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Fisker Inc. shared its Q4 and full 2022 results with investors this morning, detailing the progress of its flagship Ocean SUV; an update on its second EV model, the PEAR; and a report of operational results that were “better than expectations.” While the American automaker continues its work to deliver its first EV to customers, it is projecting positive growth numbers in 2023. More below.

Fisker Inc. ($FSR) is relaying optimism as the American start-up continues its bold strategy of attempting to homologate on two separate continents simultaneously. This past fall, the company was reporting over 62,000 reservations for its flagship Ocean SUV with production output projections surpassing 42,000 units in 2023.

That chase began a few weeks after Fisker’s Q3 report when it officially kicked off Ocean production on time in Austria, with the help of contract manufacturer Magna Steyr. Since then, Fisker has shared a behind-the-scenes look at its SUVs being built and recently announced a partnership with ChargePoint in North America.

In terms of production output, Fisker has been a tad slow to start but predicted as much coming into today’s Q4 2022 report. Where does the start-up stand overall following a busy year? Let’s break down the key factors to note.

Fisker Q4 2022
Another look at the upcoming PEAR / Credit: Fisker Inc.

Fisker ends Q4 2022 with over $735 million in cash

According to Fisker, it saw better than expected operational costs in 2022, despite costs for its start of Ocean production in Q4. Total 2022 spending was $702 million, well below its anticipated range between $715 and $790 million.

As of December 31, 2022, Fisker’s cash and cash equivalents totaled $736.5 million (excluding about $28M of VAT receivables that have been delayed to 2023). Fisker says its cash balance includes roughly $57 million raised from its $350 at-the-market (ATM) program in Q4 2022.

Net losses were $170.1 million, equating to $0.54 per share. Weighted outstanding average shares totaled nearly $315 million in Q4 as well. For 2023, Fisker is now projecting non-GAAP operating expenses and capital spends to be between $535 and $610 million, targeting a gross margin range between 8-12%, resulting in potentially positive earnings before interest, taxes, depreciation, and amortization (EBITDA).

In terms of Ocean production, Fisker reported that it has built 56 EVs to date, including 15 fleet vehicles delivered to Magna in December, which are being used for testing, data collection, and additional validation for “future features.”

The company relayed that it remains on track to produce (up to) 42,400 EVs in 2023, provided its supply chain pulls through and it receives homologation “in a timely manner.” That testing is expected to be completed in the US and Europe in March, followed by regulatory approval processes. Chair and CEO Henrik Fisker spoke:

We are the first startup to homologate two continents simultaneously. We have completed over 250 various tests and the teams are submitting these results continuously to regulatory authorities. The ability to initially sell the Ocean in the US and seven European launch markets is unprecedented and a major de-risking strategy that we implemented from the outset. This approach offers the opportunity to increase sales and shift vehicles to whichever market has the strongest growth.

Launching a high-quality Fisker Ocean with class-leading range, innovations, and features is our number one priority. We have finalized our EPA and WLTP testing and our internal findings show longer range for the Fisker Ocean than we initially projected. These results reinforce our expectation that, at the time of launch, the Fisker Ocean will have the longest range of any SUV/Crossover priced below $70,000. We are excited to get the Ocean in the hands of our loyal customers shortly after the homologation process is complete.

Previously, Fisker has promised the Ocean will have an estimated range of up to 350 miles, so it will be interesting to see where those official EPA numbers land and if they are in fact greater. The company says it has already secured long-lead parts in its supply chain and expects to have everything it needs to produce to first 300 EVs for customers in March – that’s also its previously shared output target for Q1 2023, but it better get moving as we approach the bookend of the quarter.

Production is still expected to ramp up in Q2 as output is targeted at 8,000 units. Ocean reservations were over 65,000 as of February 24, 2023, joined by over 5,600 PEAR reservations. Speaking of the Fisker PEAR, the company shared its latest image of its exterior (seen above), showcasing the compact EV’s high-mounted brake light.

Fisker says the working PEAR prototype has already undergone aero testing and is expected to deliver “well over” 300 miles of range using its E/E architecture that utilizes what the start-up calls its Blade Computer. It still anticipates it will be able to launch the PEAR at a base MSRP of $29,900.

Fisker continues its world tour of the Ocean SUV to consumers and OEMs as it works to implement after-sales service centers throughout the US and Europe ahead of first deliveries. The next milestone we will keep an eye out for is the official start of Ocean deliveries as Fisker continues to try and prove the naysayers wrong and head into a promising 2023.

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RadRunner e-bikes from $999, EcoFlow DELTA Pro 3 with solar panels $2,999, Anker Everfrost review, more

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RadRunner e-bikes from 9, EcoFlow DELTA Pro 3 with solar panels ,999, Anker Everfrost review, more

Well folks, the weekend is nearly here and before it officially arrives we’ve pieced together the latest roundup of Green Deals. Leading the pack today are RadRunner 2 and 3 Plus e-bikes from $999 as well as an EcoFlow flash sale that takes the brand’s robust DELTA Pro 3 with four 125W solar panels down to a new $2,999 low. We’ve also went hands-on with Anker’s SOLIX EverFrost 2 58L Electric Cooler, and the full review is waiting for you to scope out right here. There are also plenty of other deals from earlier in the week that are still live, so head below and we’ll get you caught up on what you may have missed.

Head below for more and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Rad’s ‘jack-of-all-trades’ RadRunner 2 and RadRunner 3 Plus e-bikes provide utility with mobility at low prices from $999

Having begun back in February, and now continuing with Rad Power’s current Earth Day Sale running through April 23, the brand still has two of its three RadRunner series e-bikes down at the lowest prices in their history, while the RadRunner Plus model has run out of stock. Starting with the lowest priced, you can hop aboard the brand’s RadRunner 2 Utility e-bike for just $999 shipped, bringing costs down from its $1,499 post-2024 tariff pricing. Before this price cut began, things had only ever fallen as low as $1,199 before the summer of last year, with discounts following July only ever dropping to $1,299. But with this shake-up, you’ll score $500 off the going rate for as long as supplies last, gaining a versatile means to commute and run errands at the lowest price we have tracked.

Given the moniker of Rad’s “jack-of-all-trades” model, the RadRunner 2 is an affordable means to get around during commutes, joyrides, errand running, and more. I see them, and their counterparts in the series, parked outside my local grocery store frequently, as more and more folks in Brooklyn seem to be finding them as a solid alternative to owning a car. You’ll get up to 50 miles of travel here with its four PAS levels activated at up to 20 MPH top speeds with its combination of a 750W brushless gear hub motor and the 672Wh battery. Along with the simplified control panel for its riding settings, it also comes stocked with a rear-mounted cargo rack that offers a 120-pound payload, puncture-resistant fat tires, a standard LED headlight, and an integrated taillight with both brake light and flash mode capabilities.

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The upgraded RadRunner 3 Plus e-bike, meanwhile, is also still down at it’s newest all-time low of $1,699 shipped, brought down from $2,199. It sports the same 750W motor and 672Wh battery combination for achieving 45+ miles of travel through its five PAS levels at up to 20 MPH speeds. There are some notable differences here, like the Tektro hydraulic disc brakes that provide better stopping power (over the RadRunner 2’s mechanical ones), as well as a 350-pound payload (50 pounds more total), and a longer step-thru design for a more ergonomic riding position. There are also other features like puncture-resistant fat tires, fenders over both wheels, the LED headlight and brake-light capable integrated taillight (with the auto-on functionality), and LCD screen for settings.

EcoFlow’s latest flash sale gives you the multi-capable DELTA Pro 3 with four 125W solar panels at a new $2,999 low, more

As part of its ongoing Mega Sale through April 25, EcoFlow has launched the next round of its flash offers lasting through the rest of the day. The main deal here is the DELTA Pro 3 Portable Power Station bundled alongside four 125W solar panels for $2,999 shipped. Coming down off its usual $4,598 price tag, we’ve only ever seen discounts take it down as low as $3,199 before today. For the rest of the day, you can take advantage of this lower-than-ever pricing to score one of the brand’s newer solar generator packages at a 35% markdown, giving you $1,599 in savings at a new all-time low price. It even beats out Amazon, where it still sits $300 higher.

One of the brand’s newer models that has been quite popular since releasing back in June, the EcoFlow DELTA Pro 3 starts off with an already impressive 4,096Wh LiFePO4 battery capacity with a steady 4,000W of power output that surges up to 6,000W. It comes with some equally impressive expansion capabilities up to 48,000Wh with additional equipment, with its output also expanding up to 12,000W when three of these power stations are connected together, covering major home backup needs. Among the many units under the brand’s flag, this one offers the widest amount of ways to recharge its own battery, with seven solo options and 18 combination options. A standard wall outlet will have it back at an 80% battery in 50 minutes, while also offering other options like solar charging (with a max 2,600W input), EV, automotive auxiliary outlets, dual PV charging, and much more.

It’s been given 14 output ports, divided up amongst seven ACs, two USB-As, two USB-Cs, and three DCs, and offers up the complete array of smart controls accessed through the companion app to monitor and adjust settings as it keeps your devices and appliances running. It was the first unit to be given the latest X-Core 3.0 tech, expanding its surging capabilities and charging speeds while also running at quieter decibels and cooler temperatures, as well as improving upon the battery and smart home management, providing “explosion-proof” battery packs, and upgrading its parallel capacity expansion performance.

The second of today’s flash savings gives you the brand’s 800W Alternator Charger at $349 shipped, coming down from its regular $399 pricing during this sale and its full $599 rate. With this device, you’ll be able to recharge any power station you have via your car’s alternator, juicing the battery back up while on the move – which makes a perfect companion for those who may be taking their setups on the road.

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Tesla Odometergate: is it Tesla’s own Dieselgate or nothing burger?

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Tesla Odometergate: is it Tesla's own Dieselgate or nothing burger?

A lawsuit alleging that Tesla is inflating mileage to avoid warranty claims is already being compared to Dieselgate and referred to as ‘Tesla Odometergate.’

Is Tesla having its own Dieselgate, or is it a nothing burger?

A new class action lawsuit filed in California against Tesla alleges that the automaker is using “predictive algorithms” to inflate mileage at the odometers, allowing Tesla to claim higher mileage past warranty limits.

Lawyers for the plaintiff wrote in the lawsuit:

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Rather than relying on mechanical or electronic systems to measure distance, Plaintiff alleges on information and belief that Tesla Inc. employs an odometer system that utilizes predictive algorithms, energy consumption metrics, and driver behavior multipliers that manipulate and misrepresent the actual mileage travelled by Tesla Vehicles. In so doing, Defendants can, and do, accelerate the rate of depreciation of the value of Tesla Vehicles and also the expiration of Tesla Vehicle warranties to reduce or avoid responsibility for contractually required repairs as well as increase the purchase of its extended warranty policy.

The lawsuit refers to patents filed by Tesla regarding its mileage counter, but it primarily relies on the experience of its lead plaintiff.

Nyree Hinton, a data professional from Los Angeles, is the lead plaintiff in the lawsuit and shared his own experience that led to making these allegations.

In December 2022, Hinton purchased a used 2020 Tesla Model Y with 36,772 miles on the odometer. He received Tesla’s Basic Vehicle Limited Warranty, which covers repairs for four years or 50,000 miles, whichever comes first.

Shortly after, Hinton noticed that his vehicle’s mileage increased at an unexpected rate. Despite driving approximately 20 miles per day, based on his own estimate, the odometer indicated an average of over 72 miles per day. This rapid mileage accumulation led to the warranty expiring sooner than anticipated, resulting in Hinton incurring a $10,000 suspension repair bill that he believed should have been covered under the warranty otherwise.

Other than Hinton’s experience, the lawsuit is light on data, but it does cite other Tesla owners claiming to have similar experiences on forums and social media.

Here’s the full lawsuit:

Tesla’s own Dieselgate or a nothing burger

If the allegations in this lawsuit are factual, it would indeed be a significant scandal. However, it is light on proof.

Hinton appears to have closely tracked his own experience, and he has some credibility as a data analyst. We have no reason not to believe him, but the case would need a lot more evidence to move forward.

Electrek reached out to ‘Green’, a well-known Tesla hacker who frequently discovers new features and specifications in Tesla’s software and firmware.

He told us that he doubts Tesla would have been able to hide something like that from him and the broader whitehat hacking community, but he admits they weren’t looking for it.

Green believes that it is likely that Tesla uses predictive algorithms for its odometer, but it could be as simple as accounting for tire wear, since tire rotation is used to calculate odometer mileage.

Odometers are not perfect, and there can be some discrepancies, but the one described by the lead plaintiff in this case is undoubtedly higher than what would be expected or allowed.

Electrek’s Take

I think it’s too light on data and proof right now to make a big deal out of this. I have no reason not to believe Hinton, but it could also be a specific problem with his vehicle rather than a broader issue and active deception from Tesla.

If the lawsuit is allowed to proceed, we may gain more insight, and it could encourage others with similar experiences to join in – resulting in more data.

In the meantime, I’ll remain in the skeptical camp on this one.

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Tesla (TSLA) brand damage is destroying used car value: ‘People don’t want them anymore’

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Tesla (TSLA) brand damage is destroying used car value: 'People don't want them anymore'

Tesla’s brand damage is eroding the value of used Tesla vehicles at a rapid rate, as owners rush to sell theirs.

It is breaking the used Tesla market as prices are plunging just as the broader used car market is recovering.

After a few tough years for the used car market following the pandemic, it is finally starting to recover over the last month.

Economic uncertainty and a fear of higher inflation due to Trump’s tariffs are prompting some buyers to shift from the new car market to the used car market.

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From March 2024 to March 2025, average used car prices decreased by 2.68% in the US, but the trend has finally reversed.

According to Car Guru‘s used car index, used car prices have risen an impressive 2.17% in the last 30 days alone.

However, there’s an exception: Tesla.

The price of used Tesla vehicles has been falling, like the rest of the used car market, since the pandemic; however, it is not benefiting from the reversal in the current macroeconomic situation.

While average used car prices rose more than 2% in the last 30 days, Tesla’s used car prices decreased by 1.34% in the US.

That’s due to oversupply, as many Tesla owners are selling their vehicles to distance themselves from the Tesla brand, which is associated with CEO Elon Musk and his increasingly divisive political views.

The demand to sell used Tesla vehicles is so high that many used car dealers, who had been fighting to acquire inventory just a year prior, are starting to be reticent about buying Tesla vehicles as the value decreases so rapidly.

In Quebec, Le Journal de Montréal spoke with local used car dealers and attended a car auction where many Tesla vehicles were up for sale, with some selling for half the price they were selling for just over a year ago.

Éric Piuze, owner of a used car dealership on Montreal’s South Shore, said (translated from French):

“People don’t want them anymore. The Elon Musk effect is very real in Quebec.”

The used car dealers at the auction noted that they are not confident they can sell the used Tesla quickly enough to avoid further value decreases.

Furthermore, they note that potential buyers are lowballing on Tesla vehicles because they are aware that inventory is high, creating a buyer’s market.

Dealers are also seeing higher defaults on Tesla car payments, as buyers who took on debt to purchase them just a few years ago struggle to make payments.

Piuze added (translated from French):

People paid a lot of money for Teslas. During the pandemic, we saw many people remortgaging their homes to buy a Tesla. Those days are over.

At its peak, the average used Tesla price was over $60,000 in 2022. Now, the same vehicles are worth a fraction, but their car payments are still high.

Electrek’s Take

Even with the used car market finally getting a breather from crashing prices, Tesla vehicles are not benefiting at all. This highlights a significant issue in the used Tesla market. It’s broken.

The market can’t absorb the surge in people selling their Tesla vehicles.

I wouldn’t want to be a company holding a fleet of Tesla vehicles right now. The value erosion is impressive.

I thought that maybe the Cybertruck was dragging the entire Tesla market down, with a 6.64% decrease in used value over the last 30 days. However, the Model Y alone saw a 1.67% decrease during the same period.

The good news is that the vast majority of people selling their used Tesla vehicles are purchasing other electric vehicles, thereby boosting the EV market. It’s also giving people the chance to get into Tesla vehicles for cheaper, although they should expect the value of those vehicles to decrease rapidly.

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