Not So Sunny Headlines

Polestar in Hot Water with Nasdaq

Polestar faces a potential Nasdaq delisting over delayed financial reporting. They’ve been given 60 days to submit a plan, or get the boot. 🥾

• Compliance Count-Down — The clock is ticking for Polestar to submit a plan and potentially secure an additional 180 days to comply with Nasdaq regulations.
• Reporting Delays — The delayed report is tied to correcting financial misstatements from 2021 and 2022, which they promise will be resolved in the 2023 report.
• Sales Slump — Despite a 40% drop in Q1 sales, Polestar is still banking on future deliveries of the Polestar 3 and 4 to help them recover.

Fisker’s End of the Road(side Assistance)

Fisker has decided to pull the plug on its roadside assistance program in the U.S., adding to a long list of woes for owners of the Ocean SUV. Their decision comes amid ongoing financial struggles and operational challenges plaguing the EV manufacturer. 🔌

• Cancel Culture — Fisker notified owners via email on Sunday that roadside assistance would no longer be available in the U.S. and urged them to seek alternative solutions. This comes on the heels of a similar move cutting service in Europe just a few weeks back.
• Money Troubles — The company has been facing significant financial difficulties lately including lawsuits, a recent bankruptcy of its Austrian unit, and production halts.
• Future Plans — Despite the setbacks and challenges, Fisker says it’s still expanding its dealership network and has seen a recent boost in sales after price reductions. While the company remains optimistic, others in the industry are already calling this the beginning of the end for the EV-maker.

Ford Advises Dealers to Take a Beat on EVs

Ford is recommending that dealers pause any investments related to selling electric vehicles until after they complete a review of the requirements in June. The decision comes as EV sales lag and dealer feedback rolls in. ⏸️

• Sales Stall — The company has faced hurdles like affordability issues, charging access, and supply chain delays, leading to a $12B cut in EV spending and a projected $5.5B loss for its EV division in 2024.
• Charging Station Standoff — Ford initially required dealers to invest in Level 2 EV charging stations by June 30th to sell EVs but has now postponed the requirement after putting a hold on their certification program for a review.
• Dealer Doubts — After hearing from more than a thousand dealers, Ford says it’s working diligently to re-evaluate its strategy to better serve both customers and dealers.

. . .

The only constant is change, so it’s important to remain fluid especially when the waters get turbulent. As a forgetful fish once said: “just keep swimming.”