EV Startup Fisker in talks with Volkswagen to use parts for Ocean SUV

Fisker has recently raised $50 million from hedge fund veteran Louis Bacon, with the money going toward engineering for the SUV it aims to roll out in 2022.
By : Bloomberg
| Updated on: 14 Jul 2020, 07:54 AM
Fisker logo is seen on a Fisker Karma car at the Auto 2016 car show in Latvia. (REUTERS)
Fisker logo is seen on a Fisker Karma car at the Auto 2016 car show in Latvia. (REUTERS)
Fisker logo is seen on a Fisker Karma car at the Auto 2016 car show in Latvia. (REUTERS)
Fisker logo is seen on a Fisker Karma car at the Auto 2016 car show in Latvia.

Fisker Inc. said it is in talks with German auto giant Volkswagen AG to use key vehicle parts, including a battery, in an electric SUV scheduled to begin production in 2022.

The startup said in an investor presentation filed Monday with the Securities Exchange Commission that it plans to use VW’s modular electric-drive matrix, or MEB, platform to cut costs and halve development time for its debut model: the Ocean sport utility vehicle. It also will adopt that automaker’s battery technology to power the SUV.

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“Fisker is negotiating with VW to secure a source of battery supply, which would provide Fisker with the benefit of one of the world’s largest battery-procurement supply contracts," it said.

Representatives for VW in the US didn’t have an immediate comment.

(Also read: EV startup Fisker raises $50 million to develop Ocean electric SUV)

Shares of Apollo Global Management-sponsored blank-check company Spartan Energy Acquisition Corp., which agreed to merge with privately held Fisker, rose more than 6% in post-market trading.

(Also read: After Nikola, EV carmaker Fisker eyes deal to go public too)

Fisker Chief Executive Officer Henrik Fisker said in an interview his company is in talks with several carmakers for parts-supply contracts but did not mention VW by name. “We don’t need to make our own electric air conditioning, steering rack, even the platform itself," he said.

First Published Date: 14 Jul 2020, 07:54 AM IST
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