2023 Fisker Ocean One on 2040-cars

Auto blog

Fisker cuts production forecast as challenges mount for EV startups

Fisker Inc lowered its 2023 production target on Tuesday, the latest sign that U.S. electric-vehicle startups were struggling to ramp up output in the face of supply chain constraints, easing demand and a tight cash position. Shares of the company slumped 12% in premarket trading. This comes just days after the automaker announced it had delivered its first Ocean SUV in Denmark, followed by its first vehicle registration in Germany. The results follow weak earnings and a production outlook cut overnight from Lucid Group Inc, sending its stock tumbling 10%. U.S. EV startups' hopes of shaking up the industry collided with rising interest rates and sluggish demand, with many grappling with production challenges. Market leader Tesla has also cut prices to stoke demand. Fisker now expects to produce between 32,000 and 36,000 units in 2023, compared with its previous target of 42,400 cars. The company blamed the cut on supply chain issues and an updated timing for homologation, or the certification for roadworthiness. Its 32-cent per share adjusted loss for the first three months of the year was also larger than Wall Street estimates for a 30-cent loss, according to Refinitiv data. As of March 31, Fisker had about $652.5 million in cash and cash equivalents, compared with $1.04 billion a year earlier. The company expects to produce between 1,400 and 1,700 vehicles in the second quarter. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Green Plants/Manufacturing Fisker SUV Electric

VL Automotive hints at Fisker-based Destino convertible for Detroit

Last year around this time, we were prepping to see the first iteration of the VL Destino; a Fisker Karma with a Corvette ZR1 heart transplant. Now, with the 2014 Detroit Auto Show looming just over the horizon, there are fresh hints that the Destino is due for a sequel. VL Automotive – co-founded by Gilbert Villarreal and Bob Lutz – has revealed a few sketches of a convertible version of the Destino, this time wearing a high-zoot cabin courtesy of the auto-leather specialists at Katzkin. The interiors company was charged with crafting the custom cockpit for the original VL Destino, as well, and from what we can see in these concept drawings, the tailoring here shows real, hidebound promise. Quick studies will note that the vehicle in the images above only has two doors, while the standard Karma was only ever built with four. It's possible this is a ground-up concept, but it seems every bit as likely that the showcar's execution has been informed by the never-was Karma S folding hardtop convertible. Either way, just as striking is the removal of the former Fisker's roof. The twin cowls at the rear of the passenger compartment seem to meet up beautifully with a chrome accent piece, but of course, details like those will be won or lost in the final execution. We can't wait to see it. Any other significant changes to the VL Destino concept figure to be unleashed in Detroit, as the press release below focuses mainly on the interior work. AUTOMOTIVE LEATHER LEADER KATZKIN PARTNERS WITH VL AUTOMOTIVE TO CREATE EXCLUSIVE LUXURY PERFORMANCE CAR EXPERIENCE Katzkin Senior Advisor Bob Lutz Debuts All-New Concept Destino Featuring a Custom Katzkin Interior at the 2014 Detroit Auto Show MONTEBELLO, Calif., January 10, 2014 / PRNewswire / - Katzkin, the global leader in automotive interior transformation, continues its design mantra and enters into the ultra-premium sports car arena by partnering with VL Automotive, co-founded by Gilbert Villarreal and Bob Lutz. VL's newest concept Destino luxury performance vehicle will debut at the 2014 North American International Auto Show in Detroit at Cobo Center, January 13-26, 2014. Based on an award-winning design by Henrik Fisker, restyled by Bob Lutz, and powered by the Chevrolet Corvette ZR1 powertrain, the Destino sedan was first shown at the 2013 North American International Auto Show.

Fisker officially goes public, on track for 2022 production

Fisker has officially gone public, trading on the New York Stock Exchange under "FSR" as of Friday, the company announced this week. It was taken public as part of a merger/acquisition by Spartan Energy Acquisition Corp. "All the external pieces are now in place to execute our unique, asset-light business strategy, with today’s funding and the strategic cooperation announced with Magna on Oct. 15," said Fisker Chairman and Chief Executive Officer, Henrik Fisker, in the company's announcement. "We can now fully turn our attention to developing and launching the revolutionary, all-electric Fisker Ocean into the heart of the midsize SUV market, expected to commence in Q4 2022. We appreciate the confidence from all our shareholders and intend to deliver on our stated goals." Fisker announced last week that auto supplier Magna will provide the vehicle platform and build the electric carmaker's Ocean SUV. As part of the deal, Magna will receive warrants to purchase a stake of up to 6% in Fisker, giving the EV maker an overall valuation of about $3 billion, Fisker Chief Executive Henrik Fisker told Reuters. "As a result of the completion of the transaction, Fisker expects to have in excess of $1.0 billion (net of transaction fees and expenses) of cash on the balance sheet and no funded debt. This amount is expected to fully fund Fisker operations and the development of the Fisker Ocean program through the planned start of production in Q4 2022." Fisker, which is merging with Spartan Energy Acquisition Corp, said it had finalized a deal with Canada's Magna to build the Ocean in Europe, marking the Canadian supplier's first entry into contract manufacturing for an EV startup. While Magna has built vehicles for traditional automakers for years, analysts and investors have speculated it could eventually build for technology companies like Apple. Fisker stock was up more than 10% in its first day of trading (as of publication time). This article contains reporting by Reuters. Related Video: