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Henrik Fisker interview: the EMotion EV, and a 'game-changer' charging method

In Torrance, Calif., a Danish-born designer-cum-CEO is putting his own name behind a car company he's building. It's not the first time Henrik Fisker has done this, but perhaps it'll go a little more smoothly this time around. The timing seems better for what he wants to do, which is launch a high-end, long-range electric vehicle. It's not settled where Fisker will build its first car, the $129,900 EMotion EV, yet. The company is looking to buy an existing factory but hasn't chosen one yet. Henrik Fisker tells us they've looked at a few, but with no hint of pressure in his voice, says, "We don't have to make a decision until the end of the year." Fisker expects to begin producing the EMotion in 2019. FISKER EMOTION: THE BASICS The Fisker EMotion is powered by two electric motors, one in the front and one in back, giving it all-wheel drive. Fisker told us the EMotion has "a new type of electric motor that we are working on together with a very large supplier." He said it's efficient, light, and compact, but declined to offer up other details, including output. That announcement will come later. In terms of aerodynamics, Fisker says there's a limit to what you can do and still make the vehicle look nice. "You can make a pretty ugly car that's very aerodynamic. You probably remember the GM EV1 that was super aerodynamic, but not necessarily a very pretty car. The Fisker brand is about good-looking cars." Fisker says, though, that there are aero benefits that an electric powertrain makes possible. He was able to lower the front of the EMotion, which he says really makes this four-door look evolved compared to the traditional sedan. With no gasoline engine up front, that lowered cowl also improves the view of the road ahead. Because of its electric layout, The EMotion is able to have its wheels at the very corners, with minimal front and rear overhang. The car features what Fisker calls a "very, very dramatic" functional rear diffuser, which takes advantage of the EV's flat underside. The EMotion also has a small integrated rear spoiler, and airflow around the wheels was optimized without disrupting the car's sculptural look. With the EMotion, Fisker wants to blend sport with luxury. Again, thanks to the packaging of the electric powertrain, the company is able to create a roomy interior by pushing the windshield forward and the rear window back. Fisker even goes so far as to compare the rear legroom to that of a BMW 7 Series.

Fisker is laying off 15% of staff and says it needs more cash ahead of a 'difficult year'

Electric vehicle startup Fisker is planning to lay off 15% of its workforce and says it likely does not have enough cash on hand to survive the next 12 months. The company says it is trying to find a way to raise that money as it works through a pivot from direct sales to a dealership model. "[W]e have put a plan in place to streamline the company as we prepare for another difficult year," founder and CEO Henrik Fisker said in a statement. Fisker reported more than 1,300 employees as of the end of September 2023, meaning the cut could affect close to 200 people. The company's share price plunged 35% in after-hours trading. Fisker said Thursday that it finished 2023 with $396 million in cash, though $70 million of that is restricted. The company says it is talking with one of its lenders about making "an additional investment" in the company. It also claims it is "in negotiations with a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and North America manufacturing." A partnership like that will be crucial, as Fisker executives said on a call Thursday that it won't invest any more money in its future products unless it works with another automaker. That means the fates of a pickup truck, compact EV and other models that Fisker has teased are now in question. The company's financial struggles come as it is trying to move to a wholesale model built around partnerships with dealers, a shift that Fisker says has "negatively impacted" its sales so far. It's currently sitting on inventory of thousands of vehicles that are collectively worth more than $500 million. Fisker says it has received interest from around 250 dealerships but has only signed up 13 to date. Fisker has also been dealing with a number of problems with its Ocean SUV, its only model so far, as TechCrunch reported earlier this month. The company has said it resolved some issues with a software update in December and planned to fix many more in a larger 2.0 update earlier this month, but that only started making its way to customer vehicles this week. It is currently being investigated by the National Highway Traffic Safety Administration for reports of sudden brake failure, as well as for a handful of vehicle rollaway incidents. A number of big automakers are pulling back on their aggressive EV targets, and newer players are having trouble as well.

Almost $1 billion in claims filed against bankrupt Fisker

You may have scoffed when the US Department of Energy sold the rights to its $168 million outstanding Fisker Automotive loan to Hybrid Tech Holdings last December for just $25 million, or about 15 cents on the dollar. It turns out that might be the going rate for anyone with claims against the bankrupt extended-range plug-in maker, though. That's because Fisker, which declared bankruptcy in November, has generated $985.4 million in claims from 618 not-so-happy parties, Delaware Online says, citing a bankruptcy filing from last week. Fisker stopped making its sporty but troubled Karma in mid-2012. Wanxiang America won an auction for Fisker's assets, including its Delaware factory, for $149.2 million. That leaves $836 million, or about 85 percent of the collective value of the claims against the company. Naturally, Hybrid Tech Holdings, which was beaten out by Wanxiang in the bidding for the assets, has jumped in line to see if it can make good on what was formerly that DOE loan. The state of Delaware, where Fisker had acquired an old General Motors factory, is seeking $20 million stemming from some incentives it provided up front. And Finland's Valmet Automotive wants $8.5 million for its work with the company. Former Fisker employees say the company is on the hook for another $6 million, and none other than General Motors itself is claiming it is owed the same amount. Then there is the lawsuit we first heard about in December that was filed against Fisker and some of its executives who were collecting hefty paychecks while no cars were being produced. Add it all up and you get almost a billion dollars. Good times.