Electric Vehicles

SANTA CRUZ — Central Coast Community Energy customers in Santa Cruz County can now apply for an electric vehicle incentive program, launched by the agency Wednesday.

The Electrify Your Ride EV Incentive Program is offering $700,000 total in rebates to those in Santa Cruz, San Benito and Monterey counties on a first-come-first-serve basis.

Central Coast Community Energy, or 3CE, is one of 23 public agencies in the state that sources predominantly clean and renewable energy, such as solar and geothermal, rather than fossil-fuel sources.

“We strictly provide electric generation services, while PG&E continues to maintain their poles and wires, and continues to deliver energy to people’s homes through their infrastructure,” said Shelly Whitworth, senior energy media specialist with 3CE.

Residents might see 3CE as line item on their monthly electric bill. According to Whitworth the agency maintains approximately 100,000 accounts across the Santa Cruz area. Those who are 3CE customers, including local businesses, are eligible for a variety of new and used electric car rebates, below:

The electric car rebates are doubled for those who meet certain income-qualifications. Residential customers are eligible for one incentive per household, and commercial and agriculture business customers are eligible to receive up to five 3CE electric vehicle incentives

“The income qualification element of this…where someone can save up to $15,000 combining and stacking all the savings at once, it really opens the accessibility of clean vehicles,” Whitworth said.

That would include not only qualifying for a “battery electric” new car incentive with 3CE at $4,000 but also qualifying for various other state rebate programs such as the Clean Vehicle Assistance Program and the Clean Vehicle Rebate Project.

While electric cars coming on to the market now are more affordable compared to their predecessors, and projected to become cheaper in the future, another part of the equation is electric vehicle infrastructure.

Central Coast Community Energy is also working with the state to implement $7 million in funding the construction of electric vehicle charging stations across the Central Coast, and in Santa Cruz.

Currently, less than 2% of cars on the road in the Central California Coast region are electric, according to a 3CE report. The agency hopes the incentive program, and more charging infrastructure coming down the pipeline, could amp that number up.

Gas-powered vehicles account for more than 40% of California’s total greenhouse gas emissions. Governor Gavin Newsom has set an ambitious goal for the state: in just four years, he wants to see 5 million zero emission vehicles in California.

DUBLIN, Feb. 25, 2021 /PRNewswire/ — The “Electric Vehicle (EV) Regulation Overview in Key European Markets 2020” report has been added to ResearchAndMarkets.com’s offering.

This study gives a detailed analysis of EV incentives, subsidies, and taxation scenarios in each European country and their impact on EV sales.

The automotive industry is rapidly evolving in terms of technology as well as tackling environmental issues. Electric vehicles have been introduced as a clean energy initiative, as they have low or zero emissions and have come a long way to become an integral part of OEMs’ business strategies. Automakers such as PSA and Volkswagen are creating separate EV business units to be prepared for the expected EV boom in the future.

Asia has been dominating the market up until recently but things have changed in 2020. Europe has emerged as the clear leader as of September 2020 with the continent registering sales of about 800,000 units. Due to the COVID-19 crisis, China registered only 700,000 units compared to around 1,115,000 units in September 2019.

Although Europe had also gone into a temporary lockdown in Q2 2020, to curb the effect, governments have announced stimulus packages that include generous EV subsidies and incentives (doubled in few countries) that have resulted in almost doubling of sales compared to January to September 2019.

Countries across Europe have similar approaches with various types of EV purchase incentives, EV taxation policies, EV infrastructure incentives, and urban access regulations. By far, EV purchase incentives such as cash rebates and scrappage incentives have impacted the most on EV sales as is evident in Germany and France where sales have grown more than 140% and 160%, respectively, from January to September 2020 compared to the same period in 2019.

Favorable EV taxation policies (e.g., exemption from registration and ownership tax on the purchase of EVs) have also led to an increase in demand in Italy and Norway. The creation of low and ultra-low emission zones have also pushed consumers into buying plug-in electric vehicles, especially in the UK, where driving petrol (below Euro 4) or diesel (before Euro 6) vehicle can attract a fine of 12.50 per day in certain low emission zones (LEZs).

Key Topics Covered:

1. Strategic Imperatives

• Why is it Increasingly Difficult to Grow?
• The Strategic Imperative
• The Impact of Strategic Imperative  on the EV Battery Recycling Market
• Growth Opportunities Fuel the Growth Pipeline Engine

2. Growth Opportunity Analysis

• European EV Market Overview
• European EV Market Segmentation

3. Executive Summary

• EV Incentives and Regulations in EU-Executive Summary
• Market Evaluation Dashboard-EU Overview
• Market Evaluation Dashboard-Overview of Other EU28 Markets
• Market Evaluation Dashboard-Overview of Other EU28 Markets and Norway

4. Country Profiles-Germany

• EV Incentives and Policies-Germany
• EV Incentives and Policies-Germany
• EV Incentives and Policies-Germany

5. Country Profiles-France

• EV Incentives and Policies-France
• EV Incentives and Policies-France
• EV Incentives and Policies-France

6. Country Profiles-UK

• EV Incentives and Policies-UK
• EV Incentives and Policies-UK

7. Country Profiles-Italy

• EV Incentives and Policies-Italy

8. Country Profiles-Spain

• EV Incentives and Policies-Spain
• EV Incentives and Policies-Spain
• EV Incentives and Policies-Spain

9. Country Profiles-Austria

• EV Incentives and Policies-Austria

10 Country Profiles-Belgium

• EV Incentives and Policies-Belgium

11. Country Profiles-Denmark

• EV Incentives and Policies-Denmark

12. Country Profiles-Portugal

• EV Incentives and Policies-Portugal

13. Country Profiles-Sweden

• EV Incentives and Policies-Sweden

14. Country Profiles-Norway

• EV Incentives and Policies-Norway

15. Country Profiles-The Netherlands

• EV Incentives and Policies-The Netherlands

16. Country Profiles-Poland

• EV Incentives and Policies-Poland

17. Country Profiles-Luxembourg

• EV Incentives and Policies-Luxembourg

18. Country Profiles-Ireland

• EV Incentives and Policies-Ireland

19. Country Profiles-Finland

• EV Incentives and Policies-Finland

20. Country Profiles-Bulgaria

• EV Incentives and Policies-Bulgaria

21. Country Profiles-Romania

• EV Incentives and Policies-Romania
• EV Incentives and Policies-Romania

22. Country Profiles-Hungary

• EV Incentives and Policies-Hungary

23. Country Profiles-Greece

• EV Incentives and Policies-Greece
• EV Incentives and Policies-Greece

24. Country Profiles-Cyprus

• EV Incentives and Policies-Cyprus

25. Country Profiles-Croatia

• EV Incentives and Policies-Croatia

26. Country Profiles-The Czech Republic

• EV Incentives and Policies-The Czech Republic

27. Country Profiles-Slovakia

• EV Incentives and Policies-Slovakia

28. Country Profiles-Slovenia

• EV Incentives and Policies-Slovenia

29. Country Profiles-Malta

• EV Incentives and Policies-Malta

30. Country Profiles-Estonia

• EV Incentives and Policies-Estonia

31. Country Profiles-Latvia

• EV Incentives and Policies-Latvia

32. Country Profiles-Lithuania

• EV Incentives and Policies-Lithuania
• Growth Opportunities
• Growth Opportunity 1-Vertical Market Expansion for Growth in the EV Market, 2020

33. Next Steps

For more information about this report visit https://www.researchandmarkets.com/r/15rm33

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

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Tesla has established a “significant first mover advantage” over new entrants in the ever-expanding electric vehicle market, but a few other smaller names stand out, according to CFRA’s Garrett Nelson.

In a note published Wednesday the senior equity analyst said Amazon-backed Rivian, Lucid Motors, and Fisker will emerge as “success stories,” as EV sales climb in 2021.

Nelson uses four categories to analyze emerging electric-vehicle manufacturers: 1) the specs (price, range, etc.) and overall attractiveness of their initial vehicle models; (2) financial considerations such as their funding sources, balance sheets, and liquidity; (3) the growth opportunity of their sub-industry; and (4) the experience and credibility of management. 

He said all three names fare well in each category. Additionally, all three automakers will be among the first to bring electric vehicles to the road, with Rivian and Lucid expected to put models on the road this year and Fisker in late 2022. 

Fisker debuted in public markets in October, while Lucid Motors announced a merger with SPAC Churchill Capital Corp. IV on Monday. Rivian is looking to go public as soon as September at a valuation of $50 billion, Bloomberg reported earlier this month. 

Nelson added that Tesla has an advantage over new entrants; citing how the company increased its US EV sales volume by over 50% last year.  

“With all the talk of increased competition from new EV models in 2020, Tesla grew its market share from an estimated ~58% share in 2019, as models like the Audi e-Tron, Jaguar I-PACE, and Nissan LEAF largely disappointed from a sales perspective,” Nelson added. 

CFRA forecasts that US EV sales will grow by over 50% to exceed 500,000 units in 2021, especially if the Biden administration passes legislation that could benefit EVs. The research firm has a “strong buy” rating on Fisker, and a “hold” rating for Tesla. 

Inaugural J.D. Power Electric Vehicle Consideration Study Examines Intended Buyers’ Interest

With some encouragement, undecided battery electric vehicle (BEV) shoppers can become likely purchase considerers, which is good news for automakers expanding their EV product lineup, according to the inaugural J.D. Power U.S. Electric Vehicle Consideration (EVC) Study,^SM released today. Currently, more than half (59%) of new-vehicle shoppers fall into the “somewhat likely” or “somewhat unlikely” categories when it comes to considering a BEV for their next purchase or lease—a significant window of opportunity for future EV sales.

“Right now, the projected BEV supply outweighs consumer interest. And for every new-vehicle shopper seriously considering BEVs, there’s another at the opposite end of the spectrum,” said Stewart Stropp, senior director, automotive retail at J.D. Power. “To avoid a potential ongoing inventory surplus, it behooves manufacturers and retailers to identify why shoppers in the middle ground aren’t completely sold on the technology, and how to get them over the hump into the ‘very likely’ consideration camp.”

The study finds that firsthand experience with BEVs plays an important role in purchase consideration. Among respondents who say they have owned or leased a BEV in the past, 46% are “very likely” to consider another, while only 6% say they are “very unlikely” to consider purchasing another BEV as their next vehicle. This is similar to findings in the J.D. Power 2021 U.S. Electric Vehicle Experience (EVX) Ownership Study^SM in which, even among dissatisfied owners (overall satisfaction scores below 600 on a 1,000-point scale), 65% say they “definitely will” consider an EV for their next purchase.

The EVC Study also finds the “very likely” ratio among respondents who have simply ridden in a BEV is nearly three times that of those who have never been in one (20% vs. 7%, respectively). Half of respondents have never been in a BEV, highlighting a critical need for automakers and retailers to create opportunities for consumers to familiarize themselves with these vehicles. “Anything stakeholders can do to get more people into electric vehicles, whether it’s experiential events, take-home test drives or other proactive efforts, will help break down the preconceptions people have about BEVs and drive higher consideration,” Stropp said.

Story continues

Following are key findings of the 2021 study:

• Vehicle use outweighs range anxiety: Among heavy-use drivers, the prospect of eliminating gasoline expense seems to neutralize range anxiety. “Very likely” consideration is more than three times higher among those who take more than 10 road trips per year compared with those who don’t take any (34% vs. 10%, respectively). The ratio is similar among those who commute more than an hour (35%) compared with those who have no commute (9%).

• Consideration by current vehicle segment: The “very likely” ratio among current owners of premium brands (36%) is more than twice that of mass market brand owners (15%). The study also finds consideration by current vehicle brand ranges widely from 46% to 96% in the premium segment and 36% to 60% in the mass market segment.

• Information begets consideration: Nearly one-third (30%) of non-considerers cite a lack of information as a reason for their lack of consideration. To consider BEVs, shoppers need to be better informed about them and the ownership proposition they offer.

• Tesla tops luxury brands considered: More than one-fourth (27%) of shoppers who are considering a BEV select a Tesla model as their top choice, citing performance as the main driver. However, among these respondents, reasons they might consider another brand include better performance; better purchase price; and better features, functionality, technology or capacity. It’s worth noting that only 4% of respondents among whom Tesla is the top choice say they are only considering a Tesla. “One could argue this indicates that, while Tesla’s appeal is clearly formidable, it’s not absolute and could be displaced by a worthy alternative,” Stropp said.

The U.S. Electric Vehicle Consideration (EVC) Study is a new industry benchmark for gauging EV shopper consideration. Survey respondents for the inaugural study included 9,030 U.S. new-vehicle intenders in market to purchase or lease within 12 months. The survey was fielded December 2020-January 2021.

For more information about the U.S. Electric Vehicle Consideration (EVC) Study, visit https://www.jdpower.com/business/automotive/electric-vehicle-consideration-study.

See the online press release at http://www.jdpower.com/pr-id/2021016.

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.

About J.D. Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info

View source version on businesswire.com: https://www.businesswire.com/news/home/20210225005039/en/

Contacts

Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
Shane Smith; East Coast; 424-903-3665; ssmith@pacificcommunicationsgroup.com

Users of the network can utilise a streamlined one-payment solution via a single app or single radio-frequency identification (RFID) card. The service offers transparent tariffs for all customers, designed to fit their individual charging preferences.

Charge myHyundai gives Hyundai drivers access to over 15,000 charge points across the UK. Customers will be able to use charge points from most of the main operators via a single platform, with a flexible pay-as-you-go tariff making the use of public charging more simple and convenient.

“Charge myHyundai provides a comprehensive service where customers can easily locate and access public chargers, with a simplified payment solution giving BEV & PHEV owners peace-of-mind” said Ashley Andrew, Hyundai Motor UK’s Managing Director. You’ll see that as we continue to launch our next generation of electric cars, like the forthcoming IONIQ 5, Charge myHyundai will be integrated into the car’s head unit making it even more convenient and seamless”.

Charge myHyundai can be downloaded on iOS and Android devices, it enables intelligent route planning to help users find charging stations easily at their final destination or along a route. Users have real-time price information of the charging points in the app and have full price transparency of the charging service. The simple pay-as-you-go (PAYG) tariff gives the customer the freedom to charge whenever and wherever they need to with no monthly subscription fees (some network providers may offer a membership to access reduced tariffs). Customers can also access the public charging networks via a single RFID card. Upon registration, users will be sent an RFID card to use as a backup for areas with poor mobile phone reception.

The Charge myHyundai app brings together all relevant information, including the charging network map, tariffs, and customer’s Charge myHyundai account management. Overall, it offers easy access, a simple payment facility and a straightforward monthly bill – rather than individual bills from a multitude of public charging network providers. It can also be used in conjunction with Hyundai’s Bluelink Connected Car Services. Bluelink connects drivers to their cars through their smartphones via the Bluelink app which enhances their driving experience and makes life on the road more comfortable, convenient and safe. For full-electric vehicle owners, this includes the ability to charge vehicles remotely, check battery status, set a charging schedule, and switch on the car’s climate control before setting off on a trip to heat or cool the interior.

For additional information:

Hyundai UK

Two years ago Tesla chief executive Elon Musk proudly claimed there was still no battery car that could compete with the Model S he launched in 2012.

At the time, it was true — and even models from Porsche and Jaguar in 2020 failed to match the specs of his eight-year-old electric vehicle. “Still waiting,” Musk quipped.

Lucid Motors claims the wait is nearly over. 

The Lucid Air, which is set to begin production later this year, boasts a range of 500 miles, twice the 2012 Tesla range and a quarter higher than any current Tesla, plus a recharging system that would replenish hundreds of miles within minutes.

The company, backed by the Kingdom of Saudi Arabia, wants to emulate not only Tesla’s battery-stretching performance in its cars, but also the stock market acceleration that has seen it catapulted to become one of the world’s most valuable companies.

This week, the business filed for a $24bn listing through a special purpose acquisition company, in the largest Spac deal to date.

“We’re in a fantastic position. We raised more than we needed to and we have long-term financial partners who may commit more,” Peter Rawlinson, Lucid’s chief executive, told the Financial Times.

But the announcement of the stock market listing came with news of a delay to the launch of the Air, originally planned for spring. It highlighted, for anyone perhaps unfamiliar with Tesla’s own meandering journey to profitability, how timelines can slip in the electric-car business.

Lucid was founded as long ago as 2007, as a battery technology company called Atieva, when a group of Musk’s employees defected, in the belief that Tesla’s plan to build an actual car, rather than supplying batteries and drivetrains, was the wrong approach.

“It took the team until 2013 to recognise what Tesla recognised,” said Rawlinson, chief engineer for the Model S, who was brought aboard that year to design a “post-luxury” vehicle. 

Despite the pivot to carmaking, Lucid’s claim to fame so far comes from battery tech — specifically for the racetrack. It is the designer and manufacturer of battery packs for all 24 vehicles in Formula E, the electric racing championship founded in 2014.

Everyone thought I was nuts but it saved the company

In its early years, Formula E attracted plenty of jokes. Drivers had to take mandatory pit stops to swap vehicles midway through the race because they were unable to complete the circuit on a single charge.

“Formula E was created to exemplify the potential of electrification but all it did was exemplify its limitations,” Rawlinson said. 

Lucid competed to supply better technology in 2016, won the contract, and helped redefine the race as the electric counterpart to Formula One, attracting Porsche and Mercedes to compete.

The partnership has created only modest revenue, but it was the proving ground for Lucid to differentiate itself from rivals, attract talent, and eventually led to a critical $1bn investment in 2018 from Saudi Arabia’s Public Investment Fund, which remains Lucid’s majority owner.

“Everyone thought I was nuts but it saved the company,” Rawlinson said.

The agreement to merge Lucid with Churchill Capital IV, one of several Spacs set up by dealmaker Michael Klein, came as little surprise.

Rumours had been swirling for weeks about a potential deal and Klein has a long history with Saudi Arabia — whose sovereign wealth fund will remain majority owner of the electric-car maker — as one of the kingdom’s key advisers. 

A heady mix of two of Wall Street’s favourite trends — Spacs and electric vehicle upstarts with plenty of promises but no revenue — sent shares in Klein’s Spac up almost 500 per cent prior to the deal’s announcement. But when the press release landed, it became clear that some of the key players had got a cheap deal. 

While shares in Churchill were trading as high as $60, Churchill and institutional backers were handed Lucid shares at $10 or $15 a piece. This unusual way of structuring the transaction effectively gave the company three different valuations ranging from $12bn to $64bn. 

Like so many businesses that use reverse mergers, the company is months away from any meaningful revenues, and its plans seem to involve burning cash at a prodigious rate for years to come.

Forecasts from its investor presentation include burning $7.5bn between 2022 and 2024, before finally generating $321m of cash in 2025, then $1.5bn in 2026.

Revenues will ramp up to $2.2bn next year, quadrupling to $9.9bn by 2024, then climbing to nearly $23bn by 2026, the presentation states, implying profits from 2024. Needless to say, these numbers are speculative.

Production has been pushed back into the second half of this year, the company disclosed in the same document.

“All car programmes when several months out, there are part-quality issues,” Rawlinson said. “If it was perfect, we’d have it in production today.”

Even among analysts who consider Lucid best of breed among the Tesla followers, there is widespread scepticism that Lucid can fulfil its pledge of going from zero deliveries today to 50,000 by 2023 and 1m by 2030.

“Going from PowerPoint to mass scale production in the millions of units is extremely difficult,” said Neil Campling, tech analyst at Mirabaud Securities. “We’ve been here many times before, where the proof of concept has not led to actual commercial viability and scale.”

There’s no first-mover advantage any more

Rawlinson said the Spac deal bought the company breathing space to tackle quality issues, bringing in $4.4bn after fees that means it will not need to raise again until early 2023 in order to fund its second vehicle, the Gravity SUV.

Rawlinson has little hesitation inviting comparisons to Tesla, suggesting that Lucid can replicate its success and outperform any of the established competitors such as Mercedes and Jaguar.

“There’s only one company that’s got world-class tech out there and it’s Tesla. No one else is even close,” he said.

But while Lucid has the advantage of learning from Tesla’s successes and failures, the group will also have to face a flurry of new models from traditional manufacturers, in an onslaught analysts are calling “the Empire Strikes Back”.

Arndt Ellinghorst, auto analyst at Bernstein, expects up to 30m electric vehicles will be produced annually by 2030.

“There’s no first-mover advantage any more,” he said. “There’s very little tech differentiation in the battery or software left, so all this really comes down to is brand equity and being able to scale fast — manufacturing, service, the whole ecosystem of a car. That’s not easy.”

Rawlinson dismissed the thesis, pointing out that the early efforts by established names such as Audi and Jaguar have all fallen short, and claiming that none of the big carmakers currently poses a threat. 

“This is going to sound incredibly blasé but I’m not worried about any of them,” he said. “I want them to come. Bring it on.”

RELATED VIDEO:

Yesterday Senator Jeff Howe (R-Rockville) presented a bill that would increase Electric Vehicle (EV) and plug-in hybrid surcharges. This legislation seeks to make the EV surcharge the same equivalent as the current gas tax.

“This is a good way to start ensuring that everyone driving on our roads pays their fair share regardless of what vehicle they choose to buy,” said Senator Jeff Howe (R-Rockville). “Funds from the gas tax cover repairs for wear and tear on our roads. As our current law stands, when someone buys an electric vehicle, they’re circumventing an average of $229 of gas tax fees per year. We all use these roads, so we should all be paying for their maintenance.”

If enacted, this bill would increase the surcharge for electric vehicles from $75 to $229, would add a surcharge of $114.5 for plug-in EV’s, and would tie both surcharges to the State gas tax. If at any point the Minnesota gas tax goes up or down, these fees would fluctuate in tandem with the changes. Plug-in hybrid car owners have also previously been exempt from gas tax fees, even though owners can use up to 100 percent gas or electric depending on the driving done with the car. Currently, non-EV drivers pay an average of $229 per year towards the State gas tax.

“All of our citizens should be contributing funds to our roads and bridges,” continued Senator Howe. “Gas taxes run the risk of being regressive, but if EV owners contribute to this fund like every other car owner already does, we can avoid that situation altogether. Electric vehicles are heavier than their gas counterparts, and as long as they’re benefiting from state roads, they should be paying to maintain them, too.”

As amended, this bill would also ensure that EV motorcycles pay their fair share. Under current law, EV motorcycle owners pay a $75 surcharge. This bill would alter that fee to $46 for EV motorcycles, and add a $23 surcharge for plug-in hybrid EV motorcycles.

This bill received its first hearing in the Transportation Finance and Policy Committee and now heads to the Committee on Taxes.

While the exact location has yet to be determined, Fisker Chief Executive

Henrik Fisker

said there is a very good chance initial production will be in the U.S., in part because Foxconn already has a factory in Wisconsin.

“They’ve got a factory there and quite a lot of land with quite a lot of possibility for expansion,” he said in an interview. “We haven’t made a final decision on that but that’s an obvious one.”

The Foxconn collaboration is for Fisker’s second model—a higher-volume electric car that the car maker aims to start building in the fourth quarter of 2023, the companies said. The car would be built on vehicle underpinnings developed by Foxconn and would be sold in North America, Europe, China and India, they added.

For Foxconn, the Fisker deal is the latest in a series of tie-ups with auto makers to jointly develop or build vehicles, including the then-

Fiat Chrysler Automobiles N.V.

—now Stellantis N.V.—and China’s Zhejiang Geely Holding Group.

In recent years, some electric vehicle startups like Fisker have been focusing on designing cars while outsourcing vehicle production, in a challenge to the traditional business model in the automotive sector, in which established car makers designed and produced their own vehicles.

The deal with Fisker is the first in which Foxconn will actually manufacture the vehicles, and its first with a U.S.-based electric-vehicle company.

The auto industry is confronting a wave of new tech companies and startups looking to break into the business, an effort being driven in part by new technologies like electric cars and autonomous driving that are reshaping the competitive landscape. Among them is

Apple Inc.,

which has for years worked to develop its own car and recently held talks with

Hyundai Motor Group

to assemble an autonomous vehicle at a Kia Corp. plant in Georgia. The talks have since broken down, The Wall Street Journal reported.

Foxconn, formally known as Hon Hai Precision Industry Co., has been looking to diversify beyond its core business of contract manufacturing for electronics.

It has also made multiple attempts to expand manufacturing in the U.S. In 2017, Foxconn said it would invest $10 billion to build a liquid-crystal display factory in Wisconsin to produce large-screen televisions and other devices, a project that was praised by President

Donald Trump.

But since, Foxconn has scaled back its ambitions to a smaller facility that would make smaller touch screens, and has been in a dispute with Wisconsin state officials over the scope of the project.

In October, Wisconsin officials said that Foxconn had failed to create enough jobs to receive subsidies in 2019. Foxconn said then that it has achieved employment levels of more than 520 people—the minimum required for subsidies—and that it has invested $750 million in Wisconsin, including more than a half a billion dollars for the factory.

In making a push into automotive, Foxconn recently launched a new project to offer a customizable kit of base technology that manufacturers can use for developing electric and self-driving cars.

The company said earlier this year the initiative, dubbed MIH, would be led by a co-founder of Chinese electric-car company

NIO Inc.

Fisker is one of several automotive startups that has ridden a wave of investor enthusiasm for purely electric-vehicle companies over the past year. It was founded in 2016 by Mr. Fisker, a well-known designer that formerly worked at

BMW

and

Aston Martin.

Unlike other upstarts that have or are building their own plants, Fisker is taking an asset-light approach to developing its business, leaning on contractors to supply it with everything from manufacturing to the service and maintenance centers. Executives say that will help them sidestep the billions of dollars in capital auto makers traditionally spend on assembly plants.

“The last thing an EV startup should be looking to do is build its own factory,” Mr. Fisker told the Journal last year. “I think it’s a really dumb idea, quite frankly.”

Fisker instead focuses on design, software and engineering. For its debut model, a luxury sport-utility vehicle called the Ocean set to launch late next year, it is outsourcing the vehicle manufacturing to auto supplier

Magna International Inc.

The company began trading publicly in October after merging with a special-purpose acquisition company backed by private equity giant

Apollo Global Management Inc.

Its stock closed Monday at $16.29 a share, up 82% since the merger closed.

The company, which has told investors it expects its first revenues in 2022, is set to update investors on the results of its first quarter as a publicly traded company after Thursday’s close.

Write to Ben Foldy at Ben.Foldy@wsj.com and Stephanie Yang at stephanie.yang@wsj.com