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Fisker Risks Bankruptcy As Cash Reserves Dwindle

– Fisker, the company which makes the Ocean, disclosed in a recent SEC filing that it has only about $50 million left in available funds.

– In 2023, Fisker spent $904.9 million on operational and investment activities, which now leads to concerns about its financial stability.

– As of April 16, Fisker held $53.9 million in unrestricted cash and $11.2 million in restricted cash, a significant decline from the $736.5 million it possessed at the end of 2022.

– The 10-K form highlighted that without additional investments, Fisker is at risk of bankruptcy, given its monthly spending exceeding $75 million on average last year.

– Fisker reported delivering over 6,400 Ocean EVs by April 16, 2024, out of approximately 11,193 cars manufactured, with nearly 4,800 units still in inventory.

– Fisker’s workforce underwent a 27% reduction, with approximately 425 employees laid off between January and April 2024, bringing the total headcount to around 1,135 employees.

– The company cited supplier dependencies as a contributing factor to its financial challenges, expressing concerns about suppliers’ ability to provide components timely and at acceptable costs.

– Fisker missed an $8.4 million interest payment on March 15, indicating potential bankruptcy if relief and additional liquidity are not obtained within 30 days from the filing of the financial statements on April 22, 2024.

– To generate cash flow, Fisker reduced prices of the Ocean SUV by up to $24,000 and hired a Chief Restructuring Officer to navigate its financial troubles.

– Despite efforts to stay afloat, Fisker’s decline has affected Ocean owners, who now face uncertainties regarding vehicle servicing and rapid depreciation.

– While there remains a possibility of Fisker securing a partnership to overcome its financial woes, time is running out for the struggling EV startup.

https://evne.ws/3QL9EqH

BMW i4 Receive Comprehensive Design and Technology Updates

– The electric BMW i4 emerged as the top-selling electric BMW globally last year, surpassing 83,000 units, with the i4 M50 xDrive leading as the best-selling M model in 2022 and 2023.

– BMW has refreshed the electric i4 to distinguish them from competitors like the forthcoming Mercedes-Benz CLE and electric EQE, incorporating new technology and design enhancements.

– The i4 showcases a revised closed-off front grille with a matt silver honeycomb pattern, while both models in M Sport Specification feature an updated gloss black rear diffuser.

– Notable changes in lighting provide the i4 with a more defined appearance, with single LED modules generating both low and high beams.

– Inside, significant updates feature a smaller gear selector akin to other BMW EVs like the iX1 and iX3, along with redesigned climate control air vents adopting a more minimalist style with smaller rotary switches.

https://evne.ws/4dlTWfh

Tesla’s Strategic Shift to Affordable EV Models

– Tesla is altering its product roadmap to introduce more affordable electric vehicle (EV) models due to “pressure” on EV sales.

– The company aims to launch these new models as early as next year or potentially by the end of 2024, with a focus on increasing production and expanding its vehicle lineup.

– Despite the lack of detailed information shared during an investor call, Tesla’s stock surged over 11% in response to the announcement.

– Tesla’s updated plan involves leveraging existing production lines and integrating elements of both current and next-generation platforms to expedite the launch of new models.

– The company is working on new versions of the Model Y and Model 3 that incorporate technology from the next-gen EV, emphasizing the Model Y.

– By blending next-gen technology with existing platforms, Tesla expects to double its production by 2025, although it may sacrifice some cost savings in the process.

– While Tesla has faced challenges in meeting growth targets in the past, it remains optimistic about its future growth trajectory.

– CEO Elon Musk hinted at a forthcoming reveal event on August 8, where Tesla is expected to showcase its advancements in autonomous driving, referred to as “Cybercab.”

– The company’s strategic shift aims to reorganize for the next phase of growth while maintaining a focus on innovation and cost-efficiency.

https://evne.ws/4dlTWvN

Unhealthy Air Pollution Affects 40% of U.S. Population, Reveals Lung Association Study

The American Lung Association’s 25th annual “State of the Air” analysis reveals a grim situation in the U.S., with almost 40% of the population exposed to unhealthy levels of air pollution. The report indicates that the number of people living in such conditions rose by approximately 12 million from 2020 to 2022, reaching a total of 131 million. Also, the country is witnessing more “very unhealthy” or “hazardous” air quality days than ever before in the survey’s history.

Katherine Pruitt, the national senior director for clean air policy at the American Lung Association, attributes this disheartening situation to climate change, which is undermining the progress achieved through the Clean Air Act. Wildfires, exacerbated by climate change, have emerged as a rapidly increasing pollution source that is difficult to control. Marshall Burke’s peer-reviewed research published in Nature corroborates this, suggesting that wildfire smoke has nullified about a quarter of the progress made by the Clean Air Act.

Dr. Lisa Patel, a pediatrician at Stanford Medicine Children’s Health, points out that the root cause of this problem is the burning of fossil fuels. She emphasizes the urgent need for political will to leverage available technology and federal investment in renewable energy to mitigate this crisis.

The “State of the Air” report analyzes air quality data from the past three years, focusing on ozone exposure and both short-term and year-round exposure to particle pollution. Worryingly, around 44 million people are living in areas failing to meet all three criteria.

Particle pollution, especially from combustion vehicles and fraction of human hair’s size, can infiltrate the lungs, circulate in the bloodstream, and impact other organs, increasing the risk of various health issues.

Stricter Environmental Protection Agency standards could further reduce pollution from transportation and industrial sources.

https://evne.ws/3QnjJdc

Hyundai Mobis to Build $128m EV Battery Plant in Spain

– Hyundai Mobis began the construction of a new electric vehicle battery systems assemblies (BSA) plant in Navarre, Spain, with an investment of $128 million. The facility is projected to commence mass production in 2026.

– This new plant, the first of its kind for Hyundai Mobis in Western Europe, is specifically designed to ensure a stable supply of battery systems to Volkswagen. It stems from the BSA contract secured by Volkswagen in August 2023.

– Occupying a 150,000 square meter site, the plant is anticipated to have an annual capacity of 360,000 battery systems and is set to begin operations in 2026.

– Jung In-bo, the head of the new Spanish plant, emphasized the commitment to establishing a long-term partnership with Volkswagen and diversifying the supply base in Europe to cater to upcoming models for the client, thereby accelerating the company’s transition towards electrification and meeting global demand.

– The battery system assemblies produced at this plant, which integrate a battery pack, a battery management system, and other components, will be supplied to Volkswagen’s factory in Pamplona, located approximately 14 kilometers away.

– Hyundai Mobis operates battery system production lines in South Korea, China, and the Czech Republic, with additional facilities under construction in the US and Indonesia.

https://evne.ws/3Wl9Bp4

Volkswagen’s Electric Vehicle Plans for China

– Volkswagen plans to introduce 30 new electric vehicles in China by 2030 to align with the increasing demand for green motoring in the country.

– The company aims to achieve 4 million annual deliveries to Chinese customers by 2030, representing around 15% of the total market share.

– Volkswagen’s market share in China declined to 14.2% in 2023, prompting the push towards electrification to compete in the rapidly evolving automotive landscape.

– Ralf Brandsatter, VW’s China chief executive, emphasized the goal to maintain a strong presence in the Chinese market, aiming for a cost and technology parity with local competitors while ensuring a profitable business model.

https://evne.ws/4dlTY6T

Daily Mail Corrects False Claim about Electric Vehicles Causing Potholes

– The Daily Mail published an article misrepresenting a report from the Asphalt Industry Alliance, falsely attributing the cause of potholes in Britain to electric vehicles.

– The article claimed that heavier electric vehicles were the main reason for the increasing repair costs of potholes, citing a report that did not mention electric vehicles at all.

– Following readers complaints, the Daily Mail issued a correction stating that the report did not blame electric cars for potholes, and subsequently removed references to electric vehicles from the online version of the article.

– The misreporting by the Daily Mail is part of a pattern of misinformation aimed at undermining government policies related to the phase-out of petrol and diesel cars for achieving net zero emissions by 2050.

– Richard Bruce, Director of Transport Decarbonisation at the Department for Transport, highlighted a consistent spread of false information against electric vehicles in the media, particularly in newspapers like the Daily Mail.

– A study by Climate Action Against Disinformation (CAAD) found that frequent readers of the Daily Mail tend to have a stronger belief in climate change misinformation narratives.

– The need for accurate reporting on climate change policies, especially concerning electric vehicles, is crucial to inform the public effectively.

https://evne.ws/3QmnKym

Polestar Introduces Polestar Phone Alongside Updated Polestar 4

– Polestar has unveiled the Polestar Phone, a new smartphone offering with 16 GB of RAM and 1 TB of storage, priced at $1,020.

– The Polestar Phone features a Qualcomm Snapdragon 8 Gen 3 processor, a 5,050 mAh battery, and supports 80 W wired charging and 50 W wireless charging.

-The device runs on the Polestar Phone OS, enabling AI image search, virtual assistant access, and more.

– Customers purchasing the updated Polestar 4 receive a complimentary Polestar Phone, with the vehicle available in two options starting at $47,000.

– Companies like Polestar and Nio are exploring the synergy between smartphones and electric vehicles to enhance user experience and connectivity.

https://evne.ws/4dlTYDV

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