EVs

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

Transportation /

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 […]

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

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

Transportation /

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

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

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

Transportation /

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

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

The fight over Fisker’s assets is already heating up

Transportation /

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

The fight over Fisker’s assets is already heating up Read More »

Fisker faced financial distress as early as last August

Transportation /

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

Fisker faced financial distress as early as last August Read More »

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

Transportation /

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

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

Inside EV startup Fisker’s collapse: how the company crumbled under its founders’ whims

Transportation /

An autonomous pod. A solid-state battery-powered sports car. An electric pickup truck. A convertible grand tourer EV with up to 600 miles of range. A “fully connected mobility device” for young urban innovators to be built by Foxconn and priced under $30,000. The next Popemobile. Over the past eight years, famed vehicle designer Henrik Fisker

Inside EV startup Fisker’s collapse: how the company crumbled under its founders’ whims Read More »

Rivian loses $1.45 billion as cost-cutting measures continue

Transportation /

Rivian lost $1.45 billion in the first quarter, showing that its recent company-wide cost-cutting measures have a ways to go before it can approach profitability. The EV-maker brought in $1.2 billion in revenue in the period, coming in just under its record haul from the prior quarter, according to its first-quarter earnings report that was

Rivian loses $1.45 billion as cost-cutting measures continue Read More »

Lucid loses longtime Apple and Intel exec who steered software division

Transportation /

Lucid Motors’ senior vice president of digital Mike Bell has resigned from his position. The company said in a filing Monday that the longtime Apple and Intel executive’s resignation is “effective immediately, in order to pursue other opportunities.” Lucid says Bell will serve in an advisory role through mid-August to help “transition” his duties at

Lucid loses longtime Apple and Intel exec who steered software division Read More »