik Fisker, President – Managing Director of Fisker « We can now fully focus on the development and launch of the revolutionary all-electric Fisker Ocean at the heart of the mid-size SUV market, which is expected to start in the fourth quarter of 2022 We value the confidence of all of our shareholders and intend to achieve our stated objectives « 

Following the completion of the transaction, Fisker expects to have over $ 1.0 billion (net of transaction fees and expenses) in cash on balance sheet and no funded debt This amount is expected to fully fund operations of Fisker and the development of the Fisker Ocean program thanks to the planned start of production in the fourth quarter of 2022

I would try to explain why startups with no product or income go public and make money on the stock market, but after too much research I also don’t understand Fisker Ocean will be priced at $ 37,499, to start with Will he challenge Tesla in the least? Who can tell, because everything about Fisker at this point is extremely speculative

Speaking of the Tesla challengers, Volvo / Geely’s efforts in this regard, the automaker known as Polestar, need more money Polestar introduced the Polestar 1 in 2017 It was a hybrid Then Polestar presented the Polestar 2, an all-electric Tesla Model 3 Performance fighter

The Polestar 2 looks good if it doesn’t quite match the performance of the Model 3 in terms of value Anyway, Polestar is now on the hunt for the money

The automaker is in advanced talks with investors to raise $ 800 million to $ 900 million, according to Reuters, while Bloomberg has reported the figure is at least $ 500 million Both attribute the information to people familiar with the subject

A spokesperson for Polestar based in Europe, contacted by Automotive News Europe, said the company was not commenting on market speculation

Polestar’s first effort to raise funds outside of its parent company comes as the global auto industry continues to invest in electric technologies after electric vehicle makers from Tesla to Nio report sustained growth sales

Polestar is looking for a valuation of around $ 6 billion, Bloomberg said by one of the people, who requested anonymity because the talks are private A funding round has not been finalized and conditions could still change, the source said

One of the Reuters sources said the investment would bring Polestar’s valuation to more than $ 5 billion, adding that the Swedish company is in final financing talks with Chinese investors including Beijing E-Town International Investment & Development

The Carlos Ghosn saga will undoubtedly result in movies, books, TV series, even comics The final twist is that a judge has ruled that two suspected accomplices of Ghosn cannot be extradited to Japan, for now

A US federal judge has temporarily suspended the extradition of two US citizens accused of orchestrating Carlos Ghosn’s daring escape from Japan last year, shortly after the US government approved their removal

Lawyers for former Green Beret Michael Taylor and his son Peter said in court filing Thursday that they had been told by Japanese media that the men must be deported from the United States by here a few hours

The US State Department approved the extradition on Tuesday and informed lawyers for the men the next day, according to the file, which indicated that they were to be sent to Japan on a flight Thursday at 1 p.m.

Boston Federal Judge Indira Talwani issued an emergency order just 17 minutes before this time, halting their removal until she can fully consider the claim

The developments were the latest twist in an M-centric saga Ghosn, the former CEO of Nissan, who has spread to several countries since his sudden downfall two years ago

According to Autoblog, electrified car registrations outnumber diesel car registrations there for the first time, due to the prolonged Dieselgate fallout associated with European governments offering generous incentives to go electric

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New diesel registrations have been on the decline across Europe since 2012, when they accounted for over 50% of the new car market according to a study by JATO Dynamics, which has been tracking auto sales trends for more than three decades

« The switch from ICEs to EVs is finally underway Although this is largely due to government policies and incentives, consumers are also now ready to embrace these new technologies, » said Felipe Munoz, analyst at JATO

« The demand for gasoline and diesel cars shows double-digit declines compared to September 2019, while the volume of electric vehicles increased 139% to 327,800 units – a record in terms of volume and market share This is the first time that electric vehicles have crossed the threshold of 300,000 units per month, and this is only the second time that they have accounted for more than 20% of registrations, ”says the JATO report

“Electrified”, of course, encompasses not only fully electric vehicles, but hybrids as well, so let’s not get too excited

The old Packard factory in Detroit has a long and strange history, but its current owner, a gentleman named Fernando Palazuelo, is now planning to destroy it instead of renovating it.

The Peru-based developer, who bought the sprawling 40-acre site seven years ago in the Wayne County Treasurer’s Tax Foreclosure auction, recently listed the 3 million square foot property. with a commercial real estate firm and looking for industrial buyers or tenants

Larry Emmons, senior general manager of Newmark, formerly known as Newmark Knight Frank, said on Thursday that Palazuelo would be ready to demolish large sections of the empty factory once one or more tenants were found

Previously, Palazuelo aimed to gradually redevelop sections of the factory for an eclectic mix of cultural and commercial uses, including art galleries, event space, offices, even a techno club in collaboration with the famous German nightclub owner Dimitri Hegemann

He organized a groundbreaking event in 2017 and carried out rehabilitation work in the Packard administration building, 1580 E Grand boulevard, but no one has moved in yet

Palazuelo is now abandoning all those previous plans to focus on the new demolition and construction strategy, Emmons said

He won the first race of the Formula 1 world championship for Alfa Romeo at Silverstone, 70…

But pointing out that a business has no income or products but still expects people to «  invest  » in them is a pretty clear indication that, unless you have the ‘used to fund a bunch of moon plans in case one of them runs out, maybe better to avoid this one

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