Investment

Electric cars, SPACs, and family offices

Electric vehicle manufacturer Lion Electric is said to be lining up a $ 2 billion market listing after EV rival Fisker Inc secured a 20% price premium on its debut.

Lion Electric is in discussions with blank-check SPAC Northern Generation Acquisition Corp according to Bloomberg, citing multiple sources.

Lion Electric’s shareholder is Power Corp of Canada whose largest shareholder is billionaire businessman Paul Desmarais. 

The stake in Lion is held through Power Sustainable Capital, whose chief executive is Paul Desmarais’ grandson Olivier. 

Led by Marc Bedard, Lion is best known for producing a range of electric school buses and vans. 

Northern Generation’s board comprises individuals with interests in infrastructure and sustainable investing.  President Michael Hoffman used to be head of Blackstone’s M&A advisory business.

Henrik Fisker, a car industry veteran, arrived on the stock market through a SPAC led by private equity specialists Mark Rowan and Leon Black. Louis Bacon’s Moore Strategic Ventures has invested $50 million.

Henrik Fisker has plans to manufacture electric SUVs. His wife, Greta Gupta Fisker, has served as his finance director. Following its float, Fisker Inc. is valued at $3.5 billion. 

Electric vehicles are increasingly seen as the future for the automobile industry due to opposition to fossil fuels.

Elon Musk’s Tesla is easily the market leader. But a growing number of rivals are gaining strength.  Chinese firms Xpeng and NIO both produced strong post-pandemic sales data in October, leading to sharp share price rises.

Rivian, a manufacturer of electric SUVs and pickup trucks raised $2.5 billion from investors, including hedge fund manager George Soros, in July. Rivian is also expected to list soon.

In August, an EV startup called Canoo, led by former BMW executive Ulrich Kranz confirmed its own $2.4 billion market launch through a SPAC.

Nikola Motor Company, an electric truck manufacturer, briefly achieved a market value of $34 billion following its IPO through a SPAC in June.

Nikola has fallen from grace, after overpromising and its market value today is just $7 billion. 

But it remains supported by a partnership with GM which, like other motor manufacturing giants is desperate to keep up with events. 

And several other launches are planned.

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