2023 Fisker Ocean on 2040-cars

Auto blog

Fisker stops production, warns it may need to seek bankruptcy

Fisker Inc. is pausing production for the next six weeks as the electric-vehicle maker looks to rein in inventory and avoid possibly having to file for bankruptcy. The company didn’t make a required interest payment of about $8.4 million last week on its unsecured convertible notes due in 2026, according to a regulatory filing Monday. Fisker warned it may not be able to meet obligations to service its debt and “could need to seek protection under applicable bankruptcy laws.” Fisker shares fell as much as 14% shortly after the start of regular trading. The stock had plummeted 90% this year through last weekÂ’s close. Fisker also said Monday that it plans to raise as much as $150 million through a financing deal with the holder of its 2025-dated convertible notes. The Los Angeles-based EV maker didnÂ’t identify the existing investor and said the funding will be organized in four tranches and subject to certain conditions. The disclosures expound on the dire state of Fisker, which warned late last month that there was substantial doubt about its ability to stay in business. The company has said it will cut 15% of its workforce after struggling with production issues, software glitches and short-seller criticism. Fisker said it remains in negotiations with an unidentified large automaker about a potential investment and joint development partnership. Bloomberg reported earlier this month that the company was in talks with JapanÂ’s Nissan Motor Co., citing people familiar with the matter. In its statement, Fisker said it has about 4,700 vehicles in inventory worth more than $200 million. ItÂ’s pausing production in Graz, Austria, starting this week to sell down its supply of already-built EVs.   Earnings/Financials Plants/Manufacturing Fisker

Fisker Ocean 'Force E' package designed for silent, rugged rescues

About a week ago, Fisker teased a makeover for its Ocean crossover that prepped the electric people hauler for either a backcountry rescue or "I Am Legend." Henrik Fisker has now released the finished article on Twitter, the overhaul package called "Force E," for Force Electric. It's one of the four promised packages available when the Ocean goes on sale at the end of next year, designed to serve fleets that would need "an extreme off-road package for the Fisker Ocean." Reserved for the all-wheel drive model, the equipment list assembles a brush guard and tow hooks, a touch of extra lighting in the front fascia and on the roof rack, a tool mount on the tailgate, a plug to run external power, all resting on a lifted, upgraded suspension and, in the rendering at least, truly meaty tires on beadlock wheels. Inside come "certain upgrades with more rugged and durable materials."   On the first tease, Fisker said he had a special place in mind for the spare tire "that could only be done with an EV." That special place turns out to be a round hollow in the hood, which hearkens to Series I and Series II Land Rovers. The old Rovers rode on itty-bitty skinny tires, though. We hope the Ocean front fascia contains a step to get some leverage for lifting that spare, because it'll take real strength to get that load in and out without banging it on the hood, or worse yet, the windshield. Underneath the spare, a potable water tank lives in the frunk, its refreshing elixir dispensed through a tap next to the front license plate. Seeing where this Ocean is meant to go, that tap better be removable, or that brush guard as strong as Wolverine.   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. All Force E crossovers automatically get the California mode option that opens the sunroof and all windows at the press of a button. The Force E kit starts off on the 300-horsepower Ocean, but Fisker says a high-performance model will follow.  The company touts having received more than 22,000 expressions of interest without clarifying if that applies to hand-raisers or to depositors.

Fisker cuts production forecast as challenges mount for EV startups

Fisker Inc lowered its 2023 production target on Tuesday, the latest sign that U.S. electric-vehicle startups were struggling to ramp up output in the face of supply chain constraints, easing demand and a tight cash position. Shares of the company slumped 12% in premarket trading. This comes just days after the automaker announced it had delivered its first Ocean SUV in Denmark, followed by its first vehicle registration in Germany. The results follow weak earnings and a production outlook cut overnight from Lucid Group Inc, sending its stock tumbling 10%. U.S. EV startups' hopes of shaking up the industry collided with rising interest rates and sluggish demand, with many grappling with production challenges. Market leader Tesla has also cut prices to stoke demand. Fisker now expects to produce between 32,000 and 36,000 units in 2023, compared with its previous target of 42,400 cars. The company blamed the cut on supply chain issues and an updated timing for homologation, or the certification for roadworthiness. Its 32-cent per share adjusted loss for the first three months of the year was also larger than Wall Street estimates for a 30-cent loss, according to Refinitiv data. As of March 31, Fisker had about $652.5 million in cash and cash equivalents, compared with $1.04 billion a year earlier. The company expects to produce between 1,400 and 1,700 vehicles in the second quarter. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Green Plants/Manufacturing Fisker SUV Electric