More than 40K Fisker customers have canceled orders of their Oceans
Another major blow to California-based startup Fisker, as tens of thousands of customers reportedly have canceled their EV reservations to date – which is some serious bad buzz amid a tumultuous time as the company scrambles for funding to stay alive.
Leaked data obtained by Business Insider states that to date Fisker customers have canceled orders by the tens of thousands – not that it’s terribly surprising given the dire news coming out of the company of late.
“More than 40,000 out of well over 70,000 reservations for the Fisker Ocean have been canceled to date,” the report said. The “to date” part means presumably this has been happening for a while, since according to the internal metrics procured, Fisker has averaged around 70 to 80 cancellations per day in a recent week-long average.
Still, a tough break for a company that desperately needs to generate more revenue, and Fisker has to give back a portion of the fee customers spent on reserving a vehicle, which costs $250 to reserve. Fisker’s website says that the amount is refundable, with the exception of a $25 processing fee.
The total amount of 40,000 reservation reimbursements adds up is an eye-watering $9 million, not that that is the exact figure. Fisker has so far declined to comment on the data leak or cancelations.
In total, Fisker has delivered more than 6,000 EVs to date since releasing its Ocean SUV in June last year, according to the metrics seen by Business Insider.
Last week, Fisker dropped prices on the Ocean by nearly 40% to boost sales, with the lowest-priced option, the Ocean Sport, available for $24,999 – a nearly $14,000 price difference from its regular retail price of $38,999. The Ocean Extreme shaved off $24,000 from its regular price $61,499 to $37,499.
Of course, if you need servicing or new parts in the future, we’re not sure anyone will be available to take your call.
In February, Fisker said in its earnings call that it might not be able to make it through the year. In a regulatory filing earlier last month, Fisker said it has paused production for six weeks and stated that it had $121 million in the bank. March 18, the company then announced a fresh commitment of $150 million in additional funding, but then said a few days later that the deal fell through.
Fisker 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 – which gave the company a boost it badly needed.
Of course, Fisker has been playing on the edge for months now, after slashing its production guidance last year as it struggled to ramp up deliveries and dealing with noncompliance notices from Nasdaq this year. The company has faced a long line of issues and delays too in getting its EVs to customers who had paid for them.
Now, Fisker probably needs nothing short of a miracle, but we’ll stayed tuned.
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Hydrogen fuel cell specialists Hyzon have announced plans to quit Australia even as sales of battery electric commercial trucks climb.
For a while, it seemed like Hyzon had found something of a home in Australia. Recently, the American startup had announced pilot programs that would see its hydrogen fuel cells put to work in transit buses in Brisbane, tow trucks (above) in Victoria, and five 154-ton severe duty trucks scheduled to service a zinc refinery operation in north Queensland.
Alas, it seems like it’s not enough – Hyzon said Monday that, after a review of its business operations, it has “started realigning its strategic priorities along several lines to focus on the company’s core North American markets and the refuse industry.”
The company said it was hoping to raise new capital to get its 200 kW HFCs into series production, and has retained investment bank PJT Partners to evaluate a number of options, up to and including an outright sale of the company.
Meanwhile, BEVs are doing great
Meanwhile, Australia’s commercial BEV sales are booming. The entire country saw just under 100 battery electric trucks sold in 2022, but that number jumped to 256 in 2023 and continues to climb in 2024.
As if to underscore that fact, ANC (a leading, UPS-style last mile delivery partner for many of the Australia’s large retailers) has announced plans to spend more than $45 million.
ANC is calling the initiative “Project Spark,” and it’s being backed by a $12.8 million grant from the Australian Renewable Energy Agency (ARENA) specifically designed to address the barrier presented by the initially higher up-front costs of EVs. ARENA is also working to provide EV buyers with discounted leasing options, and generally “improved” EV charging infrastructure.
Project Spark is expected to add 112 new BEVs to Australia’s roads within the next year.
“It promises to kick-start a step change in electrifying last mile delivery in Australia by lowering the total costs to own and run electric trucks,” said Darren Miller, CEO of ARENA. “The project demonstrates use cases for battery electric trucks in last mile operations, tackling constraints that have so far made it hard for the industry to transition away from internal combustion engine vehicles.”
Electrek’s Take
No one said it better than MAN CEO, Alexander Vlaskamp, who said that it was “impossible” for hydrogen trucks to effectively compete with BEVs. That interview is definitely worth a re-read, but to see companies like Hyzon suffering in even the most hydrogen-friendly markets out there is to believe Vlaskamp, even if you already believed him, just that little bit more.
SOURCES | IMAGES: Hyzon, ANC; via the Driven.
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Shell-EDF’s Atlantic Shores South is the US’s ninth commercial-scale, offshore wind farm approved under the Biden administration – Trump wants to cancel it.
Atlantic Shores South consists of two wind farms — Atlantic Shores Offshore Wind Project 1 and 2 — expected to generate up to 2,800 megawatts (MW) of electricity, enough to power nearly 1 million homes with clean energy.
It’s around 8.7 miles offshore New Jersey at its closest point. Up to 200 wind turbines and 10 offshore substations with subsea transmission cables were proposed, potentially making landfall in Atlantic City and Sea Girt, New Jersey. BOEM has approved the construction of up to 195 wind turbines. The project has a labor agreement with six New Jersey unions.
President Biden’s national climate adviser, Ali Zaidi, said, “The Biden-Harris administration will continue to use every available tool to grow the American offshore wind industry as we strengthen the nation’s power grid and tackle the climate crisis.”
Governor Phil Murphy (D-NJ) has set a goal for New Jersey to install 11 GW of offshore wind by 2040. It has 3.7 GW of offshore wind in the pipeline.
In May, Donald Trump told a MAGA rally in Wildwood, New Jersey, that he would stop the Atlantic Shores South offshore wind farm “on day one” with an executive order if he won the presidential election. ”You don’t have to worry about Governor Murphy’s 157 [sic] wind turbines,” he said.
Governor Maura Healey (D-MA) recently told the Financial Times that the upcoming election created “heightened urgency” to speed up the buildout of the sector – Massachusetts is a US offshore wind trailblazer – and that a Trump win would be “devastating” for the industry. However, New Jersey’s Murphy said that “government policy is a different reality than what people might say on the campaign trail.”
During the Biden administration, the US Interior Department has given the go-ahead to more than 13 GW of offshore wind — enough to power nearly 5 million homes.
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EV stocks have had a rough couple of months, but Georgia-based bus brand Blue Bird has seen its stock price more than double in the last year as the company’s electric buses make their way to school districts around the country.
Newsweek is reporting that Blue Bird stock is soaring – and it’s true. The stock has climbed more than 111% in the last year, seriously outperforming SPAC deal tickers like Polestar (PSNYW) and Fisker (FSRNQ) and proving that lucrative union pay contracts and higher costs driven by the addition of new safety features don’t necessarily lead to reduced stock prices.
Take notes, GM.
This is how it’s done
“Well, I would say we’re breaking a lot of the norms. A lot of these conventional wisdoms, that you can’t be a profitable EV company, obviously, that’s not true,” Blue Bird President Britton Smith told Newsweek. “We’re doing quite well. Having a positive relationship with the union is good for employees, and it’s good for the company overall. And even on safety, we’re breaking the convention that seatbelts are too expensive, and we’re making them more affordable for school districts nationwide.”
Blue Bird is leaning into zero emission buses that the company says will eventually produce up to 5,000 electric buses and gliders per year, as well as a new EV chassis line being developed for the red-hot last-mile delivery van market.
The company expects to deliver its 2,000th all-electric bus later this summer.
Electrek’s Take
The number of incentives out there to help electrify school districts is huge. The federal Clean School Bus Program, several state EPA programs, and even regional utility programs (like ComEd’s BE Plan in Chicago) are offering six figure rebates to help reduce harmful, surface level air pollution among school-aged kids – one of the most vulnerable populations.
Newsweek‘s interview with Blue Bird’s president gets into all of that, talks about improved safety, better conditions for kids and bus drivers, and more. If you’re a BLBD investor (or are thinking about becoming one) it’s definitely worth checking out.
SOURCE | IMAGES: Blue Bird, via Newsweek.
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