Fisker Eyes Indian Market - Seeks To Stay Ahead In EV Race

In this article:
  • Electric vehicle maker Fisker Inc (NYSE: FSR) plans to start selling its Ocean electric sport-utility vehicle (SUV) in India from July 2023.

  • CEO Henrik Fisker said the company would begin manufacturing cars locally in India in a few years, Reuters reported.

  • The CEO believes EV sales in India could pick up pace by 2025 – 2026.

  • The Ocean, priced at $37,500 in the U.S., could prove costly to import to India due to additional logistics and a 100% import tax.

  • Fisker's rival Tesla Inc (NASDAQ: TSLA), which also showed interest in capturing the Indian market, put its plan on hold due to the high import tax.

  • Also ReadWhy Elon Musk's Tesla Is Down Over 10% Since Wednesday

  • Fisker's contract manufacturing partner, Magna International, Inc. (NYSE: MGA), will produce the Ocean at its Austrian unit and ship it to India.

  • "Ultimately, India will go full electric. It may not go as fast as the U.S., China, or Europe, but we want to be one of the first ones to come in here," said Fisker.

  • Price Action: FSR shares are trading lower by 0.31% at $7.92 on the last check Friday.

  • Photo Via Company

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