2023 Fisker Ocean Ultra Sport Utility 4d on 2040-cars

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Fisker Pear will be built at Foxconn's Lordstown Motors plant

Shares of Lordstown Motors surged over 23% in trading before the bell on Thursday after the electric vehicle startup said it had closed the deal to sell its Ohio facility with Taiwanese contract manufacturer Foxconn. The Taiwanese firm confirmed it will also make Fisker's Pear compact car model from 2024 alongside the Endurance at the Ohio facility. The deal closure buys Lordstown Motors some much needed breathing room and gives production of its electric pickup a chance at success, said Danni Hewson, analyst at AJ Bell. "Building electric vehicles is an expensive business at the best of times. Right now the supply crunch is making life incredibly difficult and Lordstown Motors and its shareholders will be feeling a rather heady sense of relief today," added Hewson. Setting up manufacturing lines for electric vehicles is a capital intensive process and startups in the past have struggled to raise sufficient capital to mass produce vehicles. Foxconn will now manufacture Lordstown Motors' Endurance electric pickup truck which will go into production in the third quarter of the year and be in the hands of customers in the fourth quarter. Lordstown Motors will retain some assets including its hub motor, battery assembly lines and intellectual property. The company said the deal closure results in $260 million of proceeds, including the reimbursement of certain operating and expansion costs. The stock fell over 95% from its high of over $30 per share in September 2020, weeks after going public through a merger with a blank check company. It is currently trading under $2. Reporting by Akash Sriram and Bansari Mayur Kamdar in Bengaluru; Editing by Krishna Chandra Eluri Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.

The Fisker Ocean's solar roof opens up in 'California Mode'

Henrik Fisker has pegged CES for the official unveiling of his upcoming Ocean SUV. The production prototype will make its public debut on January 7, 2020, with an intended launch in 2020. Leading up to the event, Fisker has been slowly dropping bits of information, and we've already seen nearly the entire vehicle. The most recent announcement showed off a new patented feature called California Mode, which at the press of a button can lower all the Ocean's windows and slide open its solar roof panels as well. In total, pressing the California Mode button moves nine different panels. The three windows on each side of the SUV go down, the rear hatch's glass drops into the body, and the two panels that make up the solar roof shift to open, as well. Fisker didn't release a video of the action, but it appears the front-most part of the solar panel overlaps the rear portion and both slide back. The photos take the opportunity to show that with the rear glass down, a surfboard could fit inside the car with only a small bit sticking out. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Fisker bills the Ocean as a pinnacle of sustainable automotive engineering. It runs purely on electricity and will have an estimated range of 250 to 300 miles. Parts of the SUV will use recycled materials and plastics, as well, to create a vegan interior. Fisker says the solar tech could potentially add up to 1,000 miles of range per year, although that really isn't much. The California-based company is also aiming to make the vehicle affordable and accessible. Fisker says the car will be available on a subscription basis with a starting price of $379 per month and no long-term contract. Reservations are open now for $250. We'll have more information and photos after the debut next month. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.