Luxury electric vehicle-maker Karma Automotive announced pricing for its first all-electric car will start at $79,900, as the company prepares to take on Tesla and break out in the burgeoning upscale electric vehicle market.
The car can be reserved for a fully-refundable $100 deposit on their website. The design for the Karma GSe Series sedan has yet to be released but the company said it would retain the low-slung sporty profile of the company's signature car, the Revero GT, with a powertrain configuration, 21-inch wheels and vegan leather interior standard. Karma said its range will be "north of 300 miles."
<p>It's set to roll out next year as competition in the electric vehicle market heats up. Earlier this week, Silicon Valley-based Lucid announced their car, Lucid Air, is slated for 2021 and will start at $77,400. That prompted Tesla CEO Elon Musk to announce a price drop for the Model S.</p><p>Tesla has dominated the market but a slew of new electric vehicles are set to come on line that could challenge the carmaker's position. Karma told dot.LA earlier this year <a href="https://dot.la/karma-automotive-ipo-2646804376.html" target="_blank">it is talks with investment banks to help it go public</a>. The company sought to bring down prices so it can have a broader market appeal.</p><p>With production facilities in Moreno Valley, Karma is the only U.S.-based electric vehicle startup that is producing and selling vehicles other than Tesla. Last year it rolled out about 550 of its Revero GT, an ultra luxury electric vehicle that starts around $135,000.</p>
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Electric car company Fisker is getting ready for its Wall Street debut, adding C-level executives and snapping up a slick 73,000 square-foot headquarters in Manhattan Beach that it's calling "Inception."
The leased headquarters will house the now Torrance-based company's design and engineering team as it ramps up to deliver the "Ocean SUV" by the fall of 2022. The company said it will double its size, bringing on about 100 employees over the coming months, most of whom will work out of the new headquarters.
<p>The move comes after Spartan Energy Acquisition Corporation <a href="https://dot.la/fisker-ipo-2646402528.html" target="_blank">announced this summer</a> a deal that valued Fisker at $2.9 billion at the time. The New York Stock Exchange-traded corporation will hold a meeting Oct. 28 to vote on the deal. If approved, Fisker will be traded under the ticker "FSR." </p><p>Under the deal — expected to close by the end of the fourth quarter — Fisker will get more than $1 billion in gross proceeds to jumpstart production of Fisker Ocean, the vision of founder Henrik Fisker, CEO and chairman of the eponymously named startup. </p><p>Last month the company announced it would establish a new technology center in San Francisco called "source code" where it would provide support for design and engineering software. And earlier this week it appointed longtime Ernst & Young auditor John Finnucan as its chief operating officer. </p><p><a href="https://dot.la/fisker-ipo-2646402528/southern-california-bars-restaurants-salons-gyms-places-of-worship-must-shut-down-indoor-operations-amid-surge-in-covid-19-cases" target="_blank">The Fisker Ocean</a>, which premiered at the Consumer Electronics Show earlier this year, starts at $37,499 and is being billed as the most sustainable vehicle, replete with a vegan interior and recycled carpet. Reservations for the either purchase or lease start at $250.</p><p><span></span>Special purpose acquisition companies, known as a SPACs, enabled electric-vehicle startup Nikola Corp to go public this summer and have become a quick route to Wall Street for many companies. </p><p>Aston Martin designer Fisker's previous venture, Fisker Automotive, fell into bankruptcy in 2013 and was bought by a Chinese group that rebranded it Karma. That company <a href="https://dot.la/karma-car-2646367624.html" target="_self">recently secured $100 million from investors</a> and it <a href="https://dot.la/karma-automotive-ipo-2646804376/particle-4" target="_blank">hopes to go public as well.</a> </p>
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Xos Trucks, a commercial electric truck maker, announced Tuesday it has raised $20 million to ramp up production as California tightens emissions control on big rigs and delivery vans.
The North Hollywood-based startup formerly known as Thor Trucking launched four years ago focusing on green delivery trucks. They're already making vehicles for United Parcel Service and armored vehicles company Loomis.
<p>The investment was led by Proeza Ventures, a mobility-focused VC firm backed by the Mexican conglomerate Metalsa's holding company, and BUILD Capital Group.</p><p class="shortcode-media shortcode-media-rebelmouse-proxy-image">
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vbWVkaWEucmJsLm1zL2ltYWdlP3U9JTJGaW1nJTJGcGxhdGZvcm0tcG9zdGVyLmMwNmQ0YzljLmpwZyZobz1odHRwcyUzQSUyRiUyRnhvc3RydWNrcy5jb20mcz02NTMmaD00NTk2MzNmNDEyMjMyOGVmZDI5MGE5YzAxNjE2MjVhN2I0MGE2YzY1NmUyMTRmMWUyZWNiOGI1MTU1ZTlkNzIwJnNpemU9OTgweCZjPTIzODI0NjQyMjAiLCJleHBpcmVzX2F0IjoxNjQ0MjgxNjIwfQ.D1LjqqEl2hiHEu-lbRP-awGNrdia0QkpNFQIJU2GHp8/img.jpg" id="357ff" class="rm-shortcode" data-rm-shortcode-id="c8006ddeaf8a32a8744152842a1314c4" />
<small class="image-media media-caption" placeholder="Add Photo Caption...">Xos Turcks' X-Platform 1 is a skateboard chassis that is used for medium-sized commercial trucks.</small>
</p><p>The company said it will use the funds to scale their X-Platform 1, a skateboard chassis that is used for medium-sized commercial trucks often used for last mile delivery. The Mexico-based auto supplier Metalsa helped design the platform and is providing parts.<br/></p><p>"It's our goal to provide reliable, affordable, and sustainable transportation as the volume of e-commerce demands are increasing, and have accelerated during the pandemic," said Dakota Semler, co-founder and CEO of Xos Trucks. </p><p>California requires half of all commercial trucks sold in the state be zero-emissions by 2035, and all trucks by 2045. And the company is gearing up for the onslaught of demand as large fleet services and transportation companies scramble to comply. <br/></p>Xos vehicles have already been in use by UPS in Los Angeles for the past eight months.
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