2023 Fisker Ocean on 2040-cars

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Fisker will adopt Tesla's NACS EV charging connector by 2025

Electric vehicle startup Fisker said on Tuesday it signed a deal with Tesla to adopt its North American Charging Standard (NACS), giving Fisker customers access to the automaker's Supercharger network by 2025. A plethora of automakers, including Ford Motor and General Motors, are moving away from the standard Combined Charging System (CCS) connector to Tesla's previously proprietary charging design, which is set to dominate the industry. Fisker said its vehicles made 2025 onwards will have the NACS port for charging, while other customers can use an adapter to access Tesla's 12,000-strong network of public fast chargers in the U.S. and Canada. The company will continue to provide an adapter for the CCS if customers wish to continue using the technology, the EV maker said. Tesla's recent deals represent major strides in displacing a rival standard, CCS, that earlier exclusively had the backing of President Joe Biden's administration. The government is offering $7.5 billion in funding to speed the deployment of EV chargers in the United States. Most automakers have shied away from building large charging networks as installing and maintaining chargers requires a substantial investment for still-limited returns. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Fisker Tesla Electric Infrastructure

Fisker stock trades halted as talks with Nissan collapse

Fisker's talks with a large automaker for a potential deal have collapsed, it said on Monday amid growing uncertainty for the cash-strapped startup that last week paused electric-vehicle production.  Trading in the shares of the company, which did not name the automaker with which it was in talks, has been halted pending an announcement.  Fisker also said it will not be able to meet a closing condition related to its attempt to raise up to $150 million in funding by selling convertible notes after missing an interest payment.  Separately, Fisker said it would ask investors to vote on a proposal for a reverse stock split at a shareholder meeting on April 24, as it looks to maintain compliance with the Nasdaq's listing norms.  Reuters had reported earlier this month that Nissan was in advanced talks to invest in the company, however, earlier in the day, the Japanese automaker held an event in which it announced a long-term business plan, including its EV strategy, and said it was looking for partners in the United States.  Raising funds has been hard for loss-making electric vehicle startups, which have little in way of revenue as they struggle to ramp up production and deliver to customers, as the companies battle stiff competition and a tough economy.  The EV startup's shares have cratered this year, losing more than 90% of their value, after it flagged going concern risk in February and paused investments in future projects until it secured a partnership with an automaker.  Fisker pivoted to a dealer-partner model earlier this year, after it delivered less than half of the vehicles it made in 2023 due to logistics issues.    Earnings/Financials Fisker Nissan

Hybrid Tech just made $65 million from bankrupt Fisker loan

We can now see at least one possible reason for why Hybrid Tech Holdings LLC bought the US Department of Energy's loan to Fisker Automotive last year for $25 million. The purchase is apparently worth $90 million today. The number is part of a settlement agreement that has come out of the company's asset auction which was won by China's Wanxiang Group Corporation in February for $149.2 million. Hybrid Tech said that the secured DOE loan it owned was worth all of that $149.2 million, but the new agreement says that Richard Li's company is due $90 million instead. The rest of the money will be divvied up between the unsecured creditors (who will split $20 million plus $15 million in equity in Wanxiang affiliates) and "priority claim holders" ($8 million). Delaware media has been interested in the case since Fisker bought an old General Motors plant near Newport and now reports that the state does not expect to get a whole lot back from its $20-million investment. Fisker filed for bankruptcy in late 2012. The asset auction is officially known as "In re Fisker Automotive Holdings Inc., 13-bk-13087, U.S. Bankruptcy Court, District of Delaware (Wilmington)."