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California-based electric automaker Fisker saw its shares plummet 14% yesterday after reporting big losses and lower sales than expected. Now the American startup expects to slash its production forecast for this year by as much as 30% of initial expectations.

In the third quarter, Fisker lost $91 million, or 27 cents a share, according to MarketWatch. The company said it produced 4,725 Oceans – its only model to date – and sold 1,097 in the quarter.

According to Reuters, Fisker cut its 2023 production guidance “as it struggles to ramp up deliveries and flagged weakness in internal controls over financial reporting.” While production forecasts were slashed prior this year due to supply chain issues, this time around the problems stem from Fisker’s internal issues. “We have not been able to follow through with deliveries fast enough,” said Fisker CEO Henrik Fisker. “People have paid and are waiting for their cars, and some of them are really getting annoyed.”
  
Fisker says it now expects to produce 13,000 to 17,000 Oceans this year, cut back from the original projection of 20,000 to 23,000 EVs. Until this May, Fisker expected to produce 42,400 EVs this year before dropping it forecast to 32,000 to 36,000 – if the company hits the lower threshold of 13,000 vehicles, that would reach only 30% of its original production expectations. Still, the goal is to not sit on too much inventory while deliveries are delayed and “to better manage working capital,” according to Reuters.

“This may be short-term pain and it may not be something that Wall Street wants to hear but it is extremely responsible for us, and it is essential for us that we do this for the long term,” CFO Geeta Fisker said on a post-earnings conference call.

In response to Tesla’s price slashing, Fisker reduced the price of its luxury Ocean Extreme SUV by $7,500, from $68,999 to $61,499 just last month.

Fisker, which is hiring 20 to 30 new employees a week, opened a retail “lounge” location this week in New York City’s Meatpacking District, its first location on the East Coast and second US location after its flagship LA location. Fisker has additional lounge location in London and Munich, and one is expected to open in Shanghai in January 2024.

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Saudi oil giant Aramco posts drop in full-year profit, slashes dividend

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Saudi oil giant Aramco posts drop in full-year profit, slashes dividend

Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. 

Hamad I Mohammed | Reuters

Saudi state oil producer Aramco reported on Tuesday a decline in net profit to $106.2 billion in 2024, down from $121.3 billion in 2023.

The company said it expects total dividends for 2025 of $85.4 billion — a significant fall from 2024’s total of $124.2 billion.

This comes as it cut its total payout for the fourth quarter. The oil giant said its base dividend for the final three months of the year would be increased to $21.1 billion, but its performance-linked payout would be just $200 million. This compares to a third-quarter base dividend of $20.3 billion and a performance-linked dividend of $10.8 billion.

Lower oil prices hit the company’s net profit last year as crude production around the world increased and demand slowed. The price of global benchmark Brent crude futures averaged $80 per barrel in 2024, $2 less than the 2023 average, according to the U.S. Energy Information Administration.

Aramco’s revenue fell to $436.6 billion in 2024, compared to $440.8 billion the year before.

Full-year total borrowings at the company were up, rising to $319.3 billion in 2024 from $290.14 billion during the previous year. The company’s net debt, however, decreased from $102.7 billion in 2023 to $78 billion in 2024.

This breaking news story is being updated.

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A dozen Tesla cars burned at store, arson is suspected amid global protests

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A dozen Tesla cars burned at store, arson is suspected amid global protests

A dozen Tesla vehicles burned at a store in Toulouse, France. Arson is suspected amid global protests and vandalism attacks against Tesla and Elon Musk.

Last night, a dozen Tesla vehicles burned down at Tesla’s retail and service location in Plaisance-du-Touch near Toulouse, France.

Firefighters arrived on the scene at around 4 a.m. and contained the fire to the vehicles. Eight of them were completely destroyed, and four were greatly damaged. The damages are estimated at over 700,000 euros.

According to the local news (translated from French), the police suspected arson as a hole was found in a fence, and threats had been made over the last few weeks. The Tesla location remained closed all day.

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Tesla is currently being protested by anti-fascist groups around the world, especially in the US, where many are targeting Tesla to protest against Elon Musk’s involvement in the US government.

In France, there were a few protests planned, but some extremist groups are calling for widespread arson against Tesla stores:

I won’t share the link to the article since it gives step-by-step instructions on how to burn down Tesla stores without getting caught, but the manifesto explains that they are going after Tesla as a “symbol of capitalism,” although they also list a dozen other reasons including the fact that they think it’s “doable and cheap.”

Electrek’s Take

This is getting nuts. It’s not only dangerous, but it’s also not super effective in achieving the goal they claim to want to achieve.

Have they never heard of insurance? Tesla is having issues selling cars right now. You are burning unsold inventory that they can then claim to their insurance.

Sure, it disrupts their operations for a short period of time, but it’s not worth it.

Their manifesto does say to avoid violence and not to target vehicles owned by individuals – though it doesn’t sound like a strict rule for them, but I think these people are likely going to end up in jail for having achieved nothing.

The protests and boycotts are going strong. You don’t need to burn cars to make yourself heard.

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Ford F-150 Lightning sales have been falling for months: What’s going on with the EV pickup?

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Ford F-150 Lightning sales have been falling for months: What's going on with the EV pickup?

Is Ford’s electric pickup in trouble? Sales have been down for months, and February showed no relief. What’s going on with the Ford F-150 Lightning?

Ford F-150 Lightning sales drop again in February 2025

Ford’s US sales dropped by 9% last month. Although electrified vehicles, including EVs and hybrids, both notched double-digit growth, sales of Ford’s gas-powered (ICE) models, which accounted for over 85% of deliveries, fell nearly 13%.

Hybrids saw higher demand with sales up 27.5% to 15,357, while EV sales increased 15% to 7,326. The Mustang Mach-E was a bright spot with 3,312 models sold in February, up 13% from the prior year.

With 6,841 Mach-Es sold through the first three months of 2025, Ford’s electric crossover SUV remains a top-selling EV in the US.

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Ford’s electric pickup didn’t fare as well. F-150 Lightning Sales were down nearly 15% last month with only 2,199 units sold. Through March, Ford has sold 15% fewer Lightning models than it did at this time last year.

Ford-Lightning-sales
2024 Ford F-150 Lightning Platinum Black (Source: Ford)

Sales of the electric pickup have been slipping for months now. In the final three months of 2024, F-150 Lightning sales were down 10%.

The Lightning, alongside Rivian’s R1T, are no longer the only electric pickups on the market. Ford is facing new competition with the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra EV, arriving.

Ford-Lightning-sales
2024 Ford F-150 Lightning Flash (Source: Ford)

According to Cox Automotive, the Tesla Cybertruck slipped past the Lightning to become the fifth best-selling EV in the US last year with nearly 39,000 units sold. Ford’s Lightning was sixth with just over 33,500 models sold.

Ford extended its “Power Promise” promo earlier this year to boost demand, giving EV buyers a Level 2 home charger and other benefits, but Lightning sales are still down.

Ford-lightning-sales
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)

The American automaker cut Lightning production at its Rouge Electric Vehicle Center last year, citing slower-than-expected demand. A new report from Automotive News claims Ford is now ending a pilot program to stock and distribute EVs through regional hubs after it failed to catch on. It was designed to speed up deliveries.

Although Ford plans to launch a smaller midsize electric pickup, it won’t arrive until at least two more years. With new competition, like the Ram 1500 REV and Volkswagen Scout pickup, hitting the market over the next few years, Ford may find it even harder to attract buyers.

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