CRA Market News – Canada
Toronto, Ontario — EV stocks continue to surge in this week’s Tuesday Ticker, as electric automaker Fisker goes public post-merger, while batteries get boosted after Audi’s CEO taunts Telsa’s battery-range reign and Honda launches a new tech partnership.
American Electric car maker Fisker will go public through a merger with a “blank check company” backed by private equity firm Apollo Global Management at a valuation of $2.9 billion, the companies said on Monday.
The boards of Fisker and Apollo-backed Spartan Energy Acquisition Corp. have unanimously approved the transaction, which is expected to be completed in the fourth quarter, according to a statement.
Spartan Energy shares, which soared 54 percent last week in anticipation of the deal, rose as much as 29 percent shortly after the start of regular trading Monday.
The more than $1 billion of gross proceeds generated will fund the development of the Fisker Ocean electric SUV, which is scheduled to start production in late 2022, according to the company.
Since its listing on June 4, shares of Nikola—which is projecting zero revenue this year—have surged more than 60 percent.
Contemporary Amperex Technology Co., Limited (CATL) and Honda have signed an agreement to form a strategic alliance regarding electric vehicle batteries.
The two companies say this agreement will enable discussions on a broad range of areas including joint development, stable supply, and the recycling and reuse of batteries.
By bringing together the two companies’ individual technology advantages, CATL and Honda will conduct joint development on NEVs batteries and joint R&D into fundamental technologies, aiming for their future application.
CATL will provide the supply of NEV batteries to Honda, mainly for battery electric vehicles (BEVs). The first model equipped with a CATL battery is scheduled to be launched in the Chinese market in 2022. This alliance will be further expanded to the global level in the future.
Battery recycling and reuse also will be a topic in further discussions between CATL and Honda.
Audi taunts Tesla
During a recent interview with German magazine Focus.de, Audi CEO Markus Duesmann said he doesn’t see Tesla as being ahead in lithium-ion battery tech at all, and it won’t be long before Germany’s automakers catch up.
Alongside , the Audi CEO noted the pandemic will likely accelerate change in the industry, and expects a real “quantum leap” in the near future, especially in regards to EV technology.
“The time of the classic humming-humming car with a lot of horsepower is over. We’re catching up [to Tesla battery tech] in seven-mile boots,” Duesmann said.
Credit to Collision Repair Magazine.