Luxury electric car company Karma is in talks with investment banks to help it go public, company officials told dot.LA.
Karma is hoping to ride the Tesla wave of success and capitalize on the soaring valuations of its competitors.
"We want to take advantage of the fact that the market is red hot right now, so we want to be fast," said Mikael Elley, chief of staff at Karma Automotive.
Courtesy of Karma
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A Super-Charged Electric Vehicle Market: Rivian, Fisker and Karma Rake in Funds<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQ0ODkzMi9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTU5ODMwNjMzMX0.xPjqflqWoY1CNYlVU2VES3azpsxKv1sNz4TSoa-E2Nk/image.jpg?width=980" id="34166" class="rm-shortcode" data-rm-shortcode-id="e33f8e054400fe2f5c8240286835e06d" data-rm-shortcode-name="rebelmouse-image" />
Rivian Automotive is the maker of electric pickup trucks.<p>Tesla's success has super-charged investor interest in the electric vehicle market.</p><p>Exhibit A is the two Southern California-based electric car makers, <a href="https://electrek.co/2020/07/08/fisker-50-millio-funding-electric-suv/" target="_blank">Fisker</a> and <a href="https://dot.la/karma-car-2646367624.html" target="_self">Karma, which secured millions </a>in funding this week as they sought to ramp up production. Then came word Fisker, created by one-time Aston Martin designer Henrik Fisker, is now in talks to go public through a sale to a so-called blank-check acquisition company, <a href="https://www.reuters.com/article/us-spartan-energy-m-a-fisker/exclusive-electric-car-maker-fisker-eyes-deal-to-go-public-sources-idUSKBN24A2HZ" target="_blank">Reuters reported</a> on Thursday. </p><p>Today, Detroit-based Rivian Automotive, maker of electric pickup trucks that's backed in part by Ford Motor Co., announced that it secured $2.5 billion in funding from private investors.</p><p>The race to push out more electric vehicles comes as after Tesla supplanted Toyota as the most valuable car maker. Its shares have been soaring and it now has a market cap that stands at over $285 billion despite controversies and a much lower production volume.</p><p>Spartan Energy is bidding against other special purpose acquisition companies, or SPACs as they are called, to bring Fisker public through a reverse merger, according to the report. Spartan is backed by Apollo Global Management, a private equity firm. </p>With a freshly secured $50 million in private funds, Fisker plans to sell the Fisker Ocean luxury electric SUV at a starting price of $37,500 in 2022. Fisker's previous venture Fisker Automotive fell into bankruptcy in 2013 and was bought by a Chinese group that rebranded it Karma. That company, which has been struggling after several layoff rounds and restructuring, is Karma and earlier this week secured $100 million from investors. It hopes to use that to raise a total of $300 million and roll out a line of electric vehicles.
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