2023 Fisker Ocean on 2040-cars

Auto blog

Recharge Wrap-up: Fisker owner Wanxiang owns a lot of US real estate, carmakers gaming EU emissions system

Wanxiang Group says it might now be China's largest corporate investor in American real estate. The owner of both Fisker Automotive and battery company A123 Systems, and parts supplier to Mazda and Chrysler, Wanxiang has invested in over 60 projects in the US since 2010. Returns on those investments have been "very, very, very" high, according to Wanxiang America President Pin Ni. "We can invest in clean energy, auto, real estate or anything, but the key is pegging it well to the economic cycle," says Ni. Read more at Bloomberg. Cars sold in 2014 in Europe are exceeding 2015 targets for emissions, but not necessarily for the right reasons. The cars produce 2.6 percent (or 123.4 g/km) less CO2 than cars sold in 2013, which is nearly 7 g/km less than 2015 targets. Unfortunately, these results are influenced in part by manufacturers taking advantage of flaws in the EU testing procedures for better results. Real-world fuel economy is about 31 percent less than official ratings. "These figures need to be treated with extreme caution," says Greg Archer, clean vehicles manager at Transport & Environment. Most of the measured improvement is being delivered through manipulating tests, not delivering real-world improvements. We need the new test to be introduced without further delay." Read more at DieselNet, or from Transport & Environment. Ballard will supply fuel cell modules for eight hydrogen-powered buses in China. Shipping later this year, the FCvelocityTM-HD7 power modules will power buses in multiple Chinese for cities. "We are now beginning to see meaningful evidence of growing demand for clean energy mass transportation alternatives in China, including both buses and trams," says Ballard President and CEO Randy MacEwen. "This demand is being driven by a pressing need to address China's challenging air quality issues, for which fuel cell technology is seen as an emerging option." Read more from Ballard in the press release below. Ballard Inks Deal to Supply Next-Generation Fuel Cell Power Product For Eight Buses in China April 15, 2015 Vancouver, Canada – Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) today announced that it has received an order from a Chinese customer to supply its next-generation FCvelocityTM-HD7 power modules for 8 buses to be deployed in a number of Chinese cities. Ballard expects to ship all of the modules in 2015.

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.

Wanxiang officially acquires Fisker Delaware plant for $18 million

Perhaps Wanxiang is serious about finally, actually re-starting plug-in hybird Fisker production. One of the first big official steps that The New Fisker has taken, other than putting up a new website, is to buy that old disparaged General Motors plant new Newport, DE for $18 million. Technically, the Delaware plant was included in the Fisker Automotive assets that Wanxiang America won at a bankruptcy auction for $149.2 million last month. What happened last week, according to Delaware Online, is that the plant property was officially transferred to a Wanxiang America affiliate, WX Delaware Real Estate Holding Co. The cost was broken out for the first time and it comes to, you guessed it, $18 million. In a bygone age, Fisker said it could make up to 100,000 Karma electric vehicles a year at the Delaware plant. The California automaker officially bought the plant from "old GM" in late 2009, but never did anything with it, despite Vice President Joe Biden's enthusiastic appearance at the announcement in 2009 (pictured). Five years and one bankruptcy later, we are are curious as ever to see if either the Karma or the Atlantic ever actually rolls off the assembly line there. Of course, the next big step will be to build an assembly line. Related Gallery Fisker Atlantic News Source: Delaware OnlineImage Credit: Rob Carr / AP Green Plants/Manufacturing Fisker Electric Hybrid PHEV wanxiang fisker atlantic delaware fisker production