Fisker's Losses Mount as It Readies for Production of Its Electric SUV

Zac Estrada

Zac Estrada is a reporter covering transportation, technology and policy. A former reporter for The Verge and Jalopnik, his work has also appeared in Automobile Magazine, Autoweek, Pacific Standard, Boston.com and BLAC Detroit. A native of Southern California, he is a graduate of Northeastern University in Boston. You can find him on Twitter at @zacestrada.

Fisker's Losses Mount as It Readies for Production of Its Electric SUV

Fisker Inc. is charging ahead with plans to get its first electric vehicle into production by the end of next year amid increased competition from startups and established automakers, despite ballooning losses.

The Manhattan Beach-based startup automaker posted losses of $176.8 million in the first quarter of 2021, compared to $1.13 million in the first quarter of 2020.


Fisker said Monday it has more than 16,000 reservations for the Ocean EV SUV and is on track for a September 2022 start of production at the Magna Steyr plant in Austria. First deliveries would begin at the end of that year, but the final production version of the vehicle would appear first in November at the Los Angeles Auto Show. Fisker is aiming for a 350-mile range on most models and a starting price of less than $38,000.

"I feel really good about 16,000 reservations," Chairman and CEO Henrik Fisker said on Monday. "I think that's pretty amazing considering as some people say there's a crowded market out there."

Fisker downplayed any concerns of delays caused by the COVID-19 pandemic or component shortages.

The company revealed that $30 million in expense guidance was earmarked for costs related to a small vehicle, dubbed Project PEAR, that was announced in February.

Fisker and Foxconn have finalized an agreement to allow the Taiwan-based electronics manufacturer to produce the sub-$30,000 EV in the United States by the end of 2023. Today, Henrik Fisker said the exterior design of the vehicle, which he told dot.LA in March would be radical and unconventional, has been completed and several key components were being sourced.

Two more models are expected to follow the second Fisker vehicle before the end of 2025, although the company hasn't said if those models would be produced with the help of Foxconn or Magna International, which has a 6% stake in the automaker.

Fisker said Sharp Corp. would develop the screens and user interfaces for production versions of the Ocean and PEAR vehicles, and potentially the other two projected cars. The deal would contribute to both the Ocean and PEAR sharing as much as 30% of their components.

Fisker reported it ended Q1 2021 with a cash balance of $985 million. The company's shares closed at $11.22, up 6.86%, but were down in after hours trading.

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This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M
This Week in ‘Raises’:

While it was a slow week of funding in Los Angeles, security vendor Saviynt managed to score $205 million that will be used to meet the company’s growing demand for its converged identity platform and accelerate innovation.

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LA Tech ‘Moves’: Saviynt Gains New CEO, The FIFTH Taps Agency Veteran to Lead Creative Team

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Saviynt Gains New CEO, The FIFTH Taps Agency Veteran to Lead Creative Team
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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Los Angeles’ Wage Growth Outpaced Inflation. Here’s What That Means for Tech Jobs

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Los Angeles’ Wage Growth Outpaced Inflation. Here’s What That Means for Tech Jobs

Inflation hit cities with tech-heavy workforces hard last year. Tech workers fortunate enough to avoid layoffs still found themselves confronting rising costs with little change in their pay.

Those national trends certainly touched down in Los Angeles, but new data from the Bureau of Labor Statistics (BLS) show that the city of angels was the only major metro area that saw its wage growth grow by nearly 6% while also outpacing the consumer price index, which was around 5%. Basically, LA was the only area where adjusted pay actually came out on a net positive.

So, what does this mean for tech workers in LA County?

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