Fisker Automotive was initially founded in 2007 as a luxury all-electric vehicle company where the Fisker Karma was first produced. In 2016, the brand was relaunched as Fisker Inc. and became a New York Stock Exchange publicly traded company through a special purpose acquisition company (SPAC) merger public offering which raised US$1 billion in funding. The funding in Fisker Inc. will proceed the engineering towards an electric SUV called the Fisker Ocean. Fisker has ambitions of developing an affordable luxury EV with radical design and technology features and potentially rival Tesla.