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Fisker Pear will be built at Foxconn's Lordstown Motors plant

Shares of Lordstown Motors surged over 23% in trading before the bell on Thursday after the electric vehicle startup said it had closed the deal to sell its Ohio facility with Taiwanese contract manufacturer Foxconn. The Taiwanese firm confirmed it will also make Fisker's Pear compact car model from 2024 alongside the Endurance at the Ohio facility. The deal closure buys Lordstown Motors some much needed breathing room and gives production of its electric pickup a chance at success, said Danni Hewson, analyst at AJ Bell. "Building electric vehicles is an expensive business at the best of times. Right now the supply crunch is making life incredibly difficult and Lordstown Motors and its shareholders will be feeling a rather heady sense of relief today," added Hewson. Setting up manufacturing lines for electric vehicles is a capital intensive process and startups in the past have struggled to raise sufficient capital to mass produce vehicles. Foxconn will now manufacture Lordstown Motors' Endurance electric pickup truck which will go into production in the third quarter of the year and be in the hands of customers in the fourth quarter. Lordstown Motors will retain some assets including its hub motor, battery assembly lines and intellectual property. The company said the deal closure results in $260 million of proceeds, including the reimbursement of certain operating and expansion costs. The stock fell over 95% from its high of over $30 per share in September 2020, weeks after going public through a merger with a blank check company. It is currently trading under $2. Reporting by Akash Sriram and Bansari Mayur Kamdar in Bengaluru; Editing by Krishna Chandra Eluri Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Fisker asset sale may not include name, logo

Always read the fine print before you sign the contract. That platitude is taking on new life as word comes that the winning bidder for bankrupt plug-in hybrid manufacturer Fisker may not actually earn the rights to use the company's name and logo. According to Delaware Online, that's because Fisker Automotive doesn't actually own either – they're the property of a different company called Fisker Coachbuild, LLC, and they have been used under license by the carmaker since 2008. This interesting bifurcation of assets brings to mind a previous bit of auto history - Rolls-Royce and Vickers. As it turns out, Fisker Coachbuild not only designs cars and components, it also has the merchandising rights to the Fisker name and logo for things like apparel and branded tchotchkes. How did this happen? According to the report, Coachbuild is a Fisker stockholder, and in 2008, a contract was signed by Bernhard Koehler (co-founder of Fisker and then-chief operating officer of Coachbuild) and designer and company namesake Henrik Fisker. Koehler and Fisker are actually in the logo, in a fashion, since it is supposed to represent the two men (the vertical lines) looking at the sunset (the red half circle) over the ocean (blue). Fisker Coachbuild attorneys have now put the bankruptcy court on official notice about their ownership of these key assets, and it's unclear if this news will affect the actions of leading bidders Wanxiang America, Inc. and Hybrid Tech Holdings. Coachbuild does sound somewhat conciliatory, saying "...it is likely that Coachbuild will consent to the assignment of the rights provided for under the Trademark Agreement as part of the proposed sale" while simultaneously "reserving its rights under applicable law to bar the assumption and assignment of Trademark Agreement without its prior written consent." This interesting bifurcation of assets brings to mind a previous bit of auto history. Back in 1998, British industrial conglomerate Vickers executed a now-legendary bit of wheeling-and-dealing that saw it sell the physical assets of luxury automaker Rolls-Royce to the Volkswagen Group. We say 'legendary' because it only sold the physical assets to VW – not the trademarks associated with them. Those trademarks included the Rolls-Royce name, famed double-R iconography and other assets – assets Vickers subsequently sold to BMW.

Fisker's forthcoming luxury crossover to get a name this week

Automotive designer and entrepreneur Henrik Fisker has been busy teasing his upcoming luxury electric SUV on social media, promising more information including a name this week and releasing a slew of new images, a short video clip and a few juicy new details. The big news is the promised reveal of a production-intent prototype version in January, not December as was once promised, and that it will be made available exclusively via a “no hassle” subscription that Fisker says will be flexible with no long-term contract and a full warranty. When asked by a Twitter user whether the subscription plan would be similar to the Volvo XC40 under the Care by Volvo subscription program, Fisker said the cost would be “way, way, way lower,” with a higher annual mileage allotment and no minimum term. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. For comparisonÂ’s sake, Volvo makes the XC40 crossover available starting at $700 per month under its Care by Volvo subscription service, with a 15,000-mile annual cap. Fisker promised more details about the subscription plan on Nov. 27, when he will also launch a mobile app and open up reservations. Along with the official unveiling in January will come word of a partnership for an EV charging network, Fisker said in response to another Twitter user. He also revealed plans to launch production in late 2021 with high-volume ramp up in 2022. We also are treated to a brief video clip of the SUV in front three-quarters view, highlighting the slim LED headlights and another strip below them on the bumper, plastic cladding around the wheel wells and seven-spoke wheels. It also appears that the door handles are illuminated. When we last checked in on Fisker Automotive it was to show you an overhead view of the crossoverÂ’s solar panel rooftop, an idea borrowed from the 2011 Fisker Karma. Fisker at the time also teased a new battery-electric pickup truck, one of two new additional models to come after the SUV. We also know to expect a range of around 300 miles from the at least 80 kWh lithium-ion battery and a turn signal that wraps around from back into the D pillar for added notification when you change lanes. Total price has been pegged at just under $40,000.