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

New Fisker Karma spare parts coming soon

It's easy to fall in love with the Fisker Karma based on looks alone. Figure in the luxury interior, electric drivetrain, and the convenience of the extended range, and it's hard to fault anyone who took the plunge and plunked down their hard-earned dollars for this swank green machine. Things go wrong, sure, as they do with any vehicle, but when the company goes bankrupt and you can't get the parts to get your car running again, let's just hope you really like the way it looks in your garage. Fisker's new owner, Wanxiang, has some welcome news. "The Fisker team is settling and still negotiating with over 300 suppliers," says Linyun Frank Qi, Fisker Coordinator at Wanxiang America, in a note to the Fisker Owners Club. "Most of them are good to go now which means we will soon have access to all the parts and also means you will soon have access to them too." Qi says he had an accident of his own in the company show car, which is still in the shop, so he can empathize with other Karma drivers. Wanxiang, a highly profitable auto parts company, bought Fisker earlier this year, along with its battery supplier A123 Systems. The company says it has grown the Fisker team from 20 to 80 people in recent months. The news that parts will soon be available could also be evidence that Fisker is closer to beginning production of the Karma again. Fisker bought an old GM plant in Delaware as part of the deal to purchase the company, and has said that there is a "50-50" chance of building cars in the state. It also wants to build a second model beginning in 2017.

Fisker to team up with Apple supplier Foxconn to build future EV

Electric-car maker Fisker Inc said it will work with Apple supplier Foxconn to produce more than 250,000 vehicles a year from late 2023. This would be the second upcoming new Fisker vehicle, after the Ocean electric SUV, and would be jointly developed with Foxconn. Fisker’s shares jumped 23.4% to $20.10 in premarket trading on Wednesday. The deal, codenamed “Project PEAR” (Personal Electric Automotive Revolution), is looking at markets globally including North America, Europe, China and India, Fisker said. Foxconn, AppleÂ’s main iPhone maker, has ramped up its interest in electric vehicles (EVs) over the past year or so. Foxconn has recently announced deals with Chinese electric-car maker Byton and automaker Zhejiang Geely Holding Group. Foxconn aims to provide components or services to 10% of the worldÂ’s EVs by 2025-2027, and has been in talks with multiple car manufacturers for future cooperation, Chairman Liu Young-way said in October. The Taiwan-based companyÂ’s approach poses a major threat to established automakers that technology companies such as Apple and other non-traditional players could use contract assemblers as a shortcut to competing in the vehicle market. The EV space has been booming, with Tesla Inc still being the market leader. This week luxury electric-car maker Lucid Motors announced plans to go public by merging with a blank check company, even before regular production of its first model has begun. The recent run-up in valuations of several EV startups, including Nikola Corp and Lordstown Motors Corp, that have yet to produce saleable vehicles or meaningful revenue, has drawn comparisons to the dotcom bubble of 1999-2000, with analysts and investors expecting a near-term correction. Fisker said last year that Canadian auto supplier Magna International Inc would initially manufacture its first vehicle, the Ocean SUV, in Europe. The production is expected to start in the fourth quarter of 2022.