Karma reemerges from obscurity, teasing world debut of an entirely new EV portfolio coming in 2024
California-based EV automaker Karma Automotive is looking to claw itself back from irrelevance in a fast-paced industry that has hockey-sticked upward in innovation without it. Following an aggressive strategy under a new president, Karma intends to introduce an entirely new EV portfolio next month, including its first super coupe. Here’s what we know so far.
Karma Automotive is a Chinese-owned automaker based in Orange County, California, whose roots date back to another early EV innovator that saw its own renaissance – Fisker. In February 2014, Chinese auto part supplier Wanxiang Group purchased the remaining assets of Fisker Automotive after it had filed for bankruptcy, deriving its very brand name from the Fisker model it had acquired.
By 2016, the young automaker released the Revero, which was really just a PHEV version of Fisker Karma. It was followed by plans for a Revero GT, which was supposed to be the brand’s halo vehicle. In 2021, Karma introduced a new GS line of EVs, including the GS-6 PHEV and all-electric GS-e6 – the latter of which never saw production.
For those keeping score at home, Karma has yet to deliver a passenger BEV. News surrounding the brand for the past three years has been sporadic. There was a lawsuit against fellow startup Lordstown Motors, which found the gavel in its own right, filing for bankruptcy this past June.
Other than that, we covered Karma expanding into the B2B market to help commercial operators electrify their fleets, but still no new passengers EVs. Hope had seemed lost until a new president stepped in this past spring who looks to put a spotlight back on Karma to crank out some new models quickly.
Karma shares plans for a new EV lineup coming 11/11/23
According to Karma Automotive, its current president, Marques McCammon, has been quite busy since he took over the role in March of this year. McCammon said that one of his first tasks as president was to reach out to the company’s vice president of global design, Michelle Christensen, in order to try and emulate the work she did with Acura on the NSX supercar in 2017.
This isn’t just one vehicle remodel, though, but an entire portfolio of new EVs donning the Karma badge. McCammon spoke:
I explained that Michelle’s design work at Acura, which perfectly melded with the NSX brand platform, was the strategy I wanted to adopt at the new Karma. Then I told her you’ve only got eight months to get it all done.
Here we are, seven months later and a mere month away from Christensen’s deadline – can Karma deliver? Based on its press release today, it appears poised to at least unveil some new EVs next month, but to what stage in the development process they sit remains a mystery. Christensen spoke to the process of the past seven months, some of the hurdles faced, and where the automaker may end up in the EV market:
We resemble more of a woven fabric than a linear string like most automakers. This is the challenge of a lifetime. Designing vehicles – especially high-end exotic vehicles – historically takes several years, but our collaboration and ingenuity with low volume techniques has produced a seamless, gorgeous representation of our Karma identity. This is an animal that is very pure, a beautiful new flagship/halo that is all at once futuristic and will age gracefully. We’re creating low, long and fast vehicles that compare favorably to any high-end European brand.
Low, long, and fast – that’s what we may get a glimpse of on November 11, which is when Karma intends to share new details of its EV lineup at the Wynn Concours in Las Vegas, Nevada. The automaker says the public will learn more about its initial lineup of BEV sports tourers, including a super coupe, as well as how it intends to reach market.
Per Karma, it also intends to explain the company’s “rapidly paced product plan” that will see new Karma EV on the road in 2024 and beyond. All eyes will be on Vegas next month to see what sort of technology Karma is touting.
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Rondo Energy and energy producer EDP are installing a massive 100 MWh renewable-powered heat battery at HEINEKEN’s brewery in Lisbon, Portugal. The project will deliver round-the-clock renewable steam and reduce emissions without altering the facility’s beer brewing process.
Brewing HEINEKEN with zero-carbon steam
The Rondo Heat Battery (RHB) will be the biggest deployed in the beverage industry worldwide. It can store electricity as high-temperature heat using refractory bricks, then convert that heat into 24/7 steam, all without burning fossil fuels.
At HEINEKEN’s Central de Cervejas e Bebidas Brewery and Malting Plant, the heat battery system will supply 7 MW of steam, powered by renewable electricity from onsite solar and the grid. That steam is identical to steam created by gas-fired boilers, but without the carbon pollution.
EDP is providing the renewable electricity and will deliver the steam directly to HEINEKEN via a Heat-as-a-Service model. Rondo is supplying the battery, and HEINEKEN gets to ditch fossil fuels without retooling its brewing process.
Why this matters
This project is a big win for industrial decarbonization. High-temperature steam is one of the most complex parts of manufacturing to electrify, and the beer industry runs on it. HEINEKEN’s Lisbon site already uses solar panels for electricity and electric heat pumps for hot water, and this move helps it go even further.
It’s part of HEINEKEN’s “Brew a Better World” plan to hit net zero emissions by 2040 and decarbonize all of its global production sites by 2030.
Additionally, the deployment aligns with Portugal’s national target of reducing greenhouse gas emissions by 55% by 2030.
The bigger picture
With the European Investment Bank and Breakthrough Energy Catalyst backing this and other Rondo projects with €75 million in funding, this Lisbon installation is just the beginning. Rondo’s technology enables energy-hungry industries to switch from fossil fuels to renewable electricity without compromising 24/7 operations.
Rondo CEO Eric Trusiewicz sums it up: “We are thrilled to be installing our first Rondo Heat Battery in Iberia, and to support HEINEKEN to reach its goals. We look forward to helping industries across Iberia cut costs and carbon, and help Iberia capitalize on the opportunity.”
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Lucid Group (LCID) reported third-quarter earnings after the market closed on Wednesday, missing top and bottom-line estimates.
With 4,078 vehicles delivered in Q3, Lucid marked its seventh straight quarter with higher deliveries. Through the first nine months of 2025, Lucid delivered nearly 10,500 vehicles, more than the roughly 10,200 it handed over in 2024.
Although supply chain issues hampered production in the first half of the year, Lucid’s CEO Marc Winterhoff said the company made “significant progress ramping production of the Lucid Gravity through Q3,” including adding a second manufacturing shift at its Casa Grande, Arizona, plant.
Lucid produced 3,891 vehicles in Q3, missing estimates of around 5,600. With 9,966 EVs produced through the third quarter, Lucid will need to build over 8,000 more to meet its full-year production goal of 18,000 to 20,000.
According to estimates, Lucid is expected to report an adjusted quarterly loss of $2.27 per share on revenue of $352 million in Q3 2025.
Lucid Group Q3 2025 earnings breakdown
Lucid missed top and bottom-line estimates as it continues to address industry-wide supply chain issues that are hampering production of the Gravity SUV.
Although it missed estimates, Lucid reported Q3 revenue of $336.6 million, which is still up 68% from $200 million in the same period last year.
Lucid’s net loss narrowed to $978.4 million in the third quarter, or $3.31 per share, from $992.5 million, or $4.09 per share, in Q3 2024. On an adjusted basis, Lucid posted a loss of $2.65 per share.
In addition, Lucid said it agreed with Saudi Arabia’s Public Investment Fund (PIF) to increase the delayed draw term loan credit facility (DDTL) from $750 million to around $2 billion.
Given the increase, Lucid said total liquidity would have been around $5.5 billion at the end of Q3, up from the $4.2 billion it reported. Lucid ended the third quarter with $1.6 billion in cash and equivalents.
Lucid said liquidity is enough to fund it through the first half of 2027, up from the second half of 2026, as previously forecast. Lucid plans to launch production of its more affordable midsize platform in late 2026 with vehicles starting at around $50,000.
Lucid confirmed it was still on track to start production of the midsize platform later next year. However, given the supply chain issues, it now expects to hit the lower end of its production goal at around 18,000.
Winterhoff said the company “remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry.”
Lucid is advancing other emerging tech, including autonomy and intelligent mobility. Through a new partnership with NVIDIA, Lucid aims to be among the first to offer Level 4 autonomous driving.
The third-quarter earnings miss comes after Rivian (RIVN) beat expectations this week, reporting higher revenue and improving gross margins.
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Robinhood beat Wall Street expectations for the third quarter on Wednesday, extending a hot streak that has made it one of the biggest large-cap U.S. tech stocks this year.
Here is how Robinhood’s results compared to Wall Street estimates, according to analysts surveyed by LSEG:
- Earnings per share: 61cents vs. 53 cents expected
- Revenue: $1.27 billion vs. $1.19 billion expected
Revenue doubled year-over-year, while net income climbed to $556 million, or 61 cents per share, up significantly from the same quarter last year, when the company posted net income of $150 million, or 17 cents per share.
Transaction-based revenue, which is a proxy for trading activity, came in at $730 million, below StreetAccount’s $739 million estimate.
“Q3 was another strong quarter of profitable growth, and we continued to diversify our business, adding two more business lines — Prediction Markets and Bitstamp — that are generating approximately $100 million or more in annualized revenues,” finance chief Jason Warnick said in the release.
Robinhood is closing the gap with Coinbase as it pushes beyond retail trading into full-scale wealth management. The company has been aggressively offering deposit matches to lure clients from Fidelity and Schwab, and assets under management have grown with its TradePMR acquisition.
Robinhood year-to-date stock chart.
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