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According to its financial results report for Q3 2022 released today, Fisker remains on schedule to begin production of its flagship Ocean SUV two weeks from now. The American EV automaker is also reporting over 62,000 combined reservations and orders ahead of a four phase production plan that’s expected to produce 42,400 units by the end of 2023. Outside of the Ocean, Fisker also shared a progress report of its second EV – the PEAR.

If you’re interested in Fisker’s financials and the progress of the Ocean SUV, you’re probably well aware of the company’s history and the journey it’s been on to get to this point – a pivotal moment in which the second iteration of the American automaker is mere weeks away from scaled production of its first EV. Exciting indeed.

We will spare you the history lesson this time around and get straight into the report, if that’s okay with you. If you’d like to recap, these previous posts should help:

Source: Fisker Inc.

Fisker ends Q3 with over $824M in cash and cash equivalents

Fisker shared its Q3 2022 financial results in a press release today, led by another affirmation that it remains on track to begin Ocean production in Austria through Magna Steyr on November 17 as originally promised.

The automaker also shared plans for a four-phase production ramp up of the Ocean beginning this month through the end of 2023, which is anticipated to produce 42,400 units. Fisker stated this strategy was spaced out to ensure its suppliers can parallel its expansion of volume. Here’s the current plan:

  • Q1 2023: 300+ units
  • Q2: 8,000+ units
  • Q3: 15,000+ units
  • Q4: Remainder to reach 42,400 unit goal

Production and delivery will focus on orders for the limited edition Ocean One to start, which should occupy Fisker’s time until Q2 next year, when Ocean Extreme production joins the fold. Fisker said it will begin selling the Ocean in select global markets beginning in January 2023 with the Extreme trim.

If Fisker can hit its 2023 production target, it just may sell out its entire first year’s output. According to the automaker, it had over 62,000 combined reservations and orders as of October 31, 2022. How those reservations and orders break down individually is unclear, but we’d suspect a decent amount of early reservations solidified over the summer in order to qualify for federal tax credits before revised terms in the recently signed Inflation Reduction Act kick in on January 1, 2023.

Fisker shared that through those binding customer contracts, it has sold out its US allotment of the 2023 Ocean Sport and Ultra trim levels. Additionally, it will deliver 15 Ocean SUVs purchased by Magna in December as a commercial fleet . Here are some other highlights from the report:

  • Fisker’s Q3 2022 operating results remain consistent with company expectations: full-year total spending guidance at the low end of the $715 million to $790 million range.
  • In September, the automaker announced that Wallbox will be its global partner for home EV charging solutions. We got to see those Fisker chargers up close the other day.
  • Fisker cash and cash equivalents were $824.7 million at end of Q3, 2022, which reflects approximately $116 million raised from its $350 million at-the-market (ATM) equity program.
  • Loss from operations totaled $140.0 million, including $11.2 million of stock-based compensation expense.
  • Net loss totaled $149.3 million and $0.49 loss per share, including an unrealized $7.3 million foreign currency loss and net of realized gains upon settlement of Euro-denominated payments.
  • The company is reporting close to 2,000 reservations and orders in Norway.
  • 3D configurator, updated app, and website are scheduled to launch in multiple languages on November 17.
  • Fisker has begun preliminary discussions with global OEMs to explore sharing both Ocean and PEAR platforms, joint US manufacturing, and future sales of emissions credits.

Fisker PEAR update

As we approach the start of production of Fisker’s first EV, the automaker is already prepping to move its team right over to the development of its second, more affordable model – the PEAR.

Fisker has reportedly signed off on the first concept phase and is expecting to see a drivable prototype ahead of schedule. As of October 31, 2022, Fisker had over 5,000 reservations for the PEAR, despite not sharing it publicly yet. No updates on Project Ronin for this quarter.

That’s all for now, but you can view Fisker’s press release for a complete breakdown of its financials for Q3. First customer deliveries of the Ocean are expected to begin in February 2023. Hopefully we can get behind the wheel of one before then.

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Solar + nuclear to surge in Middle East as electricity demand soars – IEA

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Solar + nuclear to surge in Middle East as electricity demand soars – IEA

Electricity demand is skyrocketing across the Middle East and North Africa, and it’s being driven by two big factors: cooling homes and businesses in extreme heat, and making seawater drinkable through desalination. A new report from the International Energy Agency (IEA) shows just how dramatic the surge is. Electricity use in the region has tripled since 2000, and it’s expected to jump another 50% by 2035. That’s like adding the current combined electricity demand of Germany and Spain.

Cooling and desalination alone are expected to account for about 40% of that growth over the next decade. Urbanization, industrialization, the electrification of transport, and the boom in data centers are also adding to the load, according to the IEA’s report, “The Future of Electricity in the Middle East and North Africa.”

Right now, natural gas and oil overwhelmingly dominate power generation in the region, making up more than 90% of electricity supply. But that mix is changing. Many countries, including Saudi Arabia and Iraq, are trying to reduce oil-fired power to free it up for export. The IEA says natural gas will likely cover half the demand growth through 2035, with oil’s share falling from 20% today to just 5%.

Renewables are on the rise, too. Solar capacity is set to increase tenfold by 2035, growing by 200 gigawatts (GW), which would boost renewables’ share of the electricity mix to around 25%, up from 6% in 2024. Nuclear power is also expected to triple over the same period.

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“Demand for electricity is surging across the Middle East and North Africa, driven by the rapidly rising need for air conditioning and water desalination in a heat- and water-stressed region with growing populations and economies,” said IEA executive director Fatih Birol. “To meet this demand, power capacity over the next 10 years is set to expand by over 300 GW, the equivalent of three times Saudi Arabia’s current total generation capacity.”

Meeting that demand won’t come cheap. Investment in the power sector hit $44 billion in 2024, and it’s projected to grow another 50% by 2035. Nearly 40% of that spending is expected to go toward upgrading grids, which currently suffer losses that are double the global average.

The IEA says grid upgrades and stronger regional interconnections will be critical for electricity security. Balancing renewables will also require more energy storage, demand-side flexibility, and enough gas-fired plants to cover when solar and wind aren’t available.

Energy efficiency improvements could ease some of the strain. For example, air conditioners in the region are less than half as efficient as those in Japan. Upgrading the ACs alone could cut peak demand growth by an amount equal to Iraq’s entire current power capacity.

If countries move more slowly on diversifying their power mix, according to the report, the stakes are high. Carbon dioxide emissions would continue to rise, and oil and gas demand for electricity could increase by more than a quarter by 2035, cutting export revenues by $80 billion and raising import bills by $20 billion.

Read more: 1 in 4 cars sold in 2025 will be EVs, and that’s just the beginning


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Hyundai wants to kill off this popular EV design trend, and I have to agree

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Hyundai wants to kill off this popular EV design trend, and I have to agree

Is it just me, or do too many new vehicles look about the same? Hyundai believes it’s time to end a popular trend that nearly every EV has nowadays.

Hyundai looks past the LED lightbar for new EV design

The LED light bar has been around for a while. In the early 2000’s Xenon headlights were the hit trend, offering much brighter light while consuming less energy.

Although it was initially mainly found on luxury vehicles, Hyundai was one of the first to jump on the trend, working to make it more widely available at a lower cost.

Over the past few years, the trend has evolved into a thin LED light strip stretched across the front and sometimes the rear of the vehicle.

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Since most brands are slapping it on electric vehicles, it’s become almost a status symbol of the EV movement. In early 2023, Hyundai revealed the new “EV-derived, futuristic” design for the Kona Electric, placing a heavy emphasis on the front LED lightbar.

Hyundai-EV-design-trend
Hyundai Kona Electric N Line (Source: Hyundai)

Nowadays, nearly every vehicle, EV or gas-powered, has the popular design feature. Even Tesla hopped on the trend with the new Model Y, Model 3, and Cybertruck.

According to Hyundai’s design boss, Simon Loasby, LED lightbars are “almost at the end of their journey.” After unveiling the new Concept Three at the Munich Motor Show last week, Loasby explained to Car Magazine on the sidelines, “When is the time you need to let go [of light bars], it’s almost like the end of that.”

Hyundai-EV-design-trend
The 2026 Hyundai Sonata Hybrid Limited with an LED lightbar (Source: Hyundai)

Although Hyundai recently added the lightbar to the Grandeur, Kona, and Sonata, Loasby said he’s “seen enough.”

“It worked at the time, and it was absolutely right, the Grandeur was the first car with a one-piece structure. The biggest thing is the cost level, you just can’t afford to do it and some customers don’t need it,” Hyundai’s design chief explained.

Hyundai-EV-design-trend
Hyundai IONIQ 9 (Source: Hyundai)

In China, “you must have it,” Loasby said, but in other markets, like Europe and the US, it’s not needed. Hyundai is instead focusing on differentiating itself with its unique pixel lightning, found on the IONIQ EV models.

Hyundai has already had a few copy its design, notably the Fiat Grande Panda, which Loasby joked, “thanks for copying, thanks for being inspired by us.”

Hyundai-EV-design-trend
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)

It may be time for a shake-up. Loasby said, “I think we are almost at the end of journey in terms of lighting. It’s almost like chrome.”

Hyundai’s new Concept Three, which is expected to launch as the IONIQ 3 in production form, did not feature a full LED lightbar. Instead, it had an updated pixel lightning design.

Electrek’s Take

I have to agree with Loasby on this one. I must admit that at first, I was a fan of the sleek look of a nice, slim lightbar, especially at night.

The more I see it, the more it reminds me of a Toyota now. And that’s nothing against them (It is the world’s largest automaker), but should a Tesla Model Y, or even a Porsche 911, look the same as a Toyota from the front? I’ll let you determine that one.

I drive a 2023 Tesla Model 3, the last of the pre-facelift version, and was pretty bummed to see how cool the updated Model 3 looked at first. The more I see them, though, the more I like the design of the first-gen Model 3 and its wide eyes. It’s unique. Now, the Model 3 looks like any other vehicle, at least, in my opinion.

Is it time to put an end to the LED lightbar? Let us know how you feel about it below.

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Eat Culver’s frozen custard + fast charge your EV in Wisconsin

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Eat Culver's frozen custard + fast charge your EV in Wisconsin

Zero 60, an EV charge point operator on the ChargePoint network, is bringing fast charging to a Culver’s in the Northwoods of Wisconsin. The company, founded by Faith Technologies Incorporated (FTI), will install a renewable-powered charging station in Rhinelander.

The new site sits along a state-designated Alternative Fuel Corridor at Culver’s on 620 W. Kemp St. It will feature four 160-kilowatt charging ports, giving EV drivers in northern Wisconsin reliable fast charging well beyond the state’s urban hubs.

The project is backed by the Wisconsin Department of Transportation’s first round of funding from the Wisconsin Electric Vehicle Infrastructure (WEVI) program. Wisconsin wants to ensure EV drivers can confidently travel north, knowing they won’t be stranded without chargers.

“Partnering with a well-known brand like Culver’s gives us a unique opportunity to combine Midwest hospitality with clean, convenient charging,” said Wade Leipold, executive vice president of FTI. “We’re proud to support Wisconsin’s efforts to build a robust, future-ready charging network that serves communities and travelers alike.”

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Zero6 Energy is financing, owning, and operating the station, while FTI is handling the engineering, design, installation, and ongoing maintenance. Zero 60 already operates nine charging sites and has plans for many more across the US, with the first wave of stations installed in New York, California, Colorado, and Wisconsin, and more currently being developed in other states.

Read more: GM, EVgo, and Pilot hit 200+ charging sites across 40 states


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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