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.

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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