Connect with us

Published

on

A recent 8-K filing submitted by Fisker Inc. is painting a grim picture for the EV automaker’s future. The filing states that Fisker failed to pay back a loan totaling close to $3.5 million last month, lowering a potential curtain on the second iteration of the company that is staring down the barrel of potential bankruptcy.

The saga of Fisker 2.0 continues, but unfortunately could soon be nearing its end, offering sunset on the ill-fated Ocean SUV – a EV that came as close as you can get to making it.

Like we always say, however, scaling is hard.

We applauded Fisker for successfully launching its flagship Ocean EV, but it was quickly moored by several software issues and lower-than-anticipated sales. To rebound, the automaker lowered its production targets several times throughout 2023 and even started pulling new demand levers to try and maintain liquidity.

In March 2024, Fisker’s fiscal year 2023 detailed a grim image of “substantial doubt” it could continue. With talks of “bankruptcy” starting to float around, the American automaker shared a new strategy to secure financial backing from an OEM partner. We saw those “talks” come and go and Fisker has been fighting for its life to avoid bankruptcy since.

Soon, Fisker’s stock took a nosedive after it halted Ocean production at Magna-Steyr in Austria, as it slashed tens of thousands off Ocean MSRPs to liquidate its existing inventory of assembled vehicles.

Appealing discounts be damned, the public has grown adverse to buying an EV from an automaker on the cusp of bankruptcy, and tens of thousands of reservation holders canceled their Ocean orders.

In early May, we reported that Fisker GmbH, the Austrian arm of Fisker Inc., had filed for reorganization and court protection from creditors overseas—a filing similar to Chapter 11 bankruptcy in the US, leaving Magna with a hole in its projected output numbers that were expected to be assembling Ocean EVs.

Most recently, we’ve learned that shortly after that filing overseas, Fisker failed to make a large payment on an existing loan in the millions, spelling more evidence of its failure to continue in the EV segment.

Fisker-first-Ocean-SUV-deliveries
Henrik Fisker presenting the first Ocean SUV model (Source: Fisker)

Fisker bankruptcy appears imminent after missed payment

According to an 8-K filing submitted to the SEC by Fisker Inc. on May 29, 2024, the automaker had been notified by Noteholder CVI Investments, Inc. that it had failed to make a repayment due on May 10, 2024, resulting in a default on a loan totaling $3,456,000. CVI Inc. wants its money. Per the filing:

On May 29, 2024, the Noteholder notified the Company that it is exercising its rights pursuant to Sections 4(b) of the 2024 Note to accelerate the 2024 Note by requiring the Company to immediately redeem 100% of the outstanding 2024 Note at the Event of Default Redemption Price, including any applicable Interest, Late Charges, Redemption Premium, and other amounts due under the 2024 Note.

So with millions owed in loans and the lomking threat of late fees and applicable interest, Fisker may need to scrap together what is left to make good on its loan, although the repayment (of whatever amount) may result in bankruptcy.

We’ve been seeing this coming for quite some time, so Fisker’s looming bankruptcy is not exactly breaking news. However, this latest hurdle could potentially knock Fisker redux out again. We never like to see EV startups fail, but that is the sad reality of the industry.

This story is ongoing, and we will watch Fisker’s financial movements closely to keep you informed. Stay tuned.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla has been testing robotaxi service without drivers for ‘several days’, says Elon Musk

Published

on

By

Tesla has been testing robotaxi service without drivers for 'several days', says Elon Musk

Tesla has started testing its robotaxi service in Austin, Texas without safety drivers over the last few days, according to Elon Musk.

The automaker reportedly aims to launch its robotaxi service on June 12.

Earlier this month, it was reported that Tesla had yet to start testing its planned robotaxi service in Austin without safety drivers.

It was worrying a month away from the start of the service and in comparison to Waymo, which tested its system with safety driver for 6 months and without safety drivers for another 6 months before launching in Austin earlier this year.

Advertisement – scroll for more content

Now, CEO Elon Musk has confirmed that the previous report was true as he announced that Tesla has been testing the service with “no one in driver’s seat” only for the “past several days”:

For the past several days, Tesla has been testing self-driving Model Y cars (no one in driver’s seat) on Austin public streets with no incidents. A month ahead of schedule.

He claimed that it is “a month ahead of schedule”, but he has also said that Tesla would launch the service to paid customers in June.

If true, it would imply that Tesla didn’t plan to test the service without a safety driver in the vehicle.

The CEO then added that Tesla will deliver a car to a customer from the factory using self-driving next month:

Next month, first self-delivery from factory to customer.

Tesla is planning to launch a small fleet of 10 to 20 Model Y vehicles for its robotaxi service in Austin next month.

Bloomberg recently reported that Tesla is aiming for June 12, but the date could change.

The service is expected to be using “heavy teleoperation.” Musk nor Tesla confirmed the level of teleoperation, but it could be significant as one teleoperator per car.

Over the last few days, several reports came out pointing to Tesla not having communicated important part of the planned rollout of the service to local authorities.

Electrek’s Take

At this point, I think this is either going to be fake, meaning an extremely high level of teleoperation, or a complete shit show, or both.

Musk claims to be “a month ahead of schedule” even though Tesla started testing its service without safety driver about 2 weeks before the planned start of the service. That’s ridiculous.

It’s not victory to have “no incidents” after a few days of testing. You need to have no incidents over months of testing and hundreds of thousands of miles before launching.

At this point, I’m praying that Tesla is launching this in a small geo-fenced area without highways or any high speed driving to limit potential dangers and to ensure teleoperators can increase safety. But even then, I fear there will be avoidable crashes.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla’s sales fall 87% in Quebec as its market gets wiped out

Published

on

By

Tesla's sales fall 87% in Quebec as its market gets wiped out

Tesla’s sales have fallen 87% in Quebec in the first quarter 2025 compared to the same period last year.

The critical Canadian market has been wiped out, and Tesla is no longer importing new vehicles.

Quebec is the leading EV market in Canada, with the highest adoption rate of new electric vehicles.

That’s due to incentives, cheap hydro electricity, and a strong base of EV enthusiasts.

Advertisement – scroll for more content

As the EV leader in North America, Quebec became an important market for Tesla.

However, Tesla’s market in Quebec is now gone.

We don’t have all Canadian data for vehicle registrations in the first quarter; however, Le Devoir managed to obtain data for Quebec from the Société d’assurance automobile du Québec (SAAQ), which revealed that Tesla delivered only 524 vehicles in Quebec during Q1 2025.

That’s down 87% compared to Q1 2024.

The pause in the Quebec and federal EV incentive programs contributed to the sharp decline, but the pause also happened in the quarter, which helped sales by creating urgency to buy and take delivery.

However, it also created an awkward situation for Tesla in which it was accused of filing thousands of questionable requests for incentives worth $42 million CAD, which it later claimed was a backlog of deliveries that it hadn’t filed yet.

This controversy added to growing brand damage for Tesla in Quebec and the broader Canada due to its CEO Elon Musk’s backing of Donald Trump, who is openly calling for the US to annex Canada.

Tesla’s Canadian Troubles are not over

While Q1 2025 was bad, Q2 could prove even worse. Tesla had to increase prices in Canada in April due to the Canadian government slapping 25% tariffs on its vehicles in response to Trump’s trade war.

The combination of the end of some incentive programs, the higher prices, and the degrading sentiment for Tesla in Canada and Quebec is leading to very few sales in the market.

A source familiar with the matter said that Tesla doesn’t plan to import more vehicles in the country this quarter due to low demand.

The broader EV market in Canada declined 45% in Q1 due to the pause in the incentive program, but Tesla’s decline was much sharper, indicating larger issues than just the lack of incentives.

Electrek’s Take

The situation for Tesla in Canada is even worse than in Europe right now. It’s not the largest market in terms of size, but it has a significantly higher EV adoption rate than the US and has helped Tesla in North America.

As long as the tariffs are in place, there’s little hope for Tesla in Canada.

Even if they are removed, which I hope happens soon, as it would mean a de-escalation of Trump’s dumb and illegal trade war, Tesla is still going to have major brand issues due to Musk’s backing of Trump and him saying some foolish things like “Canada is not a real country.”

All of those factors add to Tesla’s aging and limited lineup, which too heavily relies on Model Y, which had a refresh that wasn’t significant enough to revitalize sales.

It’s really hard to be optimistic about Tesla right now.

In Canada, Tesla currently has some inventory of the new Model Y, which it managed to secure before the tariffs. If you’re interested in a Cybertruck, there are plenty available. Although, I have a feeling that you are better off waiting a bit as I assume prices will come down.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Here’s a closer look at Kia’s low-cost EV2 [Video]

Published

on

By

Here's a closer look at Kia's low-cost EV2 [Video]

Kia’s smallest and most affordable EV is already creating quite the buzz. The EV2 will sit below the EV3 in Kia’s expanding EV lineup. With its official launch approaching, the Kia EV2 was spotted on public roads, giving us a closer look at the upcoming electric SUV.

Take a closer look at the Kia EV2 caught on public roads

Although the EV2 will likely only be around 4,000 mm (157″) long, Kia promises it won’t feel so small when you’re actually in it.

Last month, we got a sneak peek of the interior at Milan Design Week. During an exclusive event, Kia showcased the EV2 concept and revealed a few new details we can expect to see.

Kia designed the EV2’s interior to be a relaxing retreat from the city’s hustle and bustle, sort of like a porch or balcony. Thanks to its flat floor layout, the SUV offers flexible seating. By folding the second-row seats and pushing the front seats forward, the EV2 offers an open space to stretch out or “enjoy a meal,” according to Kia.

Advertisement – scroll for more content

Although no other details were offered, like Kia’s newer EVs, you can expect to see its new ccNC panoramic infotainment system with dual 12.3″ driver and navigation screens.

After the EV2 was spotted driving on public roads, we are getting a better look at Kia’s upcoming electric SUV. The video from ShortsCar reveals a front-end design similar to that of the EV3, EV5, and EV9, featuring its signature vertical daytime running lights (DRLs) and Star Map lightning.

Kia EV2 driving on public roads (Source: ShortsCar)

Despite its small size, the EV2 has a surprisingly large presence on the road, thanks to its upright stance and broad wheel arches, reminiscent of the larger EV9.

A production version of the EV2 was also spotted in Germany this week, with its European debut just around the corner. The images by SH Proshots (via TheKoreanCarBlog) show a similar design to the model caught driving in Korea.

Kia will launch the EV2 in Europe and other regions in early 2026. Prices and final specs will be revealed closer to then, but the EV2 is expected to arrive with a WLTP range of around 300 miles (483 km). Smaller battery options could offer less range at a lower price.

Since it’s slated to sit below the EV3, which is 4,300 mm (169″) long, the EV2 is expected to be closer to 4,000 mm (157″) in length.

Like Kia’s other electric vehicles, it will be based on Hyundai’s E-GMP platform, which also underpins its IONIQ series.

Kia’s CEO, Ho-Sung Song, told Autocar that the company plans to launch the EV2 in the UK with prices starting at about £25,000 ($32,000). Since that was a few years ago, plans could have changed. We will learn more soon. Check back for the latest.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending