California-based Fisker Inc. (FSR) released its second-quarter earnings Friday. Despite improving profitability, Fisker lowered its annual production guidance again due to supplier constraints.
Fisker cuts 2023 EV production guidance
Fisker delivered its first Ocean electric SUV in May as the EV startup began ramping up production.
After producing 55 Ocean SUVs in the first three months of the year, well short of its goal of 300, Fisker said it planned to build between 1,400 and 1,700 vehicles in Q2.
Fisker fell short of its target again despite still producing an impressive 1,022 Ocean EVs in the second quarter. The EV maker said the production miss was due to suppliers having challenges meeting the required components.
For this reason, Fisker lowered its guidance on Friday as it expects to build between 20,000 to 23,000 vehicles this year, compared to 32,000 to 36,000 predicted earlier this year.
The EV maker pointed to a planned Magna Steyr summer shutdown to support the future volume ramp. Fisker says this will give them time to work with suppliers to ensure future component availability. Following the shutdown, Fisker will be able to resume and pick up production where it left off immediately.
Fisker hit a peak production rate of 140 units per day in July, an impressive 75% improvement from the month before. In fact, 1,009 of the 1,022 vehicles produced in Q2 were built in July.
Fisker Ocean electric SUV (Source: Fisker)
Fisker Q2 financials and updates
The EV maker generated $825,000 in revenue, up from $198,000 in the first quarter. Fisker highlighted that its first Ocean vehicles delivered achieved a 7.5% gross margin. Excluding early-stage investor vehicles, the gross margin was 18.5%.
Fisker’s operating expenses fell to $88K in Q2 from over $121K in the first three months of the year.
The company’s net loss was $85.5K, or 25 cents per share, compared to 35 cents per share last year, beating Wall St. estimates of around 28 cents per share.
Fisker Q2 2023 earnings (Source: Fisker)
Fisker ended the quarter with $467.5M in cash and equivalents as of June 30, compared to $736.5M at the end of 2022. The company noted it raised an additional $88M through its ATM program during the quarter.
(Source: Fisker)
The EV maker held its “Product Vision Day” on Thursday, showcasing several new products, including the new Fisker Ronin, Alaska small EV pickup, and the upcoming $30K Pear small SUV. It also teased the Fisker Ocean with the Force E off-road package.
Fisker believes these products will give it a unique advantage as it moves forward in differentiated segments.
The company also announced on its earnings call it had an agreement drawn up with Tesla to use its NACS connector. It’s just waiting on Tesla to sign.
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Tesla is now buying advertising on Elon Musk’s X (formerly Twitter) to get Tesla shareholders to vote for his CEO compensation package worth up to $1 trillion in stock options.
Tesla, under Elon Musk’s leadership, has famously been against advertising. The CEO is even on the record saying that he “hates advertising” and that “other companies spend money on advertising and manipulating public opinion, Tesla focuses on the product.”
However, that was before he acquired Twitter, now X, which relies heavily on advertising.
The automaker is in a full-on marketing blitz to convince shareholders to vote for the package and to allow Tesla to issue more shares in exchange.
Now, Tesla is even buying social media ads to push shareholders to vote for Musk’s compensation package and they are even buying ads on Musk’s privately owned platform, X:
They are also buying ads on Instagram, Facebook, and Reddit.
As we previously reported, Tesla’s board has claimed that voting for the compensation package will determine the future of Tesla.
Musk went even further and linked his compensation package to the future of the world.
Earlier today, the CEO claimed that his compensation plan is not about money, but about control over Tesla:
It’s not about “compensation”, but about me having enough influence over Tesla to ensure safety if we build millions of robots. If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future.
The CEO previously threatened Tesla shareholders not to build AI products at Tesla, despite claiming they were critical to the company’s future, if he doesn’t get 25% control over the company.
Electrek’s Take
The CEO of a publicly traded company threatens shareholders to gain control over the company and uses company funds to purchase ads that benefit his privately held company, with the goal of persuading the shareholders of the publicly traded company to give him more money.
If that’s not late-stage capitalism, I don’t know what is.
Also, I know I won’t shock anyone here, but Elon is lying about this not being about money.
If he wants to increase his percentage of Tesla shares, he could do exactly what his friend Larry Ellison did with Oracle and do long-term buybacks. It would benefit everyone, but it’s not what he wants. He wants the shiny new stock options.
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Voltpost just rolled out the Voltpost Air, its next-gen lamppost EV charger in New York City, and this one comes with a key twist: it’s mounted 10 feet above ground.
The Voltpost Air uses that elevated design with a retractable cable system to protect against weather damage and vandalism, setting it apart from Voltpost’s original curbside charger. It’s also built for faster installation, broader pole compatibility, and better reliability.
It can be installed on both wooden and metal lampposts and utility poles, curbside or in parking lots. Site hosts can deploy one or two chargers per pole, making it a flexible option for cities and property owners. Drivers can pay with the app or by tapping with a credit card. Voltpost Air supports Level 2 charging, up to 9.6 kW per charging port.
Luke Mairo, COO and cofounder of Voltpost, said that “the modular design and quick installation reduce costs and complexity, making it easier than ever to expand charging infrastructure.” Voltpost is already operating chargers in Oak Park, Illinois, and at the American Center for Mobility near Detroit. The company has projects underway in New York, California, Michigan, Illinois, Connecticut, and Massachusetts.
Former US Joint Office of Energy and Transportation executive director Gabe Klein, now a Voltpost board advisor, said, “The transition to renewable transportation requires bold, scalable solutions that can integrate seamlessly into existing urban infrastructure. Technologies like Voltpost’s lamppost chargers are vital because they unlock new opportunities to deploy EV charging.”
The Brooklyn installation is part of New York City Economic Development Corporation’s (NYCEDC) Pilots at Brooklyn Army Terminal (BAT) program, which supports climate-tech companies in scaling new solutions. It’s expected to be available to the public by the end of the year. New York State Energy Research and Development Authority (NYSERDA) president and CEO Doreen M. Harris called the model “highly replicable” and said it could be adopted across New York State.
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Voltpost Air is now available for deployment at public and private sites.
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Is Kia’s electric van finally coming to the US? The Kia PV5 was caught testing with a unique design, hinting it’s destined for the US.
Is Kia’s electric van coming to the US?
Although Kia has yet to announce it publicly, all signs point to the PV5 launching in the US. In February, the electric van was first spotted charging at a station in Indiana.
A few photos and a video sent to Electrek confirmed it was indeed the Kia PV5. The sighting came somewhat as a surprise, as the only official statement from Kia said the PV5 would arrive in Europe and South Korea this year, followed by “launches in other markets” in 2026, but no mention was made of the US.
After another PV5 was spotted in Arizona, rumors that Kia’s electric van was coming to the US began to surface again.
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Kia still has yet to confirm or deny a US launch, but another sighting hints at the PV5’s imminent debut. The latest spotting, by KindelAuto, appears to be of the US-spec 2026 Kia PV5.
It looks about the same as the Kia PV5 Passenger, which is already available in parts of Europe and South Korea. However, although it’s not very clear, Kia’s electric van appears to have added side marker lights, a requirement in the US.
Following its launch in the UK earlier this year, the Kia PV5 Passenger is now being introduced to new European markets.
The Kia PV5 Passenger electric van (Source: Kia)
In the UK, it starts at £32,995 ($44,000) on the road. In Germany, the PV5 Passenger is priced from €38,290 ($45,000) or €249 per month.
Kia’s electric van is available in two variants: Passenger, for everyday driving, and Cargo, for business use. The PV5 Passenger is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 183 miles and 256 miles, respectively. Meanwhile, several more variants are on the way.
Kia PV5 tech day (Source: Kia)
During its PV5 Tech Day in July, we learned that Kia plans to launch seven PV5 body types, including a Light Camper, a premium “Prime” Passenger model, and an open bed version.
We’ll have to wait for the official word, but there’s still hope Kia’s electric van will make it to the US. We should find out soon. Can we get the EV5 too? That might be pushing it.
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