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☆ EV maker Fisker says it may go out of business
▼ + stars: | 2024-03-01 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

New York CNN —Fisker, the electric vehicle company founded by auto designer Henrik Fisker, announced in its fourth quarter earnings Thursday that it might not have enough money to survive another year. The company is in discussions with an existing investor about possibly putting more money into the company, the EV maker said in its announcement. Last year, Magna produced more than 10,193 Fisker SUVs, but fewer than half of those were delivered to customers within the calendar year, the company announced. Fisker is founder Henrik Fisker’s second car company. His first, Fisker Automotive, produced a plug-in hybrid luxury car called the Fisker Karma.

Persons: New York CNN — Fisker, Henrik Fisker, Fisker, Henrik, Henrik Fisker’s Organizations: New, New York CNN, Magna, Mercedes, Benz, BMW, Fisker Automotive Locations: New York, Austria, Europe, Hurricane

☆ Fed's favorite inflation gauge looms next week — plus, what we want from 2 portfolio earnings reports
▼ + stars: | 2024-02-24 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Wall Street returned to its winning ways this week — and Nvidia 's blowout earnings report Wednesday night was a big reason why. Twenty-six of our 32 portfolio stocks have delivered their results this earnings season (we didn't own Abbott Labs at the time of its report). It was a muted week for macroeconomic data, but we did get a slightly better-than-expected January existing home sales report on Thursday. In the week ahead, two more Club names are set to report earnings before a market-moving economic update arrives Thursday morning. The two other reports of note are the January new home sales report on Monday and ISM Manufacturing report on Friday.

Persons: Dow, we'll, bode, We're, Li Auto, Krystal, Arcutis, MARA, Iovance, Goldman Sachs BDC, CRON, BUD, Papa, LEV, Ginkgo, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nvidia, Nasdaq, Dow Jones, Dow, Palo Alto Networks, Bausch Health, Coterra Energy, Abbott, Companies, TJX, Marshalls, TJX Companies, Berkshire Hathaway, Krystal Biotech, Alpha Metallurgical Resources , Inc, Fidelity National Information Services Inc, Animal Health, ELAN, Public Service Enterprise Group, Surgery Partners, BioCryst Pharmaceuticals Inc, Outdoor Holdings, Enlight Renewable Energy Ltd, Kosmos Energy, Playtika, Video Communications, TiRobot Corp, IRB, SBAC Communications Corporation, HEICO Corporation, FS KKR, Archer Aviation Inc, TransMedics, Sterling Construction Company, AES, Cruise Line Holdings, Lowe's Companies, American Electric Power Company, Bank of Nova, APLS Pharmaceuticals, Bank of Montreal, BMO, Devon Energy, Solar Inc, Technologies, Lab, Virgin Galactic Holdings, Splunk Inc, eBay, EBAY, Luminar Technologies, Agilent Technologies, G Foods, Masimo Corp, Baidu, Parts Inc, Icahn Enterprises, Viatris Inc, ACM Research, Golden Ocean Group, EMCOR, Industries, NRG Energy, Dycom, Editas, UWM Holdings Corporation, Vistra Energy, Marathon Digital Holdings, AMC Entertainment Holdings, Paramount Global, IonQ Inc, International, HP, Monster Beverage Corporation, Cronos, Birkenstock Holding, Anheuser, Busch InBev, Body, Brink's Company, Flags Inc, Papa John's, ACI, Hormel, Lion Electric Company, BlackRock TCP, Dole plc, DOLE, Fisker Inc, Dell Technologies, Ginkgo Bioworks Holdings, Autodesk, Green Brick Partners, Hewlett Packard Enterprise, Veeva Systems, INTTEST Corporation, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: New York City, U.S, Salesforce, Maxx, Bank of Nova Scotia, BlackRock, Cayman

☆ Fisker's accounting chief Beuting resigns within two weeks of joining
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

A view of a Fisker logo during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Fisker Inc FollowNov 20 (Reuters) - Fisker (FSR.N) said on Monday its chief accounting officer Florus Beuting has resigned, within two weeks of being appointed to the role. Beuting, who expressed his intent to resign on Nov. 14, was named the accounting chief on Nov. 6 to succeed John Finnucan, who left the company in October after three years in the role. Finnucan's departure led the electric-vehicle startup to delay its quarterly results after it flagged issues relating to internal controls over financial reporting. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Florus Beuting, Beuting, John Finnucan, Ananya Mariam Rajesh, Shilpi Majumdar Organizations: REUTERS, New York Stock Exchange, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ Fisker delivers over 100 cars in a day with new distribution strategy
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Henrik Fisker, CEO of electric-vehicle maker Fisker Inc. introduces the Ronin electric sports car in Huntington Beach, California, August 3, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Fisker Inc FollowNov 17 (Reuters) - Fisker (FSR.N) said on Friday that its new distribution strategy would help improve delivery speed and volume, which the electric vehicle company noted was a bottleneck that curbed production. The EV maker delivered 107 vehicles on Thursday, crossing the 100 mark for the first time after executing a new strategy that brought in revenue of $7.5 million in one day. Fisker said it has added several logistics partners to transport Ocean SUVs to delivery locations so that they can be handed over to customers quickly. An employee can drive a customer's car to them if they live within 60 miles of a Fisker fulfillment location, eliminating the use of vehicle transport, the company said.

Persons: Henrik Fisker, Mike Blake, Fisker, Akash Sriram, Maju Samuel Organizations: Fisker Inc, REUTERS, Thomson Locations: Huntington Beach , California, Bengaluru

☆ Fisker shares sink 20% after EV maker discloses 'material weaknesses' in financial reporting
▼ + stars: | 2023-11-14 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Fisker Inc. officially revealed the Fisker Ocean all-electric luxury crossover at CES 2020 in Las Vegas. Shares of electric vehicle startup Fisker sank in morning trading Tuesday after a disappointing earnings report and a regulatory filing that raised concerns about the company's previous financial statements. The company's shares were down more than 20% from their previous close of $4.11 apiece. Fisker reported its third-quarter results on Monday afternoon, and they weren't what Wall Street had hoped to see. In a Monday night regulatory filing after its earnings report, Fisker said that following the abrupt departure of its chief accounting officer in October, it "determined that it has material weaknesses in the Company's internal control over financial reporting."

Persons: Fisker Organizations: Fisker Inc Locations: Las Vegas

NEW YORK, Nov 14 (Reuters) - Shares of Fisker Inc (FSR.N) fell by more than 24% to an all-time low on Tuesday after the electric-vehicle startup slashed its production targets as it struggles to ramp up deliveries. Multiple Wall Street analysts, including from Barclays, Evercore and Cowen, slashed their price target on Fisker's shares after its revised production forecast. The median price target of the 14 analysts covering the stock is $6.50, down from $8 a month ago, and their current recommendation is "hold", according to LSEG data. Unlike other EV makers, Fisker has outsourced its vehicle production to Canadian auto part supplier Magna International (MG.TO). Nelson reiterated his "strong sell" rating and halved his 12-month price target from $2 to $1.

Persons: Fisker's, Cowen, Fisker, John Finnucan, Ihor, Garrett Nelson, Nelson, Chibuike Oguh, Akash Sriram, Lance Tupper, Susan Fenton Organizations: Fisker Inc, Street, Barclays, Evercore, Magna International, S3 Partners, Thomson Locations: Fisker, New York, Bengaluru

☆ What we'd like to see from 3 economic readings and 2 earnings reports next week
▼ + stars: | 2023-11-11 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

The major averages advanced again this week as earnings results came in largely better than expected, interest rates stabilized and oil prices dropped below $80 a barrel. Looking ahead, we'll get a couple more earnings results and some key inflationary data to chew on. In this past week, we bought 150 shares of DuPont (DD) and added 75 shares of Wynn Resorts (WYNN). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Wynn Resort's, WYNN, we'll, That's, —, we're, it's, PANW, Tyson, Henry Schein, Spero, Sanara, Sara Lee Corp, JD.com, Woodward, Jim Cramer's, Jim Cramer, Jim, Mario Anzuoni Organizations: Nasdaq, Dow Jones, Coterra Energy, Emerson, Disney, PPI, TJX, Palo Alto Networks, DuPont, Wynn Resorts, WYNN, Tyson Foods, TSN, Tower Semiconductor, Partners, Genius Sports, Spero Therapeutics, Star Bulk Carriers Corp, Beauty Health, Asure, Gladstone Capital Corp, TeraWulf Inc, Harrow Health, Afya, Sea, Paysafe Group Holdings, Solar Inc, Aramark Holdings Corp, Lending, Holding, BioXcel Therapeutics, IHS Inc, Rewalk Robotics, Acurx Pharmaceuticals, Energizer Holdings, Power Solutions, Rekor Systems, Wine Estates, Momentus Inc, SIGMA Lithium Corporation, AlTi, QuickLogic Corporation, Arcturus Therapeutics, Dada Nexus, Solutions, Target Corp, Parts, ZIM Integrated Shipping Services, Alto Networks, Cisco Systems, Chemical & Mining Co, PennantPark Investment Corp, Copa Holdings S.A, Walmart, Arcos Dorados Holdings, ARCO, NICE, Body, Warner Music Group Corp, Ross Stores, Homes, Dolby Laboratories Inc, American Software, ESCO Technologies, ZTO, International, BJ's Wholesale, Jim Cramer's Charitable, CNBC, Maxx Locations: Macau, Chile, Cayman, Pasadena , California

☆ These 4 stocks report quarterly results next week. Here's what we hope to see
▼ + stars: | 2023-11-04 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

The major averages rebounded strongly this week as quarterly earnings came in largely better than expected and interest rates fell on softer economic data. The Dow Jones Industrial Average rose more than 5% for its best week since October 2022. The big theme next week is earnings and the four portfolio companies delivering their quarterly results. Here's the full rundown of all the important domestic data in the week ahead as we consider a number areas of our portfolio for trades next week. ET: Treasury budget statement for October (See here for a full list of the stocks in Jim Cramer's Charitable Trust.)

Persons: FactSet, we'll, Hulu —, Krystal, Horton, Zimmer, LEV, Armour, Ralph Lauren Corporation, CRON, Patterson, Walt Disney, MARA, Ginkgo, FREYR Battery, FREY, Arcelor Mittal, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones, Nasdaq, ISM, Services, Coterra Energy, Emerson Electric, Wall, National Instruments, Disney, Hulu, CNBC, Comcast, ESPN —, Wynn Resorts, WYNN, Asia that's, Wynn, Wynn's, Wynn Interactive, United, Brookfield Asset Management, Axsome Therapeutics, Network Corporation, Krystal Biotech, Ceragon Networks, Kosmos Energy Ltd, TreeHouse Foods Inc, Air Lease Corporation, Inc, Eversource Energy, Fennec Pharmaceuticals Inc, Graham Corporation, Aereas Inteligentes, Hilton, Energy, Realty Income Corp, Semiconductors, Vertex Pharmaceuticals Inc, Clover Health, Contura Energy, Diamondback Energy, FS KKR Capital Corp, Celanese Corp, Eos Energy Enterprises, Goodyear Tire & Rubber Company, WEN, Pall Corp, TransMedics, Emerson, Uber Technologies, Holdings, Melco Resorts, Entertainment, Zimmer Biomet Holdings, ACM Research, Lion Electric Company, Emerson Electric Co, Vertex Energy, Waters Corp, Air Products & Chemicals, Esperion Therapeutics, Fidelity National Information Services Inc, Bowlero Corp, Hotels, KKR, Co, Devon Energy Corp, Occidental Petroleum Corp, Dutch Bros Inc, Gilead Sciences, ContextLogic Inc, Akamai Technologies, Viatris Inc, Technologies, Corsair, Enovix Corporation, eBay, EBAY, DaVita Inc, Pan American Silver Corp, Roblox Corporation, Fisker Inc, Warner Bros ., Nuvei Corporation, Farms, Akebia Therapeutics, Biogen Inc, 3D Systems Corporation, Gray Television Inc, BlackSky Technology Inc, Cronos, EVgo Inc, Lumentum Holdings Inc, Nexstar Media Group, UTI Energy, Starwood Property Trust, AMC Entertainment Holdings, Marathon Digital Holdings, IonQ Inc, Digital Turbine, Virgin Galactic Holdings , Inc, Arm Holdings plc, ARM, Ginkgo Bioworks Holdings, Suncor Energy, AppLovin Corporation, B2Gold Corp, Luminar Technologies, MGM Resorts International, MGM, Bloom Energy Corporation, Li Auto Inc, Oatly, Kopin Corp, Fiverr International, YETI Holdings, YPF S.A, Ship Lease, Himax Technologies Inc, Dickinson, CommScope Holding, RBC, Agile Therapeutics, Apyx Medical Corporation, Grab Holdings, Hawaiian Electric Industries, Profire Energy, Flags Inc, Stereotaxis Inc, TransDigm, US Foods Holding Corp, Utz Brands, Valvoline Inc, Weibo Corporation, Wix.com Ltd, Trade, Petroleo Brasileiro SA Petrobras, Growth, Aurora Cannabis Inc, Navitas Semiconductor Corp, Archer Aviation Inc, Semiconductor, Energy Fuels Corp, Illumina Inc, Spike Investment Corp, Algonquin Power & Utilities Corp, AngloGold, Central Puerto S.A, Hudson Global, AirSculpt Technologies, Partners, Soho House, Jim Cramer's Charitable, Handout, Getty Locations: U.S, Macao, Asia, China, Las, Singapore, Wynn's Vegas, Boston, United Arab Emirates, Gilead, VVV, Central, Soho

☆ Fisker adjusts prices as EV market sees signs of demand slowdown
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 23 (Reuters) - Fisker (FSR.N) cut prices of its high-end Ocean Extreme SUV on Monday, while raising prices on two lower-priced variants, as the firm grapples with a slowdown in electric-vehicle demand and a price war started by dominant player Tesla (TSLA.O). The Ocean Extreme will now be about 11% cheaper in the U.S. at $61,499, while its Canada price has been reduced by approximately the same percentage to C$79,799 ($58,166.78). The starting price of the Tesla Model Y in the United States is $48,490. "It is essential Fisker responds to competitive realities in the rapidly growing EV market," CEO Henrik Fisker said. EV startups have borne the brunt of a price war started by Tesla to solidify its foothold in the competitive market in the face of rising borrowing costs and sticky inflation.

Persons: Brendan McDermid, Tesla, Henrik Fisker, Fisker, Arsheeya, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Tesla, EV, Air, Thomson Locations: New York City, U.S, Canada, United States, Bengaluru

Investors hiked their short bets on a handful of electric vehicle and charging companies during the second half of September, according to FactSet data. CNBC Pro used FactSet data to screen for stocks with the most short interest as of Sept. 29. A handful of other electric vehicle and charging stocks also saw a jump in short interest during the period. Short interest in Lucid Group , for example, increased 7.5% to 218 million shares, while short interest in EVgo rose 5% to 25 million shares. Other names that saw elevated levels of short interest included Beyond Meat , SunPower , Sunnova Energy and WeWork .

Persons: Novavax Organizations: CNBC, New York Stock Exchange, Nasdaq, Fisker, Lucid, Air, Sunnova Energy Locations: Fisker Inc, EVgo

☆ EV startup Fisker raises $150 mln from existing investor
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Electric-vehicle maker Fisker Inc. introduces the PEAR electric vehicle in Huntington Beach, California, August 3, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 29 (Reuters) - Fisker Inc (FSR.N) has raised $150 million from an existing institutional investor through the issue of convertible bonds with an additional $550 million in funding available, the electric-vehicle startup said on Friday. The EV company expects to use the proceeds to ramp up deliveries. Fisker earlier this month reiterated its plan to increase deliveries of its flagship Ocean sports utility vehicle to 300 units per day later this year. The new investment follows a previously announced convertible notes offering of $340 million in July to the unnamed investor.

Persons: Mike Blake, Tanya Jain, Sriraj Organizations: Fisker Inc, REUTERS, Fisker, EV, Ocean, Thomson Locations: Huntington Beach , California, Bengaluru

NEW YORK, Sept 26 (Reuters) - Shares of electric-vehicle startup Fisker Inc (FSR.N) rose by more than 20% on Tuesday after the company reaffirmed its plan to increase deliveries of its flagship Ocean sports utility vehicle, and a bullish Wall Street analyst report. The EV maker said it had built 5,000 Ocean SUVs and expects to ramp up deliveries to 300 units per day later this year, reiterating a plan announced earlier this month by Chief Executive Henrik Fisker. Fisker's shares rose as high as $6.47, and were on course for their biggest daily percentage gain since April. "The automotive industry is undergoing a once-in-a-century revolution with technology advancement on electrification, autonomy, and digitization," the analysts said. Unlike other EV makers, Fisker has outsourced its vehicle production to Canadian auto part supplier Magna International (MG.TO).

Persons: Henrik Fisker, John Babcock, Fisker, Chibuike Oguh, Lance Tupper, Deepa Babington 私たち Organizations: Ocean, Bank of America, Magna International Locations: California, U.S, Europe, New York

The company now expects to produce between 20,000 and 23,000 vehicles in 2023, down from 32,000 to 36,000 units projected in May. Fisker also raised its annual expenses projection to between $565 million and $640 million from $535 million to $610 million on higher selling, general and administrative costs. Electric-vehicle startups have faced supply chain issues in the past year as industry suppliers prioritize larger EV makers with proven production capacity and demand. Shares of Nikola (NKLA.O) also sank 13% on Friday after it named its fourth CEO in as many years in a bid to navigate a host of challenges including depleting cash reserves, supply chain constraints and a pivot to hydrogen fuel cell technology. Analysts expect the company to record an operating profit in the fourth quarter, according to Refinitiv data.

Persons: Henrik Fisker, Fisker, Raymond James, Akash Sriram, Sriraj Kalluvila, Anil D'Silva, Nick Zieminski Organizations: Fisker, Reuters, Nikola, Magna International, Revenue, Thomson Locations: California, Europe, United States, Austrian, Alaska, U.S, Bengaluru

HUNTINGTON BEACH, California, Aug 3 (Reuters) - Electric vehicle (EV) maker Fisker Inc (FSR.N) unveiled a pickup truck on Thursday, weeks after starting deliveries of its flagship sport utility vehicle (SUV) and as it tackles persistent supply chain issues. Fisker aims to make a mark in the crowded EV market with lower-priced vehicles that still have high-design sensibility. Fisker said Alaska, reservations for which opened on Thursday, would be built on the same platform as its Ocean SUV. Fisker, which uses contract manufacturing for its vehicles, aims to keep cost of production as well as vehicle prices low. While the Ocean SUV starts at $37,499, its smaller Pear SUV, which was also unveiled on Thursday, is priced at $29,990.

Persons: Henrik Fisker, Fisker, Tesla, We're, Lisa Baertlein, Abhirup Roy, Christopher Cushing Organizations: Fisker Inc, Reuters, Ford, Thomson Locations: HUNTINGTON BEACH , California, Alaska, Huntington Beach , California, Huntington Beach, San Francisco

☆ EV maker Fisker pushes into emission credit market to boost sagging business
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

Companies Fisker Inc FollowTesla Inc FollowJune 6 (Reuters) - Electric vehicle startup Fisker (FSR.N) has signed a deal to sell emission credits to a major automaker, looking to enter a market it is betting on to navigate a stormy economic environment and a price war sparked by Tesla (TSLA.O). The announcement on Tuesday comes barely a month after Fisker lowered its 2023 production target and reported a worse-than-feared adjusted loss in the first quarter. Many electric-vehicle makers, including market leader Tesla, have been selling credits earned for exceeding emission and fuel economy standards to other automakers that fall short. Fisker, whose shares closed up 1.4% at $5.84, will also start U.S. deliveries of the all-electric Fisker Ocean SUV later this month, it said. Reporting by Niket Nishant in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Fisker, Niket, Pooja Desai Organizations: EV, Thomson Locations: Bengaluru

MUNICH, May 17 (Reuters) - Electric car maker Fisker Inc (FSR.N) is exploring collaboration with other companies to scale up market share faster, Chief Executive Henrik Fisker said on Wednesday. If we collaborate with someone, you can scale quicker ... it could be with suppliers, other car companies, tech companies - we are exploring all these avenues," Fisker said, speaking at the Reuters Automotive Conference in Munich. The PEAR will have 25% fewer parts than a comparable car today, Fisker said. Instead, Fisker will build vehicles from steel, combining multiple parts into one using single stampings, he said. Fisker said eventually the company plans to have production capacity in Europe, China, the United States and India.

☆ EV maker Rivian takes bold bet with higher-priced vehicles amid heating competition
▼ + stars: | 2023-05-11 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

"We see demand from customers for what we're building" Rivian CEO R.J. Scaringe told Reuters on Wednesday. Rivian is confident of maintaining prices in the face of growing competition, he said, adding that extra-large batteries, better performance and premium features would distinguish the company from rivals. Any immediate impact on Rivian's demand will be difficult to gauge as the company, along with rival Lucid, stopped disclosing current orders in a move that has concerned analysts. "You'll absolutely see prices come down when they're able to have more economies of scale and when there's more competition. Reporting by Abhirup Roy in San Francisco; Editing by Peter Henderson and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

May 9 (Reuters) - Rivian Automotive Inc (RIVN.O) on Tuesday beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles, and stood by its annual production forecast of 50,000 cars. Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data. Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period. Rivian's quarterly net loss narrowed to $1.35 billion from $1.59 billion a year earlier.

Shares of SUV maker Fisker and truck maker Nikola Corp (NKLA.O), which reported early on Tuesday, fell 7% and 13%, respectively. Shares of Lucid, which makes luxury sedans, dropped 6% on Tuesday after its results late on Monday. Fisker lowered its annual production target to between 32,000 and 36,000 vehicles from its earlier target of 42,400 cars, blaming supply-chain issues and an "updated timing" for roadworthiness certification. The company, which started production of its Ocean SUV just in November and has $652.5 million in cash, also posted a larger-than-expected loss. For Nikola, cash burn came in at $240 million as it produced 63 vehicles.

☆ Rivian quarterly revenue beats estimates on higher-priced EV sales
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

May 9 (Reuters) - Rivian Automotive Inc (RIVN.O) beat Wall Street estimates for quarterly revenue on Tuesday as it sold more higher-priced electric vehicles and stood by its annual production forecast of 50,000 cars. Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data. Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period. Reporting by Akash Sriram and Tanya Jain in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola to pause truck production after posting bigger quarterly loss
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Nikola Corp (NKLA.O) on Tuesday reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona factory amid sluggish demand for its battery-powered trucks. "At the end of May, we plan to pause truck production as we convert the line to accommodate both hydrogen fuel cell and battery electric trucks on the same line and will resume production in July with the first saleable hydrogen fuel cell trucks," Nikola said. Earlier in the day, Fisker Inc (FSR.N) cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and reported a smaller first-quarter loss. Nikola's net loss widened to $169.09 million in the quarter, from $152.94 million a year earlier. Reporting by Tanya Jain and Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ EV startup Fisker cuts annual production forecast
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: 1 min

May 9 (Reuters) - Fisker Inc (FSR.N) on Tuesday cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and posted a smaller first-quarter loss. The California-based company now expects between 32,000 and 36,000 units to be produced in 2023, compared with its previous target of 42,400 cars. For the second quarter, the company expects to produce between 1,400 and 1,700 vehicles. The company reported a net loss of $120.6 million, or 38 cents per share, for the first quarter, compared to a loss of $122.07 million, or 41 cents per share, a year earlier. Reporting by Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Fisker cuts production guidance for Ocean EV after last-minute snags
▼ + stars: | 2023-05-09 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Electric vehicle startup Fisker on Tuesday reported a wider first-quarter loss than expected and cut its production guidance for the full year, both of which it blamed on last minute snags as it begins production of its Ocean SUV. 38 cents, versus a loss of 30 cents expected. A year ago, Fisker reported a net loss of $122.1 million, or 41 cents a share, with no revenue. Fisker had $652.5 million in cash remaining as of March 31, down from $736.5 million at the end of 2022. "We are ready to go full speed on production next week," Henrik Fisker told CNBC's Phil LeBeau on Tuesday.

☆ Fisker cuts production forecast as challenges mount for EV startups
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

The results follow weak earnings and a production outlook cut overnight from Lucid Group Inc (LCID.O), sending its stock tumbling 10%. U.S. EV startups' hopes of shaking up the industry collided with rising interest rates and sluggish demand, with many grappling with production challenges. Fisker now expects to produce between 32,000 and 36,000 units in 2023, compared with its previous target of 42,400 cars. The company blamed the cut on supply chain issues and an updated timing for homologation, or the certification for roadworthiness. As of March 31, Fisker had about $652.5 million in cash and cash equivalents, compared with $1.04 billion a year earlier.

☆ US shares of EV makers skid after Lucid, Fisker target cuts
▼ + stars: | 2023-05-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

REUTERS/Steve... Read moreNEW YORK, May 9 (Reuters) - Cuts to production forecasts by Lucid Group Inc (LCID.O) and Fisker Inc (FSR.N) slammed shares of electric-vehicle makers in early trading on Tuesday, with Lucid down about 9%. Fisker shares were last down 5.3% after the company reported quarterly results earlier on Tuesday and cut its production forecast for 2023. That added to the bearish news for the industry from late Monday, when Lucid reported quarterly revenue that missed analysts' expectations and trimmed its 2023 production forecast. Its shares were down 9.1% in strong early trading volume and on track for their biggest daily percentage drop since Feb. 23. The analysts also reiterated their "buy" rating on Lucid, but lowered their price target to $10.

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