“We are excited to work with Fisker to help achieve its vision of attainable electric transportation,” Geoffrey Strong, chairman and CEO of Spartan, said in a news release. “Henrik [Fisker] has an unparalleled and world-renowned design track record and is supported by an expert management team with storied careers in the automotive industry. The right team, combined with deep financial resources provided by this transaction, further position the company to succeed in a rapidly growing industry.” Strong is also senior partner, co-head of infrastructure and natural resources at Apollo.
Indeed, the EV industry is growing rapidly, thanks in large part to Tesla (TSLA), whose sales are expected to jump more than 40% in 2021 from 2020. EV stock prices are growing even more rapidly. Tesla shares are up almost 270% year to date, making the EV pioneer the world’s most valuable car company.
Telsa isn’t the only stock soaring. Shares of U.S. listed Chinese EV maker NIO (NIO) have also gained about 270% year to date. Stock in EV commercial-van company Workhorse (WKHS) is up almost 400%. EV trucking companies Nikola (NKLA) and Tortoise Acquisition (SHLL) are up roughly 425% and 170%, respectively.
Nikola, like Fisker, went public via a SPAC acquisition. Tortoise is buying EV truck maker Hyliion in a similar type of SPAC transaction.