electric vehicles Archives - Page 11 of 13

Monarch Tractor CEO says $133M raise will help it escape ‘quite a challenging time’

Monarch Tractor was in a tricky spot late last year as the autonomous electric tractor startup juggled growth and an uncertain fundraising environment. Now, with $133 million in new funds, CEO Praveen Penmetsa tells TechCrunch that the startup is plowing ahead into greener pastures. The $133 million Series C funding round was co-led by agri-food […]

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Fisker cleared to sell North American EVs for $46.25 million

Transportation / Sasandara Dilmina

Fisker has been given the green light by a bankruptcy judge to sell more than 3,000 of its Ocean SUVs to a vehicle leasing company, a deal that will net the defunct EV startup a maximum of $46.25 million. The approval of the sale clears the way for the rest of Fisker’s bankruptcy process to

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Fisker has one major objector to its Ocean SUV firesale

Transportation / Sasandara Dilmina

One major dissenter threatens to upend Fisker’s apparent best chance at offloading its unsold EVs, a deal that would keep the startup’s bankruptcy proceeding alive and pave the way for paying pack creditors some of what they’re owed. The objection to the sale comes from the office of the U.S. Trustee, an arm of the

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Henrik Fisker drops salary to $1 to keep Fisker Inc. bankruptcy case alive

Transportation / Sasandara Dilmina

Fisker Inc. co-founders Henrik Fisker and his wife, Geeta Gupta-Fisker, are lowering their salaries to $1 in order to keep their failed EV startup’s bankruptcy proceedings funded, as lawyers work to complete a sale of its remaining inventory. Fisker Inc.’s restructuring officer, John DiDonato, said in a Tuesday morning filing that the couple, who co-founded

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Lucid Motors sets new record for EV deliveries as it seeks ‘escape velocity’

Transportation / Sasandara Dilmina

Lucid Motors delivered 2,394 EVs in the second quarter of 2024, a new record for the company and a positive sign amid its struggle to establish a foothold in the still-growing market for electric vehicles. That number easily clears Lucid’s prior record, which it set in the first quarter of the year when it shipped

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Fisker asks bankruptcy court to sell its EVs at average of $14,000 each

Transportation / Sasandara Dilmina

Fisker has a willing buyer for its remaining inventory of all-electric Ocean SUVs, and has asked the Delaware Bankruptcy Court judge overseeing its Chapter 11 case to approve the sale. If approved by the judge, Fisker would be able to offload 3,321 finished EVs to a New York-based vehicle leasing company for $46.25 million. That

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The fight over Fisker’s assets is already heating up

Transportation / Sasandara Dilmina

Fisker is just a few days into its Chapter 11 bankruptcy, and the fight over its assets is already charged, with one lawyer claiming the startup has been liquidating assets “outside the court’s supervision.” At issue is the relationship between Fisker and its largest secured lender, Heights Capital Management, an affiliate of financial services company

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Fisker faced financial distress as early as last August

Transportation / Sasandara Dilmina

Fisker was facing “potential financial distress” as early as last August, according to a new filing in its Chapter 11 bankruptcy proceeding, which the EV startup initiated earlier this week. The admission provides a clearer picture of Fisker’s troubles in 2023 as it struggled to ramp up deliveries of its flagship Ocean SUV, despite CEO

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Fisker failed because it wasn’t ready to be a car company

Transportation / Sasandara Dilmina

Two years ago, an employee at Fisker Inc. told me that the most pressing concern inside the EV startup was not whether its Ocean SUV would get built. Fisker was outsourcing the manufacturing of its first EV to highly respected automotive supplier Magna, after all. The startup’s November 2022 start-of-production target was aggressive, but not

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Ford’s secretive low-cost EV team is growing with talent from Rivian, Tesla and Apple

Transportation / Sasandara Dilmina

There has been a lot of recent chaos in the world of electric vehicles, and Ford has capitalized on it to build out its secretive low-cost EV team. A TechCrunch review of LinkedIn data found that Ford has built this team up to around 300 employees over the last year. That includes around 50 coming

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