The California-based electric vehicle manufacturer Fisker (FSR) enjoyed a rise in its stock during its debut on the New York Stock Exchange this Friday.
This came after the American electric vehicle company entered into a $2.9 billion merger with Spartan Energy. Funded by private equity firm Apollo Global Management (APO), Spartan completed its merger with Fisker on Thursday.
Thanks to the merger, Fisker is expected to receive $1 billion of capital which will be used to develop its first vehicle—the luxury Ocean midsize SUV. Fisker will collaborate with Magna International (MGA) to manufacture this vehicle, with its expected launch to be in Q4 of 2022.
At the close of trading on Friday, Fisker’s stocks rose by 13.2% to a value of 10.14. This is in clear contrast to other electric vehicle manufacturers such as Tesla (TSLA) and Nio (NIO), each of whom decreased in value by 5.5% and 4.4%, respectively.
