Fisker’s talks with “large automaker” fall through, announcement pending
Fisker announced that its talks with a “large automaker” for a potential investment have fallen through. Trading has been halted on Fisker stock (FSR) as “an announcement” is pending.
Things have been rough for Fisker in the last few weeks. After a Q4 wherein the company had big delivery growth but nevertheless said there was “substantial doubt” it could continue as a going concern without significant outside investment, the stock has fallen significantly from already-low levels.
And last week, the company missed an interest payment and paused EV production while it sought to sell down some of its ~$530 million in inventory (it’s trying to use existing dealerships to do so). Fisker vehicles are produced through contract manufacturing, by veteran manufacturer Magna Steyr.
There was potential that Fisker might find the outside investment it sought, though, as rumors were that Nissan was looking to partner with the company.
In August, Fisker showed off the Alaska concept, a mid-size pickup truck which seems to fit a similar niche as the Nissan Frontier. If Nissan were looking for a relatively cheap company to acquire or invest in, in order to electrify its Frontier segment, this could be a way to jump-start that vehicle program.
Fisker had never named the “large automaker” in question, though Nissan was the main target of rumors. Nissan separately introduced a new EV business plan Monday, with no mention of Fisker.
The “large automaker” talks had buoyed Fisker stock after large falls in recent days. Earlier this month it was reported that Fisker had hired outside consultants to discuss options for the company, including potential bankruptcy. That sent the stock tumbling by over 50%, but it recovered significantly the next day when Fisker reiterated that it had still been in talks with a large automaker.
But today, Fisker said that its talks with a large automaker for a potential deal have collapsed. Shares fell 30% before trading was halted, with Reuters reporting that an “announcement” is pending (we’ll update when that announcement comes).
Electrek’s Take
Some have blamed Fisker’s recent troubles on a negatively-titled review from tech reviewer MKBHD which was widely viewed, but the concerns shared by MKBHD were not unique. I shared many of the same concerns when I got the car for a 24-hour review back in November (though with a less-negative title), and the other journalists who I spoke with after that review shared similar concerns.
The general opinion I’ve heard from each auto journalist I’ve talked to about the car, save one or two, is that it’s quite unfinished. There might be something there after lots of work on the software, but the flaws are significant, with most of us having large bullet point lists of necessary improvements before the car can meet a good baseline.
Fisker’s upcoming concepts, particularly the Fisker PEAR, look quite promising, and the company’s focus on sustainability is much more serious than many others in the automotive industry. Its contract manufacturing business plan is interesting, especially for a startup that’s trying to run “asset light,” not requiring billions or tens of billions in order to get production up to speed.
But these recent troubles put Fisker’s chances to pull through and bring those future vehicles to market significantly lower.
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We are finally getting a look at Kia’s sporty new electric SUV. With starting prices under $30,000, the 2025 Kia EV5 GT Line looks ready to compete with the best in China.
Kia unveils the new 2025 EV5 GT Line electric SUV
Kia unveiled the new 2025 EV5 GT Line at the 2024 Guangzhou Auto Show, giving the already impressive electric SUV a stylish upgrade.
After introducing the EV5 last summer, Kia claimed it “brings a new era of electric mobility to the compact SUV sector.” The smaller electric SUV includes much of the advanced new tech and software in Kia’s flagship EV9 but in a more affordable package.
At 4,615 mm long, 1,875 mm wide, and 1,715 mm tall, the EV5 is a direct rival to Tesla’s Model Y (4,760 mm long x 1,921 mm wide x 1,624 mm tall).
Kia launched the EV5 in China last November, starting at just $21,000 (149,800 yuan), undercutting top-selling rivals like the Tesla Model Y.
Powered by a BYD Blade battery, the base EV5 is rated with 329 miles (530 km) CLTC range. The longer-range model, with an 88.1 kWh battery, gets up to 447 miles (720 km) CLTC range.
Now, we are finally getting a look at the upgraded 2025 EV5 GT Line model. As you can see, the GT Line treatment includes a sleek blacked-out exterior design with 20″ aluminum alloy wheels.
The AWD powertrain boasts up to 316 hp (233) kW for a 0 to 62 mph (0 to 100 km/hr) sprint in about six seconds. Kia’s new GT Line model gets up to 360 miles (580 km) CLTC driving range with fast charging (30% to 80%) in 27 minutes.
Kia upgraded the interior with a leather-wrapped two-tone steering wheel and other blacked-out elements. It also includes Kia’s next-gen ccNC infotainment system with dual 12.3″ center and driver display screens.
What do you think of the new EV5 GT Line? Should Kia launch it in the US? Let us know what you think in the comments below.
Source: TheKoreanCarBlog, AutoSpy
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As part of Zero Motorcycles’ new approach to affordability, the California electric motorcycle maker is increasingly relying on strategic partnerships in the industry to help lower costs and leverage production experience. Now we’re getting word that one of the company’s key partners, Hero MotoCorp, is closing in on its first Zero-enabled electric motorcycle model.
It’s giving a whole new meaning to “from Zero to Hero.”
Last year, Zero joined forces with India’s largest motorcycle maker, Hero MotoCorp, to develop a new electric motorcycle model. Zero obviously eyed Hero’s massive manufacturing footprint and decades of production experience, and it looks like that partnership is closer than ever to revealing the fruits of its labor.
“As far as EV motorcycles, as we have talked about, that we are developing in partnership with Zero Motorcycles. And that’s something that while we have not given out the timeline, but the work is in progress. And it will be coming in the middle-weight segment. I would say it’s in the advanced stage. We haven’t announced the timeline as yet, but we would be looking at something which would not be too far off,” explained Hero MotoCorp CEO Niranjan Gupta during the company’s Q2 earnings call with analysts.
While targeting the more sought-after middleweight market, Hero confirmed that the company would also produce a version for the more performance end of the motorcycling market.
Hero has massive production chops to its name, but the company is relatively inexperienced with electric two-wheelers. Hero has just two models of electric scooters currently available under its Vida brand, and no fully-fledged electric motorcycles of the style for which Zero is known.
Zero and Hero have yet to provide specifics about where such a motorcycle might land in the international market, but recent moves by the company could provide a few clues.
Last month, Zero announced that it had partnered with Chinese motorcycle maker Zongshen to produce its new Zero XE and XB electric motorcycles. The move comes as part of Zero’s recently announced “All Access” initiative, which is built around adding more affordable models to the Zero lineup. Priced at just US $6,494 and $4,195, the Zero XE and XB are the most affordable Zero bikes we’ve seen yet.
There’s more where those came from, too. Zero claims that it will have six unique models, all priced at under US $10,000, in the next two years.
Based on the advanced state of the Hero partnership bike, it’s likely that such a model could be revealed as part of Zero’s All Access program.
via Fortune
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California has proposed offering $7,500 state EV tax rebates to residents if Trump kills the federal EV tax credit, Governor Gavin Newsom (D-CA) announced today.
Trump has repeatedly said that he would eliminate the $7,500 EV tax credit for new vehicles and $4,000 for used vehicles created by the Biden administration’s Inflation Reduction Act if he won the election.
In response, Newsom today proposed creating a new version of the state’s Clean Vehicle Rebate Program, which launched in 2010 and was phased out in 2023. California started with a $5,000 rebate for EVs and increased to $7,500. During its lifetime, the Clean Vehicle Rebate Program funded more than 594,000 vehicles and saved more than 456 million gallons of fuel.
Newsom’s announcement says that funding for the state EV tax rebates could come from the “Greenhouse Gas Reduction Fund, which is funded by polluters under the state’s cap-and-trade program.”
Newsom said in a statement:
We will intervene if the Trump administration eliminates the federal tax credit, doubling down on our commitment to clean air and green jobs in California.
We’re not turning back on a clean transportation future – we’re going to make it more affordable for people to drive vehicles that don’t pollute.
Newsom’s announcement didn’t say how the rebates would work, but he’s expected to share more details during an appearance today. The governor would need the backing of the state legislature to revive the rebate program.
California continues to lead the US in zero emissions vehicle adoption, surpassing 2 million electric, plug-in hybrid, and hydrogen-powered vehicles sold across the state. By 2035, all new cars and light trucks sold in California must be zero-emissions vehicles, along with 50% of all new heavy trucks.
Read more: New CA smart grid law will help solar and fix the grid by… simply replacing wires
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