Electric vehicle startup Fisker Inc. has set a goal of creating its first climate-neutral car by 2027.
Fisker has yet to market a vehicle, climate neutral or not, which makes it an ambitious target. The all-electric Fisker Ocean SUV, which is still on track to go into production in November 2022, will not be climate neutral, according to CEO Henrik Fisker who outlined the target as part of a larger update Tuesday to investors. Instead, it will be another vehicle that has yet to be announced.
Henrik Fisker, a serial entrepreneur who rose to fame as a designer of iconic vehicles like the Aston Martin V8 Vantage, the production launch design of the Aston Martin DB9 and BMW Z8 roadsters, also provided a few other updates during the appeal to investors. He said the ocean will have a predicted range of up to 350 miles, beyond the previously estimated 300 miles. The company received more than 14,000 reservations for the ocean in March, according to a Annual Report distributed to shareholders.
Fisker, which went public through a merger with special-purpose acquisition company Apollo Global Management Inc. in October at a valuation of $ 2.9 billion, aims to have four vehicles on the market by 2025. L one of them, Fisker hinted on Tuesday, could be a luxury vehicle he called the “UFO” that will use the architecture of the company’s FM29 platform.
Fisker’s carbon neutral plan
Other companies from all sectors have already pledged to achieve this goal of carbon neutrality. Henrik Fisker stressed to investors that the company will not buy carbon offsets to achieve this goal of climate neutrality. Carbon offsets are credits that companies can buy to “claim” a reduction in CO2 for their project or product. Instead, Fisker said they would work with suppliers to develop climate-neutral materials and manufacturing processes.
The company outlines some of the strategies it offers on its website, where it divides the vehicle’s life cycle into five phases: upstream supply, manufacturing and assembly, logistics, the use phase and end of life. For each phase, the company lists a few points, such as the location of manufacturing. Even with these plans, achieving climate neutrality in vehicle production will be extremely difficult. Vehicles use materials and components such as steel that are notoriously difficult to decarbonize, for example.
Fisker said the company’s manufacturing partners have their own climate neutrality goals, which is true for automaker Magna Steyr. The company has signed an agreement with Fisker to manufacture the Fisker Ocean exclusively in Europe. Magna has set a goal of climate neutrality for its European operations by 2025 and globally by 2030. Foxconn, Fisker’s other major partner for its second low-cost vehicle dubbed PEAR project, also has a target of net zero emissions, but it is set for the middle of the century.
Moonshot goals like this could help drive innovation in manufacturing processes and encourage other automakers and suppliers to achieve the same goals. Other automakers such as Polestar and Porsche have all made carbon neutral promises with deadlines of 2030, while Mercedes has said it will meet that target in 2039.
Fisker appears to have a plan on how he could recycle or reuse some of his EV batteries once they’re no longer needed in the vehicle. The company plans to extend its rental program over the vehicle’s estimated 15-year life, which would theoretically ensure that Fisker will be in possession of a number of its vehicles when they reach end of life.