More bad news for Californian EV startup Fisker, as it now faces a possible delisting from the Nasdaq due to low stock prices for 30 consecutive days.
Fisker reports that it has received a non-compliance notice from the New York Stock Exchange as its stock had closed below around $1 for 30 straight trading days, reports Automotive News. Failure to comply can lead to a delisting, but Fisker has six months to regain compliance.
The road hasn’t exactly been smooth for Fisker, which has faced a long line of issues and delays last year in getting its EVs to customers who had paid for them.
Last year, Fisker cut its production forecast multiple times due to issues ranging from supply chain problems to internal issues. In response to Tesla’s price slashing last year too, Fisker reduced the price of its luxury Ocean Extreme SUV by $7,500, from $68,999 to $61,499.
The company made more than 10,000 EVs last year, well below the 42,400 originally promised, but it delivered only about 4,700. Still, its stock price soared at the end of last year as a result. To help ramp up deliveries, Fisker has been adding dealership alongside its direct-to-consumer model.
In a separate issue, the US National Highway Traffic Safety Administration said on Friday that it was investigating claims about “unintended vehicle movement” in some 4,000 Ocean EVs.
To rub salt into the wound, YouTuber Marques Brownlee (MKBHD) just said that the Fisker Ocean is the “worst car he’s ever reviewed.” In his Auto Focus channel, he said the Ocean – which is designed by legendary car design Henrik Fisker – might be the “single weirdest automotive reviewing experience” he has ever had – adding that he wouldn’t drive the car even if he got it for free. Ouch.
Still, Electrek’s Jameson Dow got some time with the Ocean and came away “impressed by a few things” but overall thought the car wasn’t quite ready for prime time. Read the details here.
Electrek’s Take
Well, it’s been a rough road for Fisker, but it’s not alone as smaller EV players are feeling the heat of tough competition and rising interest rates, among other obstacles. California’s Faraday Future, which has just relaunched delivery of its luxury $309,000 electric car, recently got its own warning from Nasdaq due to plummeting share price. Meanwhile UK startup Arrival was delisted last month for being late in posting financial results and failing to file a remediation plan and hold an annual shareholder meeting. Fisker still has a chance to turn it around, and we’ll stayed tuned to how it unfolds.
FTC: We use income earning auto affiliate links.More.
China’s Contemporary Amperex Technology Co., Limited (CATL) has unveiled its latest battery cell technologies, which charge as quickly as filling up a gas tank while potentially lowering costs without compromise.
CATL has quickly become the world’s largest battery manufacturer by a wide margin. It is one of, if not the biggest, force for advancing electric transportation.
A big part of CATL’s success is due to its advancements in lithium-iron phosphate battery cells, also known as LFP. LFP cells are cheaper than nickel-rich batteries, but they used to have much lower energy density.
The Chinese battery manufacturers managed to close the gap somewhat while maintaining lower costs, resulting in LFP cells becoming popular for entry-level EVs.
Advertisement – scroll for more content
Now, CATL is looking to do the same with sodium-ion batteries.
Like LFP cells, sodium-ion battery cells have the potential to be cheaper than more common Li-ion cells, but they also offer potential for superior performance, particularly in terms of faster charging and longer lifecycles.
CATL has unveiled today Naxtra, its new sodium-ion battery cells, and it claimed some truly impressive specs.
The new cell reportedly achieves an energy density of 175 Wh per kg (385 Wh per lb), on par with the higher-end of LFP battery cells.
The new cells also offer potential for significant safety improvements.
CATL shared several intense stress tests, including drilling into a cell and even cutting it in half without any thermal event:
The next-gen sodium cells could help further lower the cost of electric vehicles without compromising performance, and while increasing safety.
On top of the new Naxtra cell, CATL has also unveiled its next-gen Shenxing LFP battery cells.
Its charge rate is truly impressive. CATL shared several examples of cars charging at around 1,000 kW and maintaining over 500 kW at over 50% state of charge:
The new cell is being described as capable of adding 300 miles (482 km) of range in about 5 minutes – depending on the EV model.
That’s virtually as quick as filling up a tank of gas.
CATL says that the Shenxing will be in 67 electric vehicle models by the end of the year.
New York State has announced an extra $30 million for point-of-sale rebates to lease or buy more than 60 new EV models.
The rebates are available to consumers through New York’s Drive Clean Rebate program, which offers a point-of-sale rebate off the manufacturer’s suggested retail price (MSRP) of an EV at participating car dealerships in New York State.
The rebate is available in all 62 counties, with the highest rebate of $2,000 available for EVs with a greater-than-200-mile range. (For a 40- to 199-mile range, the rebate is $1,000.) The New York State Energy Research and Development Authority (NYSERDA) runs the program.
NYSERDA President and CEO Doreen M. Harris said, “Converting to EVs reduces the total cost of vehicle ownership through lower fuel and vehicle maintenance costs, and NYSERDA is proud to help provide New Yorkers with more purchasing power through these rebates.”
Advertisement – scroll for more content
The Drive Clean Rebate program has issued over 190,000 rebates to consumers since 2017, contributing to the more than 280,000 EVs on the road in New York State.
NYSERDA also boosted its EV charging incentives. Through the Charge Ready NY 2.0 program, the state is boosting the cash available for Level 2 charger installations at apartment buildings, workplaces, and hotels from $2,000 to $3,000 per port. And if the chargers go into disadvantaged communities, that amount jumps to $4,000 per port.
New York has racked up over 17,000 public EV chargers, making it second only to California for charger count. On top of that, there are more than 4,000 semi-public stations tucked into workplaces and multifamily buildings across the state.
“If you find yourself in this situation or even just want to check out other options to make sure you’re finding a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage. EnergySage is a free service that makes it easy for you to go solar – whether you’re a homeowner or renter. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20 to 30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and tell us to share your phone number with them.
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.”
FTC: We use income earning auto affiliate links.More.
LTL carrier ArcBest Freight (ABF) announced plans to add five new Orange EV electric terminal tractors to its existing ZEV fleet, bringing its total deployment of these battery electric HDEVs to 14 … with even more to come.
LTL stands for “Less than Truck Load,” and basically means that, since whatever you’re shipping won’t take up a full container, you can share the costs of shipping with other customers with goods going the same way. You save a little more money and the shipper makes a little more money, making it a rare win-win scenario in the shipping space. And that’s important, because LTL containers amount to a massive 15% of total US shipping.
ABF has been putting Orange EV yard dogs to work in their LTL traffic terminals since their initial deployment of four trucks in June 2022. The company added five more a few years later, and just purchased five more — further underscoring their confidence in the benefits of transitioning their fleet to electric power.
“The Orange EV terminal trucks meet our operational requirements and expectations for safe, reliable, and affordable service and performance,” explains Matthew Godfrey, ABF Freight president. “We’re committed to responsible environmental management, and our investment in EVs aligns with our continuous efforts to enhance efficiency while maintaining exceptional service standards.”
Over at The Heavy Equipment Podcast, we had a chance to talk to Orange EV founder Kurt Neutgens ahead of last year’s ACT Expo for clean trucking. On the show (embedded, above), Kurt explained how his experience at Ford helped inform his design ideology, and that the Orange EV was designed to be cost competitive with diesel options, even without subsidies.
Give it a listen, then let us know what you think of the big yard dogs in the comments.