2023 Fisker Ocean on 2040-cars

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Fisker Ocean to be sold in India, Pear could be built there

NEW DELHI (Reuters) - Fisker says it will begin selling its Ocean electric sport-utility vehicle (SUV) in India next July and could begin manufacturing its cars locally within a few years, the company's chief executive officer told Reuters. Sales of electric cars in India will increase by 2025-26, Henrik Fisker said in an interview in New Delhi, adding that the company wants to secure a first-mover advantage. "Ultimately, India will go full electric. It may not go as fast as the U.S., China or Europe, but we want to be one of the first ones to come in here," Fisker said. Electric cars currently make up just 1% of India's roughly 3 million annual car sales, with insufficient charging infrastructure and high battery costs partly to blame for the slow shift. The government, which wants to increase this share to 30% by 2030, is offering companies billions of dollars in incentives to build their EVs and associated parts locally. Tesla put its India entry plans on hold after failing to secure a lower import tariff for its cars. Like Fisker, it first wanted to import vehicles to test the market before committing to local manufacturing. While Fisker admitted it is "very expensive" to import vehicles into India, the company wants to use the Ocean to build its brand, with its premium pricing likely to limit numbers, he said. The Ocean retails at around $37,500 in the United States but importing it to India would add logistics costs and a 100% import tax. That would put it out of reach of most buyers in a market where the bulk of cars sold are priced under $15,000. "Ultimately, if you want to have somewhat of a larger volume in India, you almost have to start building a vehicle here or at least do some assembly," Fisker said. The company's next EV, the smaller Pear pictured in a rendering above, is being considered for production in India but not before 2026, he said. "If we can get that vehicle just below $20,000 locally in India, that would be ideal. Then I think we'll get to a certain volume and market share," he said, adding that if they find the right local partner the timeline could be shorter. To set up a plant in India would require volume of at least 30,000 to 40,000 cars a year, Fisker said. He did not directly comment on the size of investment the company considered necessary, but said that to set up a plant with an annual production capacity of 50,000 cars would likely cost $800 million in India.

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.

Karma Revero refresh spied with carryover Fisker interior

The Karma Revero debuted last year, rising from the ashes of the Fisker Karma. Really, the Revero was little more than a Fisker with a fresh badge. As charming as the mustachioed face may be, it didn't do anything to set the car apart. A much-needed refresh is on the way, though how much it changes remains to be seen. Based on these spy photos, it doesn't look like much will change between the A and C-pillars. That goes for the interior, too. This might come as a bit of a disappointment, as the car has a slick interior design, but it sacrifices a lot in terms of ergonomics and space. On the outside, the Revero will get new front and rear fascias with new lighting and a longer hood. Don't expect too many changes to the powertrain. The GM-sourced turbo inline-four is paired with electric motors for a healthy 403 horsepower and 981 pound-feet of torque, though the sheer size and weight of the Revero means it's not particularly fast. Rumors suggest that the next Karma model, the Atlantic, will ditch the GM powertrain all together. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.