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Fisker has shared preliminary details of its Q4 and full fiscal year 2023 results, and they’re… not great. Revenue is up for the quarter, but cash on hand is dwindling, causing the American EV automaker to express “substantial doubt” about its ability to move forward. That said, Fisker Inc. has some negotiations in the works to gain more runway, including a potential deal with a large OEM.

2023 was, in many ways, a big year for Fisker Inc. ($FSR) as it was challenging. It’s one of the pains of any young EV startup and nothing the Fisker name isn’t used to. Deliveries of the company’s flagship Ocean SUV continued to grow last year as Fisker unveiled three additional models in its pipeline.

However, Fisker faced several software issues in customer Oceans, and sales were lower than anticipated. Several times throughout 2023, the automaker lowered its production targets, leading to a December business update that detailed leadership moves, accelerated deliveries, and even lower production targets to maintain liquidity.

Q4 was also the first time we heard Fisker mention exploring potential partnerships with other OEMS. Since then, things haven’t gotten much brighter.

Fisker dealer
Source: Fisker Inc.

Fisker Q4 numbers tell a grim tale. Can it bounce back?

In addition to today’s Q4 and full 2023 preliminary report, chairman and CEO Henrik Fisker offered an essay about how the EV company got here. It’s too long to share here, but we recommend reading it in full.

Let’s dig into the numbers. Fisker’s preliminary Q4 2023 revenue was $200.1 million, up $128.3 million compared to a quarter prior. However, Q4 and the total 2023 revenue exclude $44.6 million of deferred revenue that will be “recognized in future periods.”

Gross margins for Q4 2023 sunk to -35%, translating to earnings per share at a loss of $1.23. For the full year, Fisker’s earnings per share was a loss of $2.22. As of December 31, 2023, Fisker’s cash on hand, restricted cash, and equivalents totaled $395.9 million. Add the carrying value of its existing Ocean inventory and raw materials, and that number jumps to about $530 million.

As a result of these Q4 and full 2023 numbers, Fisker has expressed doubt it can continue its work with how it is currently structured and is relying heavily on its recently implemented dealership model to help boost EV sales in 2024. Fisker previously relayed that over 250 dealer partners in North America have expressed interest, but only 13 have actually signed agreements.

In addition to assistance from dealers, Fisker said in its Q4 report that it is currently in negotiations with a “large automaker” regarding a potential transaction that includes an investment in the company and joint development of “one or more EV platforms.” It is unclear at this time who that potential suitor may be.

Fisker also stated the potential deal could include North American manufacturing, teeing up the potential for Federal tax credits for consumers. The Ocean is currently being built in Austria by contract manufacturer Magna Steyr. Here are some more details per Fisker’s Q4 and full 2023 preliminary report:

To address potential liquidity issues, Fisker is already taking action. The company is currently in discussions with an existing noteholder about potentially making an additional investment in the company. The use of proceeds, if a transaction is consummated, is expected to be for general corporate purposes, vehicle production and the ongoing transition to a dealer-focused sales model. In addition, Fisker intends to reduce its workforce by approximately 15%. Headcount reductions are predominantly related to the change in sales strategy from direct-to-consumer to a Dealer Partner model. In addition, the company is streamlining operations, including reducing its physical footprint and overall expenses

Despite limited cash, Fisker is targeting building 20,000-24,000 EVs in 2024 at an average selling price between $56,000-$60,000 after import duties and dealer commissions. The American automaker hopes sales of its 2023 Oceans, already built and paid for, will provide funding through the first half of 2024 while it continues its negotiations with the unnamed OEM.

Electrek’s take

No comment just yet. We’ve already expressed plenty of doubt over the years.

Fisker still has a chance here, but it’s not looking good. We will report back with the latest news, good or bad.

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MAN electric semi truck gets real as series production begins

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MAN electric semi truck gets real as series production begins

MAN Trucks are always good for a headline, but despite the company’s pro-battery bluster they’ve barely managed to get 200 battery electric semi trucks on the road … until now that is: the company announced that series production of its heavy-duty eTruck prime mover is officially underway!

We’ve been huge fans of MAN Trucks’ CEO Alexander Vlaskamp since last year, when he had the courage to explain a simple truth: that it’s impossible for hydrogen to effectively compete with battery electric when it comes to a viable fuel for transportation.

Since then, we’ve talked a bit about MAN’s early BEV customers — but with just 200 trucks on the road, they’ve been few and far between. That’s all set to change now that MAN Executive Board Member for Production Michael Kobriger, together with Manfred Weber, Member of the European Parliament and Chairman of the EPP, gave the go-ahead to start the eTruck production line at the company’s Munich plant.

From now on, both electric and diesel trucks will be produced in a fully integrated mixed production process on the same line, with enough capacity to produce up to 100 eTrucks per day. (!)

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 “The start of series production of our electric trucks is historic. It marks a turning point in our history,” explains Vlaskamp, enthusiastically. “The future of MAN begins now, at this very moment. The entire MAN team is proud to be actively shaping the transformation from diesel to electric drive. Our highly efficient electric trucks will make locally emission-free freight transport a reality. This is an enormously important step towards achieving our goal of becoming CO2-neutral by 2050. The fact that we can manufacture the electric trucks on the same production line as our state-of-the-art diesel trucks also gives us enormous flexibility and increases production efficiency.”

MAN says the plant’s maximum capacity is 100 trucks per day, citing about 8 hours to produce one of its heavy-duty semis. The interesting thing, though, is that it doesn’t seem to matter whether those 100 trucks are diesel- or battery-powered.

Flexible assembly


“The production of electric or diesel trucks on a single line can be flexibly adapted to market developments, and the vehicles can be built exactly in the order in which they are ordered by customers. This innovative concept is accompanied by extensive changes along the assembly line as well as in the supply chain and logistics,” says Kobriger, citing that while ICE trucks are initially fitted with axles, tanks and exhaust systems, the electric models are instead fitted with two batteries under the cab together with a “power pack” of electrical components.

All 5,000+ Munich-plant MAN employees have been trained in high-voltage technology in preparation for this “transformation” of the facility. The company says it has 700 of its 740 km (about 450 mile) battery electric trucks already sold, with more sales sure to come as availability ramps up to meet demand.

Electrek’s Take


Historic: MAN starts series production of electric trucks
Historic: eTruck production begins; via MAN.

Betting against Tesla has been bad business for well over a decade now, but with MAN now capable of putting out about as many electric semi trucks in a single day as Tesla has in the last ::checks notes:: eight years since the official launch of the Tesla Semi concept, it’s hard to imagine them catching up — and harder still to see them catching up with Volvo or Renault, each of who have logged tens of millions of electric semi miles in recent years.

That said, Tesla has beaten legacy brands with massive, seemingly insurmountable leads before – but the good news is that, when it comes to EVs, whoever wins, we kind of all win, you know? Even Elon! That’s my take, anyway. Head down to the comments and let me know yours.

SOURCE | IMAGES: MAN Trucks.

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NYC creates new department to hassle e-bike delivery riders

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NYC creates new department to hassle e-bike delivery riders

New York City is creating a new department aimed at cracking down on e-bike delivery workers, and critics say it’s the latest move in a growing pattern of targeting micromobility riders instead of the real threats on the road.

Buried inside NYC’s new $116 billion city budget is a plan to hire 45 new unarmed peace officers tasked with enforcing laws against delivery cyclists, particularly those riding e-bikes and mopeds. The new officers will work under the just-announced Department of Sustainable Delivery, a division of the Department of Transportation set to deploy in 2028.

Mayor Eric Adams says the department will help improve street safety and hold delivery app companies accountable for the pressure they put on gig workers. “The newly created Department of Sustainable Delivery is yet another step that we’re taking to support delivery workers, keep pedestrians safe, and hold delivery app companies accountable for placing unrealistic expectations on their workers that put New Yorkers in harm’s way,” Adams explained in a published statement.

But the move is already raising red flags among advocates for delivery workers and cycling safety, who warn that these efforts could lead to increased surveillance and policing of low-income, often immigrant workers, many of whom already operate under grueling conditions just to make ends meet.

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The officers will be trained to issue moving violations and enforce commercial cycling laws, though city officials haven’t clarified exactly how they’ll distinguish between a reckless rider and one simply hustling to meet the often unrealistic delivery windows imposed by apps like Uber Eats, DoorDash, and Grubhub.

While Adams frames the effort as a safety initiative, critics argue it’s another example of micromobility scapegoating. Just last month, he imposed a 15 mph speed limit on e-bikes across the city, in a move that advocates say ignores the realities of urban riding and fails to address the vastly greater danger posed by cars and trucks. The administration also moved to undo a redesign of Bedford Avenue in Brooklyn, rolling back a protected bike lane project that city data showed had improved safety.

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Delivery riders in NYC, many of whom are immigrants working long shifts in all weather conditions, overwhelmingly use e-bikes to cover more ground, more quickly. These workers have been essential to the city’s economy, especially during the COVID-19 pandemic. Yet they continue to face increasing scrutiny from law enforcement, often for minor infractions, even as drivers of multi-ton vehicles are rarely held to the same standard.

City Council spokesperson Mara Davis acknowledged the concerns, stating, “There are always concerns about any new policy that could give way to discriminatory policing of delivery workers and immigrants. We remain in discussions with advocates and constructive members of the mayoral administration to advance solutions on e-bike safety, sustainable delivery, and street safety.”

Despite the rhetoric about safety, the data paints a different picture. City statistics show that e-bikes account for less than 4% of traffic-related injuries, and Gothamist pointed out that only six pedestrian fatalities involving e-bike riders were reported between 2021 and 2024. Meanwhile, cars and trucks continue to kill hundreds of New Yorkers every year. But rather than increasing enforcement on reckless drivers or investing more in safe bike infrastructure, the city is spending taxpayer money to police bicycles.

Electrek’s Take

In a city desperately trying to transition to more sustainable forms of transportation, I just don’t think that increasing pressure on the people doing the most riding is the answer. Delivery workers are part of the solution to car dependence, not the problem.

If NYC wants cleaner, safer streets, the focus should be on supporting these riders with safe infrastructure, affordable bikes, and better labor protections – not treating them like traffic scofflaws. Yes, enforcement is important. And yes, dangerous riders should be penalized to the full extent of the law, especially when they pose a real threat to pedestrians. But let’s not pretend like that’s what this about. If we cared about pedestrian safety, we’d be increasing enforcement to prevent the hundreds killed every year by cars in NYC – not the two pedestrians killed by e-bikes.

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BYD is the first to unlock L4 smart parking and it comes with a surprise guarantee

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BYD is the first to unlock L4 smart parking and it comes with a surprise guarantee

China’s EV leader, BYD, just reached another major breakthrough: its smart parking feature now offers L4 autonomy. To sweeten the deal, BYD says it will fully cover any losses associated with the new feature.

BYD becomes the first to achieve L4 smart parking

BYD said it was coming soon. Earlier this week, BYD posted on Weibo that it’s about to launch “the largest-scale smart driving OTA in history.”

On Wednesday, BYD confirmed that its smart parking system now offers L4 autonomy, becoming the first to achieve the feat. In a statement, the company said, “BYD is the first to achieve L4-level smart parking, and the official promise is to provide a safety guarantee​​​.”

The company is also pledging to cover any losses tied to the feature. Instead of going through their insurance company, drivers can contact BYD’s after-sales team to handle the incident.

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All BYD vehicles equipped with its God’s Eye smart driving system can get the upgrade. Earlier this year, the EV maker upgraded 21 of its best-selling vehicles with its God’s Eye system, at no additional cost.

The breakthrough comes after BYD announced earlier this week that there are now over 1 million vehicles on the road with its God’s Eye smart driving system. With L4 smart parking, the vehicle can operate without human interaction under certain conditions.

And that’s not all. BYD also said it’s pushing new OTA updates for its God’s Eye B and C systems. God’s Eye B will gain new functions, including multiple U-turns, detours, and a three-speed parking feature. Meanwhile, God’s Eye C is set to receive front parking and lane change reminders.

BYD’s smart driving system has three levels: A, B, and C. The A system is primarily reserved for the ultra-luxury Yangwang brand, while B is used for Denza and some premium BYD brand models. The God’s Eye C system is used for lower-cost BYD vehicles, such as the Seagull EV, its top seller in China.

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