Fisker-Foxconn EV partnership ‘moving faster than expected,’ CEO Henrik Fisker says – TechCrunch

by Jeremy

U.S. electric automaker Fisker expects operating expenses to reach between $490 million and $530 million this year, a slight increase in its business outlook for the year that is driven by R&D spending on prototypes for its Ocean SUV, testing and validation of advanced technology, hiring and its “accelerating” partnership with Foxconn.

fisker ocean front blue close ryg1ki

The company, which reported its second-quarter earnings Thursday after market close, raised its business outlook for expectations for critical non-GAAP operating expenses and capital expenditures for the entire year up from its previous guidance of $450 million to $510 million. The earnings report pointed to R&D spending on prototype activities in 2021 driven by testing and validation on advanced driver assistance systems, powertrain, and user interface. The company also noted increased expenditure on in-house costs, such as virtual validation software tools, hiring, and virtual and physical testing to account for recently tightened Euro NCAP and IIHS safety regulations.

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