Fisker Inc. has released its Q1 financial report for 2023, and although there is some room for celebration as early deliveries of its flagship SUV (sort of) roll out, there is much work to be done on the production side to come close to previously announced output guidance. Today also brought a progress update of the Fisker PEAR, a new version of the Ocean, and plans for more EVs.
Fisker Inc. ($FSR) continues to stay in the news this month with its Q1 2023 financial report we’ve been anticipating for a few weeks now. After beginning production on schedule this past November, Fisker finally delivered its first Ocean SUV to a customer in Denmark last week.
Yesterday, the Fisker team was in Germany celebrating the opening of three new footprints around Munich – a large Fisker Lounge in the city’s center, as well as a new showroom in the same building as its new European headquarters, located in Munich’s Motorworld complex.
Additionally, registrations in Germany opened up as CEO Henrik Fisker received the second ever delivery of an Ocean EV. Bloomberg recently reported that the first delivery in Denmark was allegedly on its way back to Magna Steyr where it was built, citing software issues affecting its operability. However, a Fisker Spokesperson shared the following with Electrek :
We can confirm that the first delivered customer vehicle is still in Copenhagen – and the other customer car is still in Munich, Germany. No customer cars are on the way back to Magna/Graz, Austria. Regarding software, we categorically deny that the Fisker Ocean can be driven at only low speeds. We are launching with basic ADAS software, a decision we announced last year, and that software will be updated over-the-air during the year
These are the growing pains that come with not only producing a flagship model, but trying to scale simultaneously (and quickly). In admirable Fisker Inc. fashion, the second iteration of the EV automaker announced ambitious production guidance for this year. However, following a less productive Q1, Fisker has adjusted its output goals and shared how much funding it has to try and get there.
Fisker lags in Q1, has catching up to do in 2023
According to the Q1 2023 financial results released by Fisker Inc. this morning, the automaker (and contract manufacturer Magna) produced 55 OCean SUVs – a mix of engineering, marketing, and customer vehicles. That’s actually one less than it produced in Q4 of 2022, and well short of its previously announced target of 300 vehicles by the end of March.
Still, the automaker states production is expected to ramp up beginning next week and it expects to produce between 1,400-1,700 Oceans in Q2 before reach a running rate of 6,000 units monthly by the end of Q3 2023 – as long as “all its partners deliver.”
As a result of the slower start in Q1 2023, Fisker has adjusted its annual production guidance from (up to) 42,400 units to between 32,000-36,000. As of May 8, 2023, Fisker is still reporting 65,000 reservations for the Ocean SUV.
Financially, Fisker Inc. reported cash and cash equivalents of $652.5 million (excluding $22M in VAT receivables that continue to be delayed into 2023) as of March 31, 2023 (end of Q1). That’s about $80 million less than it had at the end of 2022.
Fisker also relayed it has about a $47 million cash balance raised from its its $350 at-the-market (ATM) program during Q1. Net cash used in operations totaled $83.7 million, while capital expenditures were $45.7 million.
Due to higher R&D expenses this past quarter, Fisker reported a $121.6 million loss from operations and a total net loss of $120.6 million ($0.38 loss per share). Looking at key non-GAAP operating expenses and capital expenditures for the rest of 2023, Fisker Inc. expects to stay within a range of $535-$610 million – the same annual estimate it relayed entering the year.
Other Q1 updates
During this morning’s call with investors, Henrik Fisker shared some additional updates regarding the automaker’s progress in additional EV models. For example, Fisker mentioned a new “hardcore off-road package” for the Ocean SUV called Force E (not to be confused with Nissan’s e-4ORCE technology).
The package (seen in the rendering above) can be implemented on any AWD version of the Ocean SUV after purchase and is expected to become available in Q4 of this year. Per Fisker:
The off-road category is currently dominated by internal combustion vehicles, but Fisker wants to change that. Force E will perform superbly off road, with substantial ground clearance and ramp angles, 33-inch all-terrain tires on 20-inch reinforced wheels, specialized dampers, plus an estimated 550 horsepower. A full-length titanium underbody plate protects the Fisker Ocean’s battery, and the vehicle has structurally mounted front and rear skid plates. The package can even be retrofitted on all-wheel-drive Fisker Ocean Extremes and Fisker Ocean Ultras, giving future customers the option of transforming their vehicles. The Ocean’s outstanding utility is further enhanced with an optional interior package of rubber floor coverings, additional grab handles, and tie-downs. The unique, lightweight roof basket is a further option.
Lastly, Fisker shared a couple quick updates regarding the PEAR – its second EV model. As of May 8, 2023 the automaker has over 6,000 PEAR reservations as development continues. By using a new process it calls “steel ++,” Fisker says it has been able to reduce the PEAR’s parts count by 25%, which should help the automaker to try and achieve its lofty goal of delivering the EV for under $30,000.
As Fisker Inc. looks to finalize its battery partners for the PEAR, it shared that is now pushing its 2024 start of production into 2025.
There was no mention of the Project Ronin GT – Fisker’s third EV model previously teased, but we may learn more this summer. The automaker said that it is planning an inaugural Investor Product Day, where it intends to “showcase several new models that will be part of Fisker’s goal to produce 1 million vehicles in 2027.”
Love it, but let’s get those Oceans out and running correctly first, folks… baby steps. You can check out the full Q1 2023 webcast from Fisker here. We’ll check back following Q2.
FTC: We use income earning auto affiliate links.More.
Corporate America is investing in clean energy at record levels, with tech giants taking the top spots for users of solar.
Meta, Google, and Amazon are leading the charge in solar and battery storage adoption, according to the Solar Energy Industries Association’s (SEIA’s) latest “Solar Means Business” report.
Meta continues to hold the title of the top solar user in corporate America, with nearly 5.2 gigawatts (GW) of solar capacity installed. Meanwhile, Google leads the way in energy storage, boasting 936 megawatt-hours (MWh) of installed battery capacity. Through the first quarter of 2024, these companies have added the most solar capacity to their electricity portfolios, with major players like General Motors, Toyota, and US Steel also climbing the ranks.
The report reveals that US businesses have installed nearly 40 GW of solar capacity both onsite and offsite through Q1 2024, and corporate storage use now exceeds 1.8 gigawatt-hours (GWh). Even more growth is coming: Companies have over 3 GWh of battery storage under contract that will come online in the next five years.
“Some of the largest industrial and data operations in the world continue turning to solar and storage as a reliable, low-cost way to power their operations,” said SEIA president and CEO Abigail Ross Hopper.
Technology companies are at the forefront of this shift as data center growth drives skyrocketing electricity demand. Amazon, for example, leads the US with 13.6 GW of solar procurements under contract, while Meta and Google each have nearly 6 GW under contract – pipelines over 10 times larger than the next company in the rankings.
Target remains the US’s leading onsite corporate solar user for the ninth year in a row, with Prologis, Walmart, Amazon, and Blackstone also making the top five. For the first time, the “Solar Means Business” report is also tracking corporate battery energy storage, with Google, Apple, Meta, Target, Walmart, Home Depot, and Kohl’s among the top 10 companies using storage to meet more of their energy needs in real-time.
Looking ahead, both offsite and onsite energy storage are expected to play a bigger role in corporate renewable energy strategies. Medical companies like Kaiser Permanente are already using batteries to power microgrids, making their facilities more resilient to outages.
Carolyn Campbell, Meta’s head of clean and renewable energy, East, highlighted the importance of expanding solar capacity to match the company’s global operations with 100% clean energy: “We’re thrilled to rank number one for corporate solar procurement in SEIA’s report this year, and we continue to find ways to grow the grid to benefit everyone.”
Target’s vice president of property management, Erin Tyler, said of Target’s 20-year-old solar program, “Through our commitment to solar, we’re well on our way to achieving our corporate goal of sourcing 100% of electricity from renewable sources by 2030.”
The “Solar Means Business” report also looks at the policies driving corporate America’s adoption of solar. Many companies are taking advantage of the Inflation Reduction Act’s long-term clean energy incentives. To further accelerate their renewable energy investments, businesses are calling for improvements in interconnection processes, new community solar legislation, and simpler tax credit monetization.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.
Volkswagen Group Africa has officially begun production of a modern electric farm tractor at its multifunctional facility in Gashora, Rwanda in a bid to advance modern, low-emission agricultural initiatives in Africa.
Part of a larger Rwandan initiative called the GenFarm Project, the new VW tractor is part of a “holistic ecosystem” of electrified farming machinery set to be used throughout rural Africa – where liquid fossil fuels are often just as difficult to come by as electricity. The goal is to provide machinery that’s both sustainable and reliable.
“We are growing our footprint in Africa and regard Rwanda as a key growth market. This project demonstrates our commitment to sustainable practices and highlights our ability to provide mobility solutions to the rural community in addition to the urban community currently serviced by our Volkswagen Mobility Solutions Rwanda business,” explains Martina Biene, Volkswagen Group Africa Chairperson and Managing Director. “The GenFarm Project fosters technological innovation and aligns with Volkswagen Group’s strategy to generate meaningful value for both society and the environment through sustainable mobility.”
The GenFarm project will eventually provide mobility services for transportation of goods and people. In June 2023, Volkswagen Group Africa signed a Memorandum of Understanding (MoU) with the Government of Rwanda to provide land for the establishment of the GenFarm Project.
The Volkswagen tractors’ electric motor produces 20 kW (about 27 hp), making it about the same size as the Solectrac product (which hasn’t worked out well in the US, it must be said). That motor gets its electrons from a 32 kWh swappable battery. Batteries are swapped/charged at the Empowerment Hub to minimize downtime. DC fast charging isn’t available, but the relatively small, swappable batteries (hopefully) mean that’s not much of a problem.
The GenFarm project hopes the new VW electric tractor will help clean up Rwanda’s agricultural sector, which currently accounts for some 25% of the national Gross Domestic Product.
Electrek’s Take
We’ve talked a lot about the lack of new farmers in America, but the problem is global – especially as western companies, and western ideas about consumerism, continue to spread. Products like this electric tractor from VW will make farming cleaner, quieter, and (hopefully) more attractive to young workers.
A new, all electric Peterbilt 579EV is in-service at Honda’s Lincoln, Alabama assembly plant, where it’s busy transporting newly-built Honda cars from the plant to a nearby railhead for shipment to dealers across the country.
Part of a pilot program between Honda, Alabama Power, and Virginia Transportation Corp., the new electric semi truck will help stakeholders gather data about the practicality and performance of the battery-powered Pete and use it to generate case studies for broader electrification initiatives. Other supporters of the pilot project include the Alabama Clean Fuels Coalition and, of course, Peterbilt.
“We remain committed to delivering for our customers and the environment,” offered Leo Doire, owner and CEO of Virginia Transportation Corp. “Our new Peterbilt 579EV model will be tested to determine how well it performs against the high productivity demands of our operations. The partners we have at the table will help us maximize this opportunity and prepare to scale up if we get the results we are hoping for.”
The truck itself has been spec’ed to be perfect for the kind of short haul and drayage applications Honda has in mind. This particular Peterbilt 579EV is fitted with PACCAR’s 400 kWh battery and a 670 hp electric motor good for an impressive 2,050 lb-ft of peak torque at 0 rpm.
The truck offers 150 miles of operating range and can be charged in about 3 hours on a 120 kW charger installed specifically for that purpose. A charger, it should be noted, that was partially paid for by Alabama Power.
“Alabama Power’s ‘Make Ready’ program provides businesses with valuable rebates to help reduce the upfront costs of installing EV infrastructure,” says Alabama Power Electric Transportation Manager Hasin Gandhakwala. “We are committed to partnering with customers who are exploring state and federal grant opportunities. Alabama Power is dedicated to advancing EV technologies to better serve the needs of our customers.”
With the big Pete’s 82,000 lb. GVWR and 150 miles of range between charging sessions, it seems like these guys will be making a lot of back-and-forth runs between the Honda plant and the CSX terminal to me. Here’s hoping they see the benefits of electrifying the rest of their vehicle transport fleets somewhat sooner than later.