2023 Fisker Ocean One 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.

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.

See the Fisker Ocean electric crossover on video for the first time

We’ve already seen the Fisker Ocean crossover in the flesh at its global debut at CES 2020, but, as always, that was just the beginning of its story. Fisker had planned on bringing its new electric car to the Geneva Motor Show, but, sadly, the entire expo was canceled on account of coronavirus concerns. Nonetheless, Fisker still had something to deliver to those intrigued by the eco-friendly EV — which has a relatively sane starting price of $37,499 — including more details, new photos and even some running footage of the Ocean testing at the track. With this latest PR salvo, we learn more about the OceanÂ’s underpinnings. It uses a multi-link rear suspension to help bolster its sporting chops, packaged to save space and provide more room for cargo in the trunk. Fisker says this multi-link is mounted on an isolated subframe in order to reduce vibration and noise, so that handling doesnÂ’t come at the cost of comfort. As for efficiency, Fisker describes an aerodynamic system that aims to balance minimizing drag with optimized cooling. The novelty is less in the concept than the approach. The air flowing toward to radiator is regulated by a computer in order to maximize driving range. In terms of safety, Fisker highlights the OceanÂ’s structure, which was designed with special focus on protecting the battery pack during side-impact crashes. So, yeah, thatÂ’s not a ton of new info. WeÂ’re not surprised, as weÂ’ve expected Fisker to feed us details of the Ocean crumb by crumb until its actual production launch in the last quarter of 2021. WhatÂ’s perhaps more interesting than the completely expected attention to comfort, efficiency and safety is that this release give us our first look of the Fisker Ocean actually driving: To recap earlier coverage, the all-electric Fisker Ocean will offer up to 300 miles of range on a charge from its 80+ kWh battery, and all-wheel drive will be offered on all but the base model. The Ocean can add 200 miles of driving range in 30 minutes on a 150-kW DC charger. It will offer up to 250 kW (335 horsepower), but a more powerful performance version will be detailed at a later date, targeting a 0-60 time of 2.9 seconds. The Ocean is 182.7 inches long, 76 inches wide, and 63.6 inches tall, with a cargo volume of 20 cubic feet that expands to 25 with a parcel shelf, and a max volume of 45 cubes with the rear seats down. The base model will have 20-inch wheels, with 22-inchers available.