2023 Fisker Ocean on 2040-cars

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See the Fisker Ocean electric crossover on video for the first time

We’ve already seen the Fisker Ocean crossover in the flesh at its global debut at CES 2020, but, as always, that was just the beginning of its story. Fisker had planned on bringing its new electric car to the Geneva Motor Show, but, sadly, the entire expo was canceled on account of coronavirus concerns. Nonetheless, Fisker still had something to deliver to those intrigued by the eco-friendly EV — which has a relatively sane starting price of $37,499 — including more details, new photos and even some running footage of the Ocean testing at the track. With this latest PR salvo, we learn more about the OceanÂ’s underpinnings. It uses a multi-link rear suspension to help bolster its sporting chops, packaged to save space and provide more room for cargo in the trunk. Fisker says this multi-link is mounted on an isolated subframe in order to reduce vibration and noise, so that handling doesnÂ’t come at the cost of comfort. As for efficiency, Fisker describes an aerodynamic system that aims to balance minimizing drag with optimized cooling. The novelty is less in the concept than the approach. The air flowing toward to radiator is regulated by a computer in order to maximize driving range. In terms of safety, Fisker highlights the OceanÂ’s structure, which was designed with special focus on protecting the battery pack during side-impact crashes. So, yeah, thatÂ’s not a ton of new info. WeÂ’re not surprised, as weÂ’ve expected Fisker to feed us details of the Ocean crumb by crumb until its actual production launch in the last quarter of 2021. WhatÂ’s perhaps more interesting than the completely expected attention to comfort, efficiency and safety is that this release give us our first look of the Fisker Ocean actually driving: To recap earlier coverage, the all-electric Fisker Ocean will offer up to 300 miles of range on a charge from its 80+ kWh battery, and all-wheel drive will be offered on all but the base model. The Ocean can add 200 miles of driving range in 30 minutes on a 150-kW DC charger. It will offer up to 250 kW (335 horsepower), but a more powerful performance version will be detailed at a later date, targeting a 0-60 time of 2.9 seconds. The Ocean is 182.7 inches long, 76 inches wide, and 63.6 inches tall, with a cargo volume of 20 cubic feet that expands to 25 with a parcel shelf, and a max volume of 45 cubes with the rear seats down. The base model will have 20-inch wheels, with 22-inchers available.

Fisker earnings call touts the Ocean's arrival, teases the Pear

Henrik Fisker's on his third go as head of an independent carmaker. It started with Fisker Coachbuild, putting new bodies on German sports cars to create the Tramonto and Latigo. His dreams soon went electric with Fisker Automotive and the Karma. The latest dream revision birthed Fiker Inc, the company behind the Ocean. Based on details provided during the company's Q4 and full-year 2022 results call with analysts, the third time could well and truly be the charm. The bullet points are a startup's dream. There are 56 Ocean prototypes on the roads, 15 of them in partner Magna Steyr's fleet for daily testing and validation. Fisker Inc spent less money than expected in 2022 ($702 million) and has more cash on hand than expected. And if things go smoothly in 2023, the predicted spend and gross margin could leave Fisker Inc with "potentially positive EBITDA [Earnings Before Interest, Taxes, Depreciation, and Amortization] for 2023." Huge if it happens. If there's slightly mixed news, it's with the Q1 2023 timeline. The good bit is that Fisker says homologation programs in the U.S. and seven European countries are "progressing well," the processes expected to conclude in March. After that, the company needs to secure final regulatory approvals from the U.S. EPA, California's Air Resources Board, and the seven international regions. Fisker touted the broad market strategy as lowering risk since getting approved in multiple markets would give the company the option to go where demand is greatest. The target has been to get the first 300 Ocean units delivered by the end of March, Fisker saying the company secured supplier commitments for the quarterly and annual build schedules. With the amount of paperwork yet to be done, though, hitting the March deadline could be close. After that, according to the CEO, it's back to uncut good news. Those homologation programs have apparently shown ranges better than expected for the Ocean. Instead of the 350-mile range predicted on the U.S. regime, Fisker thinks "it's going to be closer to 360 [miles]." Instead of the Europe's WLTP prediction of 630 kilometers, he said, "I think this will be closer to 700."  As of the end of February, the company is sitting on roughly 65,000 reservations or orders for the Ocean. The goal is to manufacture 42,000 units this year, the ramp-up going from 300 in Q1 to 8,000 in Q2, more than 15,000 in Q3, and at least 19,000 in Q4.

EV startups are about to report another quarter of fierce cash burn

U.S. electric-vehicle startups are expected to report another quarter of dwindling cash reserves next week, piling pressure on a group of companies that are struggling to ramp up production and have few options for funding in a turbulent economy. Having gone public with hopes of shaking up the automobile industry, these companies have seen their market valuations evaporate in the past few months as EV demand slows and market leader Tesla Inc cuts prices to stoke orders. Lucid Group kicks off first-quarter earnings for the group on Monday, with the company expected to report a 36% sequential slide in cash reserves, according to Visible Alpha. Rivian Automotive, meanwhile, will likely report on Tuesday that its cash balance fell by 6.8% to $10.78 billion from the preceding quarter, per a Visible Alpha estimate. The Amazon.com Inc-backed firm, whose shares have declined by nearly a quarter this year, is also expected to report a larger loss of $1.75 billion as both deliveries and production fell in the period. It posted a $1.59 billion loss a year ago. Fisker Inc and Nikola, both of which report earnings on Tuesday, are expected to see their cash reserves decline by 5% and 15%, respectively, according to Visible Alpha. "Any company that's losing money with a low valuation is toast and EVs are no exception. I think it is just a slow bleed. Maybe they'll get lucky and some of their technologies maybe bought by bigger players," said Thomas Hayes, chairman of hedge fund Great Hill Capital. A drop in valuations of companies has rendered selling equity for precious cash more ineffective and investors are becoming increasingly unhappy with their stake being diluted as several startups are yet to recognize revenue from operations. British EV startup Arrival SA and Nikola have issued going-concern warnings in the past few months, with the former set to merge with blank-check firm Kensington Capital Acquisition Corp in a bid to raise cash. Lordstown Motors said this week it could be forced to file for bankruptcy due to uncertainty over a funding deal with major shareholder Foxconn. Its earnings in an unscheduled release on Thursday showed Lordstown's cash balance fell 11% sequentially. Some of the companies including Lucid and Rivian have also said they would not provide data on reservation numbers going forward, sparking some concern among investors. It is a "disturbing development," CFRA Research analyst Garrett Nelson said.