Electric Vehicles Still Charging Ahead

The Fisker Ocean Electric SUV.

The Fisker Ocean Photo: Fisker

Investment in electric vehicles and their components and infrastructure continue to grow in spite of the pandemic and economic downturn, not to mention the infancy of the market.  According to MarketWatch.com, there is “sky high” investor interest in clean energy and electric vehicle companies using a new form of initial public offering (IPO) in which investors merge with a company and take it public immediately.  One such company is called Fisker, and it plans to use the proceeds of its IPO schedule for the 4th quarter to develop an SUV EV for the ’23 model year.  The car is called the Ocean (we like it already) and will be “premium yet affordable” with a starting price of $37,500 — coming in much under the Model Y, Tesla’s compact SUV selling for $49,990.

Why This Matters:  Former Vice President Biden’s new clean energy jobs proposal revives the “cash for clunkers” program but in a way that would juice this market.  You can get the cash for your old car, but only if you use it to purchase a new EV that is made in the USA.  And Biden would use the government’s purchasing power to changeover its fleet of vehicles to domestic EVs. Now that would put the pedal to the metal on US EV production.

The Ocean is Vegan

Fisker’s Ocean is hitting all the right notes for millennials. It is designed to be the world’s most sustainable vehicle. First, you can buy it or you can lease it for as long or as short a time as you want — no big commitment.  The company will offer it through what it calls a “flexible lease” with no long-term contracts, and 30,000 miles per year included in the lease, rather than the more usual 15,000 miles or so.  The Ocean has a range of up to 300 miles between charges, which removes another source of buyer anxiety. Best of all, the car’s interior is “vegan,” because it uses all plastic and cloth — and absolutely no leather. 

And There Are More EV Investments Expected

Axios Generate yesterday described the feeding frenzy around EV investments.  Tesla is the new Apple when it comes to stocks, apparently.  Here are just a few of the deals Axios reported on:

  • Last week, “Rivian closed a $2.5 billion funding round ahead of the production launch next year of its SUV, pickup, and delivery vehicles for Amazon.”
  • “Karma Automotive, which is in the early stages of producing a plug-in hybrid sports car, has raised another $100 million.”
  • “Nikola Motors, which has yet to build anything but plans electric and hydrogen-powered pickups and big rigs, saw its stock price soar after going public in June via a transaction similar to Fisker’s.”

Axios quotes an industry analyst from Wood Mackenzie who told E&E News that “The [electric vehicle] uprising is real, but the scale of investment into what I would view as fledgling companies is staggering.”

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