Fisker has announced its future plans alongside preliminary 2023 and Q4 earnings, and it's not looking great for the EV manufacturer. The company plans to lay off 15 percent of its workforce — nearly 200 people — as it shifts from a direct-to-consumer to a Dealer Partner model. The company is halting all investments in upcoming models and will resume only if in partnership with another automaker.

The company's fourth-quarter revenue increased to $200.1 million from $128.3 million in Q3. However, its gross margin was negative 35 percent, and it lost $1.23 per share. Its sole EV on the market, the Ocean SUV, also had 10,193 units produced but 4,929 vehicles delivered.

The automaker first introduced its pivot to a Dealer Partner Model in January and claims it has received interest from 250 dealers across North America and Europe, along with 13 signed agreements. "We are aware that the industry has entered a turbulent, and unpredictable period," Henrik Fisker, chairman and CEO of Fisker, said in a statement. "With that understanding and taking the lessons learned from 2023, we have put a plan in place to streamline the company as we prepare for another difficult year. We have adjusted our outlook for 2024 to be much more conservative than in 2023." The company plans to deliver between 20,000 and 22,000 Ocean models across the world. 

Fisker is currently negotiating with "a large automaker" for an investment and joint production of future EVs. This means that previously announced vehicle production, such as the Alaska EV pickup with humungous cup holders and a designated cowboy hat space, will be on hold indefinitely. Fisker originally planned to start production on the Alaska EV pickup in early 2025. 

This article originally appeared on Engadget at https://www.engadget.com/fisker-halts-work-on-new-ev-models-until-it-finds-more-money-140050091.html?src=rss

Content merged from March 1, 2024 2:00 pm:

After years of buildup, Fisker has finally started building its ambitious electric Ocean SUV in Austria. The company pledged to start production by the end of 2022, so it has met that target with around six weeks to spare.

If you didn't lock in a pre-order for the EV swiftly, you may still be in for quite a wait before you get your hands on the Ocean. Fisker will ramp up production gradually. It plans to build more than 300 units in the first quarter of 2023, increasing to more than 8,000 the following quarter. For Q3, the aim is to make more than 15,000 units. All told, Fisker expects to assemble around 42,400 units in 2023.

Two of the Ocean trims have sold out in the US for 2023 and the company has received more than 63,000 reservations in total. The limited-edition Ocean One trim, which is based on the high-end Ocean Extreme, required a $5,000 deposit and sold out within 30 days earlier this year. Fisker will crank out 5,000 units of the Ocean One before moving on to other variants.

Peter Reiter Photography

The Ocean Extreme, which starts at $68,999, is capable of traveling 350 miles on a single charge, according to Fisker. The SUV boasts what the company claims is the first digital radar system as a safety feature. The Ocean Extreme has dual-motor, all-wheel-drive with 550 horsepower, which can accelerate the vehicle from 0 to 60 mph in 3.6 seconds. It also includes three driving modes, a 17.1-inch rotating screen you can play games on and a solar roof.

The base-level Ocean Sport is selling for $37,499, while the mid-tier Ocean Ultra will set you back $49,999. The Sport has one 275 hp engine that can take the car from 0 to 60 mph in 6.6 seconds. The dual-motor Ultra has 540 horsepower and a 0 to 60 mph time of 3.9 seconds.

Fisker claims the Ocean is the planet's "most sustainable vehicle." The SUV is being assembled in a carbon-neutral factory. The vehicle also includes more than 50 kg (110 pounds) of recycled, biodegradable and overall eco-conscious materials.

This article originally appeared on Engadget at https://www.engadget.com/fisker-electric-ocean-suv-production-starts-173013409.html?src=rss

Content merged from March 1, 2024 2:00 pm:

Fisker has announced its future plans alongside preliminary 2023 and Q4 earnings, and it's not looking great for the EV manufacturer. The company plans to lay off 15 percent of its workforce — nearly 200 people — as it shifts from a direct-to-consumer to a Dealer Partner model. The company is halting all investments in upcoming models and will resume only if in partnership with another automaker.

The company's fourth-quarter revenue increased to $200.1 million from $128.3 million in Q3. However, its gross margin was negative 35 percent, and it lost $1.23 per share. Its sole EV on the market, the Ocean SUV, also had 10,193 units produced but 4,929 vehicles delivered.

The automaker first introduced its pivot to a Dealer Partner Model in January and claims it has received interest from 250 dealers across North America and Europe, along with 13 signed agreements. "We are aware that the industry has entered a turbulent, and unpredictable period," Henrik Fisker, chairman and CEO of Fisker, said in a statement. "With that understanding and taking the lessons learned from 2023, we have put a plan in place to streamline the company as we prepare for another difficult year. We have adjusted our outlook for 2024 to be much more conservative than in 2023." The company plans to deliver between 20,000 and 22,000 Ocean models across the world. 

Fisker is currently negotiating with "a large automaker" for an investment and joint production of future EVs. This means that previously announced vehicle production, such as the Alaska EV pickup with humungous cup holders and a designated cowboy hat space, will be on hold indefinitely. Fisker originally planned to start production on the Alaska EV pickup in early 2025. 

This article originally appeared on Engadget at https://www.engadget.com/fisker-halts-work-on-new-ev-models-until-it-finds-more-money-140050091.html?src=rss

Content merged from March 1, 2024 2:00 pm:

After years of buildup, Fisker has finally started building its ambitious electric Ocean SUV in Austria. The company pledged to start production by the end of 2022, so it has met that target with around six weeks to spare.

If you didn't lock in a pre-order for the EV swiftly, you may still be in for quite a wait before you get your hands on the Ocean. Fisker will ramp up production gradually. It plans to build more than 300 units in the first quarter of 2023, increasing to more than 8,000 the following quarter. For Q3, the aim is to make more than 15,000 units. All told, Fisker expects to assemble around 42,400 units in 2023.

Two of the Ocean trims have sold out in the US for 2023 and the company has received more than 63,000 reservations in total. The limited-edition Ocean One trim, which is based on the high-end Ocean Extreme, required a $5,000 deposit and sold out within 30 days earlier this year. Fisker will crank out 5,000 units of the Ocean One before moving on to other variants.

Peter Reiter Photography

The Ocean Extreme, which starts at $68,999, is capable of traveling 350 miles on a single charge, according to Fisker. The SUV boasts what the company claims is the first digital radar system as a safety feature. The Ocean Extreme has dual-motor, all-wheel-drive with 550 horsepower, which can accelerate the vehicle from 0 to 60 mph in 3.6 seconds. It also includes three driving modes, a 17.1-inch rotating screen you can play games on and a solar roof.

The base-level Ocean Sport is selling for $37,499, while the mid-tier Ocean Ultra will set you back $49,999. The Sport has one 275 hp engine that can take the car from 0 to 60 mph in 6.6 seconds. The dual-motor Ultra has 540 horsepower and a 0 to 60 mph time of 3.9 seconds.

Fisker claims the Ocean is the planet's "most sustainable vehicle." The SUV is being assembled in a carbon-neutral factory. The vehicle also includes more than 50 kg (110 pounds) of recycled, biodegradable and overall eco-conscious materials.

This article originally appeared on Engadget at https://www.engadget.com/fisker-electric-ocean-suv-production-starts-173013409.html?src=rss

Content merged from March 1, 2024 2:00 pm:

Fisker has announced its future plans alongside preliminary 2023 and Q4 earnings, and it's not looking great for the EV manufacturer. The company plans to lay off 15 percent of its workforce — nearly 200 people — as it shifts from a direct-to-consumer to a Dealer Partner model. The company is halting all investments in upcoming models and will resume only if in partnership with another automaker.

The company's fourth-quarter revenue increased to $200.1 million from $128.3 million in Q3. However, its gross margin was negative 35 percent, and it lost $1.23 per share. Its sole EV on the market, the Ocean SUV, also had 10,193 units produced but 4,929 vehicles delivered.

The automaker first introduced its pivot to a Dealer Partner Model in January and claims it has received interest from 250 dealers across North America and Europe, along with 13 signed agreements. "We are aware that the industry has entered a turbulent, and unpredictable period," Henrik Fisker, chairman and CEO of Fisker, said in a statement. "With that understanding and taking the lessons learned from 2023, we have put a plan in place to streamline the company as we prepare for another difficult year. We have adjusted our outlook for 2024 to be much more conservative than in 2023." The company plans to deliver between 20,000 and 22,000 Ocean models across the world. 

Fisker is currently negotiating with "a large automaker" for an investment and joint production of future EVs. This means that previously announced vehicle production, such as the Alaska EV pickup with humungous cup holders and a designated cowboy hat space, will be on hold indefinitely. Fisker originally planned to start production on the Alaska EV pickup in early 2025. 

This article originally appeared on Engadget at https://www.engadget.com/fisker-halts-work-on-new-ev-models-until-it-finds-more-money-140050091.html?src=rss