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Tag: Magna International Inc

  • Fisker confirms Ocean EV deliveries will start in spring, it is heading in the right direction to construct greater than 40,000 in 2023

    Henrik Fisker stands with the Fisker Ocean electrical automobile after it was once unveiled on the New york Seaside Pier forward of the Los Angeles Auto Display and AutoMobilityLA on November 16, 2021 in New york Seaside, California.

    Patrick T. Fallon | AFP | Getty Pictures

    Electrical automobile startup Fisker mentioned Monday that it spent much less cash in 2022 than it had anticipated, and that it stays heading in the right direction to start out deliveries of its Ocean SUV this spring and to construct greater than 40,000 automobiles in 2023.

    Stocks have been up over 24% in early buying and selling on Monday.

    Fisker mentioned that so far, 56 Oceans were constructed at production spouse Magna World’s contract-manufacturing facility in Austria. Fifteen of the ones have been finished earlier than year-end and are getting used for checking out by means of each Fisker and Magna, as the 2 corporations refine the producing procedure, check further options, and paintings via regulatory approval processes within the U.S., Canada and Europe.

    The file comes lower than per week after EV startups Lucid and Nikola underwhelmed with their manufacturing and supply effects.

    Fisker mentioned in the past that the Ocean would have about 350 miles of vary in most sensible trims, however CEO Henrik Fisker mentioned Monday that early checking out has proven the Ocean has extra vary than anticipated.

    “Those effects make stronger our expectation that, on the time of release, the Fisker Ocean could have the longest vary of any SUV/Crossover priced underneath $70,000,” he mentioned.

    In base trim, the Ocean has about 250 miles of vary and a beginning worth of $37,499; longer-range variations get started at about $50,000.

    Fisker expects to finish the checking out wanted for regulatory approval of the Ocean subsequent month, and to ramp up manufacturing — and start deliveries — in the second one quarter. The corporate reiterated its earlier manufacturing steering — “as much as” 42,400 automobiles in 2023 — “equipped the availability chain delivers in line with our forecast and we obtain [regulatory approval] in a well timed method.”

    Fisker had “roughly 65,000” reservations for the Ocean as of Feb. 24, up reasonably from “over 62,000” as of its third-quarter income file in early November. As a result of it’s going to be in-built Austria, the Ocean would possibly not qualify for the brand new U.S. govt EV incentives.

    Fisker spent a complete of $702 million in 2022, just a little underneath its steering vary of $715 million to $790 million. The corporate had $736.5 million in money last at year-end, together with $57 million raised from its ongoing at-the-market proportion providing within the fourth quarter of 2022. It recently expects to spend between $535 million and $610 million in 2023.

    Fisker is focused on a favorable gross benefit margin of between 8% and 12% for the yr and mentioned that it’s going to have certain income earlier than pastime, tax, depreciation, and amortization, or EBITDA, for the whole yr as neatly.

    Fisker’s fourth-quarter internet loss was once $170.1 million, or 54 cents in line with proportion, on income of about $306,000. Each have been wanting estimates: Wall Boulevard analysts polled by means of Refinitiv had anticipated a lack of 42 cents in line with proportion on income of $2.5 million.

    Fisker additionally mentioned it has made growth on its upcoming 2d fashion, a lower-cost small EV known as the Pear, and it stays heading in the right direction to enter manufacturing subsequent yr.

    The corporate mentioned it now has “over 5,600” reservations for the Pear, up from “over 5,000” reservations in early November. The Pear, which is anticipated to start out at $29,900, will likely be constructed by means of Foxconn Generation Team within the former Lordstown Motors manufacturing unit in Ohio beginning in 2024.

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  • EV maker Fisker faces liquidity questions after quick dealer claims its money is “tied up”

    Henrik Fisker stands with the Fisker Ocean electrical automobile after it used to be unveiled on the Long island Seashore Pier forward of the Los Angeles Auto Display and AutoMobilityLA on November 16, 2021 in Long island Seashore, California.

    Patrick T. Fallon | AFP | Getty Photographs

    Electrical automobile startup Fisker is dealing with new liquidity questions after a brief dealer’s file Thursday claimed the corporate’s price range are “tied up.”

    Fisker says it has quite a few money, about $824 million as of Sept. 30. However undisclosed prison restrictions may just imply the EV startup can not get admission to a lot of that money hoard, forcing it to factor new inventory to lift price range, quick dealer Fuzzy Panda Analysis wrote within the file.

    Stocks of Fisker fell about 5% following the file’s unlock on Thursday.

    Consistent with the file, a lot of Fisker’s money stability is tied up by way of financial institution promises on behalf of Magna Global, the automobile portions large that started construction Fisker’s Ocean SUV underneath contract remaining month. The file additionally alleges the design of the Ocean is in line with that of an electrical SUV that Magna designed with a Chinese language automaker, with no less than 80% of portions carried over. The file cites unidentified former workers of Fisker and Magna as its resources.

    Fisker strongly denied the file’s key allegations.

    “Fisker Inc. does no longer have a financial institution ensure with Magna, and Fisker owns the highbrow assets for the Fisker Ocean platform,” the automaker mentioned in a observation after the U.S. markets closed on Thursday. “The Ocean platform does no longer have 80 % carryover portions from every other platform.”

    Fisker mentioned it has despatched a cease-and-desist letter to Fuzzy Panda, and that it is going to “take instant and competitive motion” to handle the quick dealer’s “false and deceptive claims.”

    Get entry to to money is a very powerful for any automaker. Between manufacturing facility tooling and engineering prices, bringing a brand new style to marketplace can price a thousand million greenbacks or extra — and far of that general needs to be spent sooner than a unmarried new automobile ships. Established automakers typically care for money reserves of $10 billion or extra to be sure that they may be able to proceed to convey new merchandise to marketplace if a recession takes a chew out in their income.

    For a startup like Fisker, a money reserve is important to its good fortune. With a possible downturn looming, that money has supplied some convenience to its traders. But when the corporate can not get admission to it, that convenience might be fleeting.

    Fuzzy Panda estimates no less than $790 million of Fisker’s money is pledged to be sure that Magna is paid for manufacturing facility tooling, production prices and its contractually assured margins, a complete of about €2,700 ($2,840) according to automobile. Fisker mentioned remaining month that it expects to construct 42,400 Oceans by means of the top of 2023.

    On account of the promises, the quick dealer wrote, Fisker has been pressured to make use of “at-the-market” inventory choices to proceed investment its operations as an alternative of tapping its money.

    In an “at-the-market” providing, or ATM, an organization problems new stocks and sells them by way of the open marketplace, on the prevailing value. Fisker filed a registration observation with the Securities and Alternate Fee in Might that permits it to lift a complete of $2 billion from ATMs over the years.

    Fisker mentioned it raised $118 million by way of ATMs within the 3rd quarter, however Fuzzy Panda added the EV maker will want to lift “considerably more money” by way of that facility.

    The file cites a variety of signs that Fisker has been shifting to preserve money since early in 2022, together with a observe that the corporate’s employee-lunch program used to be “downgraded from high-end salads to most commonly pizza.” (Fisker mentioned in a observation it’s “glad that we will be able to proceed to supply our workers lunch at a time when many startups are suffering.”)

    Fuzzy Panda mentioned it has a brief place in Fisker’s stocks. The company up to now revealed identical experiences about Electrical Ultimate Mile Answers, which filed for chapter in June, and Ohio-based electrical van maker Workhorse Workforce.

  • Rivian inventory jumps because the EV automaker says call for stays top and manufacturing is on course

    Manufacturing of electrical Rivian R1T pickup vehicles on April 11, 2022 on the corporate’s plant in Customary, Unwell.

    Michael Wayland / CNBC

    Electrical car maker Rivian Car on Wednesday maintained its 2022 manufacturing goal, pronouncing it is nonetheless on course to construct 25,000 automobiles this 12 months, because it reported a bounce in reservations and a first-quarter loss that used to be rather narrower than Wall Boulevard had anticipated.

    Listed here are the important thing numbers from Rivian’s first-quarter income record:

    Loss in step with proportion: $1.43, narrower than Wall Boulevard’s $1.44 consensus estimate in step with Refinitiv.Income: $95 million, as opposed to $130.5 million in step with Refinitiv consensus estimates.Internet loss: $1.59 billion.Automobile reservations: Over 90,000.

    Rivian stated it now has over 90,000 reservations, up from 83,000 as of its remaining replace in March. That overall comprises about 10,000 new reservations made because it raised costs in the beginning of March, it stated, to a median acquire worth of over $93,000.

    However it can be some time ahead of Rivian fills the ones most up-to-date orders. The corporate stated it has misplaced “roughly 1 / 4” of its deliberate manufacturing for the reason that finish of March because of tight provides of a few important elements, together with semiconductor chips.

    Via Would possibly 9, Rivian had produced a complete of about 5,000 automobiles since beginning manufacturing remaining fall, the corporate stated, together with R1T pickups, R1S SUVs and an electrical supply van for Amazon referred to as the EDV.

    Rivian’s 2022 manufacturing objectives mirror provide chain constraints and inner production problems. The 25,000 goal is part the full-year quantity that Rivian specified by its roadshow presentation to traders forward of its IPO remaining November.

    Rivian’s production efforts will quickly get a brand new chief. Frank Klein, the present chief of car provider Magna World’s contract-manufacturing unit, will sign up for the corporate as leader running officer on June 1. Klein is anticipated to concentrate on resolving the ones provide chain problems and scaling up Rivian’s manufacturing.

    The corporate had $17 billion in money closing as of March 31, in line with its first-quarter free up, sufficient to hide its spending in the course of the release of its subsequent fashion at a deliberate new manufacturing facility in Georgia in 2025, it stated.

    Stocks of the corporate rose kind of 4% in after hours buying and selling Wednesday, after losing just about 10% right through the common buying and selling consultation.

    Via Wednesday’s shut, Rivian’s stocks had misplaced about 28% in their worth since a post-IPO lockup duration for insiders and early traders expired on Sunday. Ford Motor offered 8 million of its kind of 102 million Rivian stocks on Monday at a median worth of $26.80 in step with proportion. The inventory debuted at the public markets at $106.75 in step with proportion six months in the past.

    That is breaking information. Please take a look at again for updates.

  • A slate of EV automakers file income this week and can attempt to turn out they may be able to flip hype into manufacturing

    Lucid Motors CEO Peter Rawlinson poses on the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) starts buying and selling at the Nasdaq inventory trade after finishing its trade aggregate with Churchill Capital Corp IV in New York Town, New York, July 26, 2021.

    Andrew Kelly | Reuters

    Traders keeping beaten-up electrical car shares are bracing for a slate of first-quarter income stories, which roll out over the following couple of days.

    The asset staff has had a coarse trip, with the S&P Kensho Electrical Automobiles Index off 25% for the reason that starting of 2022 and down 43% from its February 2021 height. The index tracks EV makers like Tesla and Honda in addition to primary auto business providers like Visteon and Lear.

    One of the best-known shares within the sector have fared even worse. They most commonly declare little to no income, and minimum, if any, manufacturing — and 3 of them file income at some point of two days.

    First up, Fisker

    California-based EV startup Fisker reported after the markets closed on Wednesday that it misplaced $122.1 million within the first quarter, or $0.41 in line with proportion. That used to be a slight leave out: Analysts polled by way of Refinitiv had anticipated a lack of $0.39 in line with proportion.

    Fisker’s stocks fell about 1.5% in after-hours buying and selling following the inside track.

    Fisker has greater than 45,000 reservations for its upcoming Ocean, a swish electrical SUV that can get started round $38,000.

    Fisker does not have a manufacturing unit of its personal; international auto provider Magna World will construct the Ocean at its contract production facility in Austria. Manufacturing is anticipated to begin in November.

    Closing 12 months, Fisker introduced plans for a 2d car, a lower-cost style code-named PEAR that will likely be constructed by way of Taiwanese contract producer Foxconn Generation Staff beginning in 2023. And previous Wednesday, Fisker introduced a 3rd style, a sports activities automotive known as Ronin, deliberate for overdue 2024.

    Fisker mentioned on Wednesday that Magna has begun development Ocean prototypes for trying out, and that it stays on the right track to start out development automobiles for purchasers in November. CEO Henrik Fisker advised CNBC’s Phil LeBeau that Fisker and Magna now plan to triple manufacturing of the Ocean from 50,000 automobiles in 2023 to 150,000 yearly by way of the tip of 2024.

    Fisker has about $1 billion in money available, it mentioned, sufficient to look it in the course of the starting of Ocean manufacturing.

    12 months to this point, the corporate’s inventory is down about 33% as of Wednesday’s shut, and is off 63% from its February 2021 height of $28.50.

    Manufacturing plans at Nikola

    Electrical heavy truck maker Nikola Motors will file earlier than the markets open on Thursday.

    Nikola, founded in Phoenix, is almost definitely excellent recognized for the scandals that resulted in the abrupt departure of founder Trevor Milton in September 2020. Milton is now going through federal fees on allegations that he misled buyers in regards to the state of Nikola’s era — however after paying a agreement to the U.S. executive, his former corporate has moved ahead.

    Below Milton’s successor, CEO Mark Russell, Nikola has simplified its go-to-market plan, solid some key partnerships, and begun manufacturing of the battery-electric model of its Tre heavy truck. An extended-range model of the Tre, powered by way of hydrogen gas cells, is anticipated subsequent 12 months.

    Nikola mentioned Monday it raised about $200 million from a non-public sale of convertible notes. Its present money steadiness — regarded as round $1 billion — and expected investment wishes will most likely stir questions all the way through its income name Thursday morning.

    Nikola’s inventory is down about 27% 12 months to this point via Wednesday, and is off 91% from its prime of $79.73, set in June 2020.

    Readability from Lucid

    Not like Nikola and Fisker, Lucid may have some income to file when it releases its first-quarter effects after the markets shut on Thursday. The Arizona-based maker of luxurious EVs started manufacturing of its first style, the Air sedan, ultimate fall.

    Lucid CEO Peter Rawlinson served as leader engineer on Tesla’s landmark Type S. The Air, a no-compromises, prime efficiency luxurious sedan with an enormous fluctuate, is observed as an up to date take at the concepts that formed the Type S.

    Critiques had been excellent: amongst different accolades, the Air used to be Motor Pattern’s Automobile of the 12 months. However Lucid has struggled to ramp up manufacturing amid ongoing international provide chain disruptions. In February, it lower its 2022 manufacturing goal from 20,000 automobiles to between 12,000 and 14,000 devices.

    The standing of Lucid’s manufacturing ramp-up may be a scorching matter on Thursday’s income name.

    Lucid’s inventory is down about 47% this 12 months via Wednesday, and is off 65% from its February 2021 height of $58.05.