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Fisker misses second-quarter production target due to parts shortage

Fisker missed its production target for the second quarter due to shortage of components, the electric vehicle startup disclosed on Friday, sending its shares down 2% in premarket trading. The California-based company produced 1,022 units of its Ocean SUV in the quarter ended June, lower than 1,400-1,700 vehicles it had projected. "A few suppliers had challenges ramping to the targeted 2Q levels, as they did not receive components from sub-suppliers in a timely manner," Fisker said in an exchange filing, adding that it expected to produce over 1,400 vehicles in early July. Fisker, which will report its second-quarter earnings on August 4, produced 55 vehicles in the March quarter. It began deliveries in the United States last month. The production figures come as some EV firms face dwindling cash reserves, pressured by high costs related to production ramp-ups and inflation. Last month, Lordstown Motors filed for bankruptcy protection, while Electric Last Mile Solutions filed the same last year. In contrast, EV behemoth Tesla and Rivian Automotive beat market estimates for second-quarter deliveries. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Fisker Magic Works to develop two new luxury EVs in the U.K.

Fisker Automotive is laying the groundwork for its third and fourth acts, to be led by a new division in the U.K. The first act is the Ocean crossover, due in production form at next month's L.A. Auto Show and due to enter production in November 2022. The Fisker Pear, whose model name stands for Personal Electric Automotive Revolution, is expected to arrive at the end of 2023. Following a year after that will be two new projects coming from the company's new Fisker Magic Works, set up earlier this month in the U.K. Former Aston Martin engineer David King, whose resume includes everything from the DB7 V12 to the Q by Aston Martin customization department, was hired as the SVP of engineering to lead development at the Magic Works.   Henrik Fisker said the overseas division "provides us with an opportunity to create sustainable and fantastic vehicles outside the confines of established industry segments," adding that he has already tasked King with shepherding "two exciting projects which will showcase our capability in highly specialized materials and technologies designed especially for the eco-conscious automotive enthusiast." He believes one of the coming electric vehicles will be a fringe member of its segment, but "the other one doesn't exist at all" yet. The new specialty models are planned to enter the market at the luxury end, one costing more than $100,000, one costing less. That's the other side of the buying pool from the Ocean, which will start at about $37,500, and the Pear, said to start at under $30,000. The products King is developing in England will be "serious production vehicles," but built at lower volumes than the Ocean and Pear. Before then, Fisker will be working to get the Ocean running down production lines at Magna's plant in Graz, Austria, and could be working with Foxconn to get Pear assembly going at the Chinese company's new facility in Lordstown, Ohio. Once we can get behind the wheel of the Ocean and drive it, then we'll know how much we can believe of what Fisker says will follow. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Fisker's forthcoming luxury crossover to get a name this week

Automotive designer and entrepreneur Henrik Fisker has been busy teasing his upcoming luxury electric SUV on social media, promising more information including a name this week and releasing a slew of new images, a short video clip and a few juicy new details. The big news is the promised reveal of a production-intent prototype version in January, not December as was once promised, and that it will be made available exclusively via a “no hassle” subscription that Fisker says will be flexible with no long-term contract and a full warranty. When asked by a Twitter user whether the subscription plan would be similar to the Volvo XC40 under the Care by Volvo subscription program, Fisker said the cost would be “way, way, way lower,” with a higher annual mileage allotment and no minimum term. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. For comparisonÂ’s sake, Volvo makes the XC40 crossover available starting at $700 per month under its Care by Volvo subscription service, with a 15,000-mile annual cap. Fisker promised more details about the subscription plan on Nov. 27, when he will also launch a mobile app and open up reservations. Along with the official unveiling in January will come word of a partnership for an EV charging network, Fisker said in response to another Twitter user. He also revealed plans to launch production in late 2021 with high-volume ramp up in 2022. We also are treated to a brief video clip of the SUV in front three-quarters view, highlighting the slim LED headlights and another strip below them on the bumper, plastic cladding around the wheel wells and seven-spoke wheels. It also appears that the door handles are illuminated. When we last checked in on Fisker Automotive it was to show you an overhead view of the crossoverÂ’s solar panel rooftop, an idea borrowed from the 2011 Fisker Karma. Fisker at the time also teased a new battery-electric pickup truck, one of two new additional models to come after the SUV. We also know to expect a range of around 300 miles from the at least 80 kWh lithium-ion battery and a turn signal that wraps around from back into the D pillar for added notification when you change lanes. Total price has been pegged at just under $40,000.