The National Highway Traffic Safety Administration has opened a third investigation into EV startup Fisker’s Ocean SUV, this time centered on problems getting the doors to open.
The agency says the complaints point to a an “intermittent failure” of the door latch and handle system.
The Ocean SUV is already being investigated by ODI over problems with its braking system, and for complaints about the vehicle rolling away on uneven surfaces.
It paused production of the Ocean in March and reported just $121 million in the bank.
But the new safety probe suggests a deeper problem with the SUV’s doors.
Rivian has a challenging year ahead — and the first quarter is off to a tepid start.
Both of those figures are down from the fourth quarter of 2023, where it built 17,541 and shipped 13,972.
Rivian did signal that it plans to make roughly the same number of EVs as it did in 2023.
Producing and selling vehicles, which includes the R1S SUV, R1T pickup and two versions of a commercial electric van, has never been the company’s only challenge.
Tesla reported its own very weak first quarter sales on Tuesday.
The negotiations between Fisker and a large automaker — reported to be Nissan — over a potential investment and collaboration have been terminated, a development that puts a separate near-term rescue funding effort in danger.
Fisker revealed in a Monday morning regulatory filing that the automaker terminated the negotiations on March 22.
Fisker said in the filing that it will ask the unnamed investor to waive the closing condition.
In February, Fisker laid of 15% of its staff (around 200 people) and last week reported having just $121 million in the bank.
Fisker had held talks with other automakers, including Mazda, but only Nissan recently remained at the table.
Welcome to TechCrunch Fintech (formerly The Interchange)!
TC reporter Tage Kene-Okafor reported on how Uber led a $100 million investment into African mobility fintech Moove as the startup’s valuation hit $750 million.
He also wrote about how Zone raised $8.5 million to scale its decentralized payment infrastructure.
Dollars and centsNon-sexy industries can appeal to investors too.
The YC-backed startup raised $4.1 million last year with the goal of serving high-earning millennials and Gen Zers.
EV startup Fisker is pausing production of its electric Ocean SUV for six weeks as it scrambles for a cash infusion.
The company said in a Monday morning regulatory filing that it had just $121 million in cash and cash equivalents as of March 15th, $32 million of which is restricted or not immediately accessible.
Fisker finished 2023 having shipped roughly 5,000 of the 10,000 cars that its contract manufacturing partner, Magna Steyr, produced.
Automotive manufacturing is incredibly expensive, even for a company like Fisker which is outsourcing much of the work to suppliers like Magna.
In the near-term, Fisker said Monday it is trying to raise $150 million through the sale of convertible notes.
Apparently Frank Slootman, the veteran tech executive, was popular with investors, at least judging from their reaction that he will be stepping down as CEO of Snowflake.
The company stock price has plunged over 24% in after hours trading on the news.
Slootman came on board in 2019, taking over for veteran executive Bob Muglia, and was charged with taking the company public the following year.
In fact, Fortune reported that the chief executive was making an eye popping $95 million a month at one point.
Prior to coming to Snowflake, he spent six years as chairman and CEO at ServiceNow.
This is the third round of layoffs for the EV company since July 2022 when Rivian cut 6% of its workforce.
On a full-year basis, Rivian reported revenue of $4.4 billion, up from $1.66 billion in 2022.
It brought in about $39 million in the fourth quarter and $73 million for the full year from the sale of regulatory credits.
On an adjusted basis, it reported a loss of $1.1 billion compared to a $1.5 billion loss in the same year-ago period.
“We took significant steps towards driving greater efficiency in 2023 gross profit per vehicle improved by approximately $81,000 when comparing the fourth quarter of 2023 to the fourth quarter 2022,” Scaringe said on an earnings call Wednesday.
The move is part of the company’s plans to turn TikTok Shop into a multi-billion dollar e-commerce business in the United States.
During the Black Friday and Cyber Monday season in November, more than 5 million new U.S. customers purchased something via TikTok Shop.
The new feature would bring TikTok Shop links to regular content on the app, which may not be a welcome change for some.
New data reveals that TikTok’s growth has started to slow, raising the question of whether the app’s TikTok Shop e-commerce efforts could be to blame.
The slowdown comes on the heels of the launch of TikTok Shop in the U.S.People have been debating online whether TikTok Shop has “ruined” the app, with some lamenting that TikTok Shop was turning the app into an “ad-filled wasteland.”In addition to bringing TikTok Shop links to more videos on the platform, TikTok is also exploring other ways to boost its e-commerce business.
Fidelity has cut the value of its holding in Meesho by 33.6% since the original investment, giving the Indian social commerce startup a valuation of $3.5 billion, adjusted for outstanding shares.
Fidelity had marked down the valuation of Meesho to $4.1 billion at the end of October.
That sale valued Meesho at $3.5 billion, a factor that may have contributed to Fidelity’s assessment.
In a statement to TechCrunch, a Meesho spokesperson said: “Funds attribute value to their portfolio investments, considering various factors such as the valuation of comparable companies.
Based on Fidelity filings, the number of shares held and the current number of total outstanding fully diluted shares, the valuation is assessed at $3.5 billion.
Beijing has quietly pulled the proposed curbs on the video game industry from the official website, weeks after the draft guidelines wiped tens of billions of dollars off the market value of local titans.
The link to the draft rules was no longer accessible as of this morning, as first reported by Reuters.
The move follows Beijing also removing a key official – the head of the publication bureau of Communist Party’s Propaganda Department – over the handling of the release of the draft rules, which caught investors and gaming giants by surprise.
Local media reported in recent weeks — after the wipeout — that authorities may be open to walking back on some of the proposed rules.
Last month, China’s video game regulator proposed new measures to curb excessive time and money spent on computer and smartphone games.
