2023 Fisker Ocean on 2040-cars

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Fisker scales back production to divert cash for working capital

Electric-vehicle maker Fisker said on Friday it will scale down production this month and produce fewer cars this year than its previous guidance, to prioritize cash for working capital needs. Shares of the EV maker, which has been struggling with a cash crunch, rose 7% in premarket. "Fisker has made a strategic decision to reduce December production to prioritize liquidity to unlock over $300 million of working capital," the company said. Fisker cut its production target for the year — at least a second time — to just over 10,000 units, compared with its earlier forecast of 13,000 to 17,000. The company said it delivered 123 vehicles on Thursday, adding it plans to accelerates sale and deliveries despite the tough market conditions for EVs. Some EV firms are facing dwindling cash reserves, pressured by high costs related to production ramp-ups and inflation and price cuts by rivals such Tesla. In its most recent financial results, which were filed after a delay due to the departure of its former accounting chief, Fisker reported a loss of $91 million and revenue of $71.8 million for the third quarter, both missing expectations. Green Plants/Manufacturing Fisker Electric

Fisker teases electric crossover, considers 11 states for production

We have some new breadcrumbs to follow on Fisker's affordable battery-electric crossover planned for 2021. The company released a new teaser image, said it has hired a veteran executive who formerly oversaw manufacturing at Volkswagen and Toyota, and said it is considering at least 11 states for a production location. First is the new teaser image, showing the still-unnamed 'ute in front three-quarters view. It gives a better sense of the crossover's raised stance and swept-back front glass than the previous frontal view, and it shows off the squared front wheel well, framing a seven-spoke wheel. There's also the slightest of definition of the rear hatch, courtesy of the dim brake light. Fisker said it has appointed Don Jackson as its senior advisor of manufacturing to spearhead strategy and site selection. Jackson has more than 40 years of manufacturing leadership, having worked most recently as president of manufacturing at Volkswagen of America, overseeing VW's Chattanooga, Tennessee plant from 2008 to 2012. He previously as senior vice president of quality and production for Toyota's Texas operations and also oversaw Toyota's manufacturing operations in Kentucky. Since leaving VW, he has worked as a consultant on lean manufacturing and other best management practices. He'll presumably continue to ply his trade in the United States, as Fisker says it's finalizing the selection of a location to build the SUV via an RFP process with at least 11 states. The company says California, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, Tennessee, Texas and Virginia are all in the running. "I share Fisker's vision of driving mass electrification forward by producing more desirable EVs for the global market here in the United States, and I look forward to building a disruptive strategy that combines Fisker's unique business model with the very best manufacturing processes that assure unparalleled results and outstanding, reliable products," Jackson said in a statement. "The Fisker team is committed to exceeding customer expectations globally." Fisker announced the new crossover last month, saying it would be priced below $40,000, will feature an 80-plus kWh lithium-ion battery pack and is targeting a range of about 300 miles in a bid to take on Tesla and its own forthcoming Model Y crossover. Final pricing and a drivable prototype is anticipated by the end of 2019. The vehicle is expected to launch in the second half of 2021.

Fisker teases electric crossover again and a high-vis turn signal

Elon Musk turns to Twitter when it's time to spread the Tesla news. Henrik Fisker perfers Facebook. The Danish-American designer took to FB once more to tease his coming electric crossover, this time showing a slice of the rear three-quarter. The feature he wants to highlight is the turn signal set into the D-pillar, which "will provide extra safety when you change lanes." There are a fair few other details to glean as well. Starting from the top, a sunroof opening appears mounted quite a bit rearward. The aperture appears small in view of Fisker promising us that pressing a button will open the roof to create "an extended open-air atmosphere;" so we expect there's another opening over the front seats. The belt line catches the eye; we'll see what it does for rear three-quarter visibility from the driver's seat. The pop-out door handles look to be illuminated by thin LED strips, and more such strips look to define the CHMSL on the tailgate spoiler and taillights. And note the curve of that seriously punched-out rear fender, designed to fit the optional 22-inch wheel. Fisker says the full-on reveal comes this December. From that point, it'll be around an 18-month wait for the production version, planned for the latter half of 2021. Many headlining features have been promised, from the "vastly spacious" and "innovative interior with new utility features," the "captivating design touches that have been traditionally reserved for supercars," and an as-yet-unidentified "new radical feature." Beyond the teasers, what we're expecting is a 300-mile range from a lithium-ion battery pack of at least 80 kWh, a single electric motor standard, two when optioned with all-wheel drive, and a price of under $40,000 to start. The electric mover will be one of three affordable EVs coming from Fisker gathered under the $129,000 EMotion flagship electric sedan. Expect more teasers before December.