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Henrik Fisker previews secretive car with gorgeous butterfly doors

Earlier this month, Henrik Fisker announced plans for a 400-mile electric car that would follow up on the failed Fisker Karma. Fisker recently took to Twitter where he posted a picture of a mysterious vehicle with magnificent dihedral (also known as butterfly) doors. This, then, is our first look at Fisker's upcoming electric vehicle. So far, everything looks good. Besides the dihedral doors, there's not much to go off of. Dihedral doors aren't new, as McLaren uses the units on its entire range (as do other cars, mainly exotics), but the rear-hinged ones are unique. We've seen suicide doors and falcon doors on four-door vehicles, but no rear-hinged dihedral ones intended for production that we can recall. According to Fisker, the upcoming model uses the fancy doors for better ingress and egress. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Other than the nifty doors, the front fascia has what looks to be LED accent or running lights on the side, while the rear taillights are also LED units. As Fisker claimed earlier this year, the upcoming electric car will be a "spiritual successor" to the Karma and that shows in the profile of the car, although the teased car has shorter front and rear overhangs. Fisker hasn't released a lot of information on the upcoming vehicle, besides that it would be "sporty and spacious." The outline of the vehicle definitely looks sporty, but there's no way to say if it's spacious from the one image. The new vehicle will be Fisker's first under his new company called Fisker Inc. The battery technology for the vehicle is currently being developed at UCLA, by the company's own battery division known as Fisker Nanotech. The vehicle is expected to be revealed late next year. Related Video: News Source: @FiskerOfficial Design/Style Green Fisker Electric Future Vehicles Sedan Henrik Fisker nanotech fisker inc

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 Ocean to be sold in India, Pear could be built there

NEW DELHI (Reuters) - Fisker says it will begin selling its Ocean electric sport-utility vehicle (SUV) in India next July and could begin manufacturing its cars locally within a few years, the company's chief executive officer told Reuters. Sales of electric cars in India will increase by 2025-26, Henrik Fisker said in an interview in New Delhi, adding that the company wants to secure a first-mover advantage. "Ultimately, India will go full electric. It may not go as fast as the U.S., China or Europe, but we want to be one of the first ones to come in here," Fisker said. Electric cars currently make up just 1% of India's roughly 3 million annual car sales, with insufficient charging infrastructure and high battery costs partly to blame for the slow shift. The government, which wants to increase this share to 30% by 2030, is offering companies billions of dollars in incentives to build their EVs and associated parts locally. Tesla put its India entry plans on hold after failing to secure a lower import tariff for its cars. Like Fisker, it first wanted to import vehicles to test the market before committing to local manufacturing. While Fisker admitted it is "very expensive" to import vehicles into India, the company wants to use the Ocean to build its brand, with its premium pricing likely to limit numbers, he said. The Ocean retails at around $37,500 in the United States but importing it to India would add logistics costs and a 100% import tax. That would put it out of reach of most buyers in a market where the bulk of cars sold are priced under $15,000. "Ultimately, if you want to have somewhat of a larger volume in India, you almost have to start building a vehicle here or at least do some assembly," Fisker said. The company's next EV, the smaller Pear pictured in a rendering above, is being considered for production in India but not before 2026, he said. "If we can get that vehicle just below $20,000 locally in India, that would be ideal. Then I think we'll get to a certain volume and market share," he said, adding that if they find the right local partner the timeline could be shorter. To set up a plant in India would require volume of at least 30,000 to 40,000 cars a year, Fisker said. He did not directly comment on the size of investment the company considered necessary, but said that to set up a plant with an annual production capacity of 50,000 cars would likely cost $800 million in India.