2023 Fisker Ocean Extreme on 2040-cars

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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.

Fisker Pear interior teased, shows airy, minimal cabin

Henrik Fisker is back on Instagram, this time with his Pear. The CEO teased the interior of the coming compact electric vehicle that will double Fisker Automotive's lineup after the Ocean goes on sale later this year. The Pear, an acronym for Personal Electric Automotive Revolution, wants to melt the hearts and open the wallets of city dwellers looking for minimalist urban transport with elevated design at minimal cost. Based on the interior rendering, such buyers will get a good look at their cities out of the Pear thanks to tall, wraparound windows. The curved A-pillar intrigues us. Aerodynamic necessity has made EV windshields terrifically narrow because they're raked so steeply, and the tops of instrument panels shockingly lengthy. An upright-looking windshield on a curt IP would be a novelty in an EV. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Elsewhere, there's the SolarSky panoramic roof that's expected to contribute to range. The Pear could drop the Ocean's second gauge cluster screen, putting everything on the central infotainment monitor held aloft from the dash. There seems to be heaps of ambient lighting, notably on the declining forward edge of the center tunnel. It's all simple and bold. What we can't see is the "Houdini trunk" behind the back bench, claimed to be a new concept in storage that will "offer a new level of storage for its segment." We could begin to find out how this looks in real life later this year. Fisker said prototypes might hit the road ahead of schedule, before 2022 is out. The retail version isn't slated for production until 2024 at this point, in the Lordstown, Ohio plant that Foxconn owns. When that happens, we've been promised two battery sizes powering single- and dual-motor powertrains. The larger battery is called the Hyper Range unit, aiming at more than 300 miles on a charge. Fisker's caption said, "We are currently working full speed on re-defining how to make an inexpensive car. Reducing parts, make them simpler." If all goes to plan, the entry-level version will cost $29,000 before incentives. That's a shockingly low price right now, never mind in two years. The company says it as 3,200 reservations so far for the Pear, and more than 50,000 for the Ocean. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Fisker Ocean takes to L.A. Auto Show

Fisker has brought the new Ocean EV to the L.A. Auto Show, with a public preview at Manhattan Beach and a presence at the show itself. You can watch the public show reveal above, and see more shots from the show floor below. Fisker says the Ocean will start at $37,499 before incentives. That entry model would be the Sport trim with a single, 275-horsepower motor driving the front wheels and 250 miles of estimated range. It also has a 0-60 time of 6.9 seconds. Moving up to the Ultra version at $49,999 gets dual-motor all-wheel drive, 540 hp, 340 miles of range and a 0-60 time of 3.9 seconds. The $68,999 Extreme trim gets AWD, 550 hp, 350+ miles of driving range and a 3.6-second 0-60 sprint. Fisker Ocean View 5 Photos Fisker also touted the previously announced lease program where customers can choose the length of the lease with a monthly price as low as $379 a month. The lease fleet would be in service for twelve years before being completely recycled by Fisker. The electric ute will feature eco-friendly materials (recycled fishing nets and T-shirts, for instance), a solar roof that can open in a "California Mode," a multi-link rear suspension to help bolster its sporting chops and an aerodynamic system that aims to balance minimizing drag with optimized cooling. We've also already seen a 'Force E' package that would turn the Ocean into a more rugged off-roader for interested fleets.   > More L.A. Auto Show coverage   Today, Fisker also showed the Ocean's rotating infotainment screen, which can be oriented in portrait or landscape mode. At a sneak preview near the company HQ in Manhattan Beach, Henrik Fisker said the company logo is inspired by an ocean sunset. "That's where the orange and blue come from," he said, "with the two vertical lines symbolizing thee designer's pencil and the engineer's ruler — the tools of our trade. My inspiration for the logo happened on a day very much like this one." The new affordable EV crossover is scheduled to begin production a year from today at Magna-Steyr's Graz, Austria factory, though Henrik Fisker said the company is moving fast and could possibly deliver units before then. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.