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When I visited the Electrify Expo in Long Beach, California last month, the traditional automakers had set up tents and booths buzzing with happy representatives ready to show off their electric and electrified vehicles to the media and the public. And then there was Fisker, where one lonely man sat amid a group of Ocean EVs, wondering whether anyone would talk to him.
The writing was already on the wall that day. This week, the electric startup filed for its inevitable Chapter 11 bankruptcy protection.
In March, Fisker slashed the prices of its vehicles in a desperate attempt to stave off bankruptcy. It did not succeed, nor was there ever a real chance that it would. The collapse marks the second failed car company for founder Henrik Fisker, and the list of reasons makes for an excellent business school case study in what not to do. But for those of us who own an electric vehicle, or may soon buy one, Fisker’s downfall brings up a question that’s especially pointed for anyone buying a car from an EV startup: What happens if the company that made your car isn’t around anymore?
The problem is as old as the car industry. While Ford and Chevrolet feel like they’ve been around since the dawn of time, automotive history is littered with car brands that don’t make cars anymore. Studebaker. Hudson. Pontiac. Oldsmobile. Saturn. Packard. One could go on. When the companies disappeared, their vehicles became “orphan cars” with no parent company around to make parts for or fix them.
Not every orphanage looks the same. Pontiac and Oldsmobile, for example, were divisions of General Motors by the time they were killed off, so GM remained to honor warranty claims on the cars. Plymouth owners had parent company Chrysler to turn to when that marque went to the chrome mausoleum. Sometimes, a car brand like Isuzu or Suzuki quits selling cars in the American market but the company itself remains intact, and so many have been sold previously that plenty of shops and mechanics who know how to work on those vehicles remain.
When a car company that hasn’t operated in the United States for many years disappears entirely, things get dicier. Enthusiasts still collect and drive vehicles from long-dead carmakers. But acquiring parts for them can be a wild goose chase, and maintaining them relies on knowledge passed down among a select few.
Here in the EV era, the few-thousand people who bought (and actually received) a Fisker Ocean are in a tight spot. Their warranty coverage will technically endure as long as Fisker’s court proceedings are ongoing, since it’s always possible that the company could emerge from Chapter 11 and still exist on the other side. As long as Fisker is in limbo, Ocean owners might be able to get the company to fix their cars.
If the company truly goes belly-up, though — which seems like the likeliest outcome — then all bets are off. Fisker’s assets would be liquidated, and owners may be lost in the shuffle as the automaker’s pieces are sold off for pennies on the dollar to anybody who might want them.
Any Fisker-specific parts would be extremely hard to come by if the company (which was slow on its production goals in the first place) vanishes. There would be no more over-the-air software updates to add features or fix bugs; that’s more bad news since right up to the point of bankruptcy, the company was sending out updates just to fix basic operations. Even relatively simple repairs may be hard to achieve once Fisker is no more. The U.S. faces an ongoing shortage of auto mechanics trained to fix electric vehicles, which are an entirely different beast compared to internal combustion. It’s not like any old garage down the street could or would work on an Ocean.
Ocean owners are not silently accepting this crappy outcome. A bunch of them just banded together to form the Fisker Owners Association in the hopes of collectively keeping their rides driveable and viable long after Fisker the company is no more. They are fighting for ongoing support of the Ocean’s software and continued access to the 4G internet the vehicle needs for its in-car navigation system to work. They are tearing apart their Oceans to find out which parts are common and which are proprietary, and using that knowledge to build a database for all Fisker drivers.
Their troubles — and their collective action to take more control over their own cars — should be a note of both warning and hope to other EV drivers. Perhaps the disarray at Fisker makes it a special case that was doomed to fail at some point. But even respected and well-regarded EV startups like Lucid and Rivian aren’t in the rosiest financial situation. The former had to severely slow down its production projections; the latter is trying to navigate the “valley of death” until it can get its mass-market R2 and R3 vehicles on sale. Even EV king Tesla was reportedly “about a month” from bankruptcy during the dire months of 2020 when it tried to scale up manufacturing of the Model 3. Oh, and there was that time in the 2000s that Detroit’s Big Three nearly collapsed.
Rivian and Lucid owners are surely in a better spot than their Fisker counterparts — both companies are in a better position to succeed than Fisker ever was, and are more likely to receive the investment they’ll need to avoid going to bankruptcy court, should it ever come to that. But there’s never a sure thing in life, and owning an EV from a new company inherently generates some risk of becoming an orphan.
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The Secretary of Energy announced the cuts and revisions on Thursday, though it’s unclear how many are new.
The Department of Energy announced on Thursday that it has eliminated nearly $30 billion in loans and conditional commitments for clean energy projects issued by the Biden administration. The agency is also in the process of “restructuring” or “revising” an additional $53 billion worth of loans projects, it said in a press release.
The agency did not include a list of affected projects and did not respond to an emailed request for clarification. However the announcement came in the context of a 2025 year-in-review, meaning these numbers likely include previously-announced cancellations, such as the $4.9 billion loan guarantee for the Grain Belt Express transmission line and the $3 billion partial loan guarantee to solar and storage developer Sunnova, which were terminated last year.
The only further detail included in the press release was that some $9.5 billion in funding for wind and solar projects had been eliminated and was being replaced with investments in natural gas and building up generating capacity in existing nuclear plants “that provide more affordable and reliable energy for the American people.”
A preliminary review of projects that may see their financial backing newly eliminated turned up four separate efforts to shore up Puerto Rico’s perennially battered grid with solar farms and battery storage by AES, Pattern Energy, Convergent Energy and Power, and Inifinigen. Those loan guarantees totalled about $2 billion. Another likely candidate is Sunwealth’s Project Polo, which closed a $289.7 million loan guarantee during the final days of Biden’s tenure to build solar and battery storage systems at commercial and industrial sites throughout the U.S. None of the companies responded to questions about whether their loans had been eliminated.
Moving forward, the Office of Energy Dominance Financing — previously known as the Loan Programs Office — says it has $259 billion in available loan authority, and that it plans to prioritize funding for nuclear, fossil fuel, critical mineral, geothermal energy, grid and transmission, and manufacturing and transportation projects.
Under Trump, the office has closed three loan guarantees totalling $4.1 billion to restart the Three Mile Island nuclear plant, upgrade 5,000 miles of transmission lines, and restart a coal plant in Indiana.
With a China-Canada import deal and Geely showing up at CES, these low-priced models are getting ever-closer to American roads.
Chinese EVs are at the gates.
Low-priced electric vehicles by the likes of Geely, BYD, and Zeekr have already sold enormous numbers in their home country and spearheaded EV growth around the world, from Southeast Asia to Latin America. Now they’re closing in on America’s borders. Canada just agreed to a new trade deal with Beijing that would kill the country’s 100% tariff on Chinese cars and, presumably, allow them to undercut the existing Canadian car market. In Mexico, EV sales surged by 29% in 2025 thanks to the arrival of Chinese models.
Though China’s EVs are still unavailable in the U.S., they feel ever-present already. Auto journalists (myself included) drive these vehicles abroad and rave about how capable they are, especially for the price. Social media influencer hype has fed an appetite for both entry-level and luxury Chinese models — and confused plenty of Americans wondering why they can’t buy them. Headlines speculate about how the Detroit auto giants could ever hope to compete once cheap BYD Dolphins start to populate American roads. Chinese giant Geely, which owns Volvo and Polestar, appeared at CES earlier this month, as if to signal that the arrival of Chinese electric vehicles is imminent.
But is it? The outlook remains rather murky.
The first thing to know is that Chinese cars are not outright banned from coming to America. Instead, it’s a constellation of economic and technological headaches that keeps Beijing at bay. A 100% tariff makes it difficult to compete on cost, even with America’s notoriously expensive EVs. America’s safety and emissions standards are difficult and expensive to meet. Because of national security concerns, connected cars (i.e. those that can hook into the internet) cannot use Chinese-made software, a ban that’s soon to expand to electronic hardware.
Those restrictions aren’t likely to change anytime soon. Sean Duffy, the U.S. transportation secretary, responded to Canada’s removal of its Chinese car tariff by saying our neighbor to the north would “surely regret it.” Members of Congress from both parties are largely opposed to allowing Chinese cars into America under the logic of protectionism for U.S. automakers.
Yet all that might not be enough to prevent the eventual arrival of Geelys and BYDs. The first variable is the unpredictability of President Trump, who has said before that he would like to see Chinese-made cars in America. I don’t expect the United States to eliminate its tariff entirely the way Canada has, but look, you just never know what the heck is going to happen these days.
In the meantime, Chinese automakers are strategizing how they might navigate the rules in place and sell cars here anyway. Crash safety, for example, isn’t the impediment it might appear to be. China’s carmakers have intentionally designed their models in such a way that they could be tweaked, rather than totally redesigned, to meet more stringent rules.
As for the rest, the global reach of these companies could help them get around rules that specifically target China. Geely, which has suggested it will reveal plans for an American invasion within two to three years, builds Volvos in South Carolina and could use those facilities to build Geely-branded EVs in the United States. Company representatives also hand-waved away the problem of Chinese-made software, arguing that as a global brand, it’s already accustomed to meeting the various data privacy regulations of different countries and regions.
In other words, Chinese car companies could skirt some American hurdles by making their cars a little less Chinese. The problem is that doing so might spoil their secret sauce. Part of the magic of Chinese EVs is their responsive, easy-to-understand touchscreen interface that’s obviously superior to what’s offered in otherwise-excellent electric vehicles by Chevy or Hyundai. There’s no guarantee Geely could easily secure a Western-made replacement of the same quality.
The key question, then, is: Will Americans want the versions of Chinese EVs that come to America? We’ve noted recently that drivers are finally showing signs that they are fed up with the cost of new cars spiraling out of control. The kind of cheap Chinese EVs now on sale around the world would be a godsend for money-stressed Americans who are dependent on the automobile. But tariffs and other aforementioned factors mean that the models we get likely won’t be $10,000 basic transportation machines that undercut the entire overpriced American car economy.
Instead, Geelys for America probably will be big, luxurious vehicles whose appeal is fundamentally about feeling techy, futuristic, and cool, much the way Tesla first won over U.S. drivers. To that end, the brand brought a couple of fancy plug-in hybrid SUVs to CES to show Americans what we’re missing. Five years hence, we might not be missing them at all.
Current conditions: The winter storm barreling from Texas to Delaware could drop up to 2 feet of snow on Appalachia • Severe floods in Mozambique’s province of Gaza have displaced nearly 330,000 people • Parts of northern Minnesota and North Dakota are facing wind chills of -55 degrees Fahrenheit.
President Donald Trump announced a “framework of a future deal” on Greenland on Wednesday and abandoned plans to slap new tariffs on key European Union allies. He offered sparse details of the agreement, though he hinted that at least one provision would allow for the establishment of a missile-defense system in Greenland akin to Israel’s Iron Dome, which Trump has called “The Golden Dome.” On the Arctic island in question, meanwhile, Greenlanders have been preparing for the worst. The newspaper Sermitsiaq reported that generators and water cans have sold out as panic buyers stocked up in anticipation of a possible American invasion.

Geothermal startups had a big day on Wednesday. Zanskar, a company that’s using artificial intelligence to find untapped conventional geothermal resources, raised $115 million in a Series C round. The Salt Lake City-based company — which experts in Heatmap's Insider Survey identified as one of the most promising climate tech startups operating today — is looking to build its first power plants. “With this funding, we have a six power plant execution plan ahead of us in the next three, four years,” Diego D’Sola, Zanskar’s head of finance, told Heatmap’s Katie Brigham. This, he estimates, will generate over $100 million of revenue by the end of the decade, and “unlock a multi-gigawatt pipeline behind that.”
Later on Tuesday, Sage Geosystems, a next-generation geothermal startup using fracking technology to harness the Earth’s heat for energy in places that don’t have conventional resources, announced it had raised $97 million in a Series B. The financing rounds highlight the growing excitement over geothermal energy. If you want a refresher on how it works, Heatmap’s Matthew Zeitlin has a sharp explainer here.
Stegra, the Swedish startup racing to build the world’s first large green steel mill near the Arctic Circle, has recently faced troubles as project costs and delays forced the company to raise over $1 billion in new financing. But last week, Stegra landed a major new customer, marking what Canary Media called “a step forward for the beleaguered project.” A subsidiary of the German industrial giant Thyssenkrupp agreed to buy a certain type of steel from Stegra’s plant, which is set to start operations next year. Thyssenkrupp Materials Services said it would buy tonnages in the “high-six-digit range” of “non-prime” steel, a version of the metal that doesn’t meet the high standards for certain uses but remains strong and durable enough for other industrial applications.
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For years, Tesla’s mission statement has captured its focus on building electric vehicles, solar panels, and batteries: “Accelerating the world’s transition to sustainable energy.” Now, however, billionaire Elon Musk’s manufacturing giant has broadened its pitch. The company’s new mission statement, announced on X, reads: “Building a world of amazing abundance.” The change reflects a wider shift in the cultural discourse around the transition to new energy and transportation technologies. Even experts polled in our Insiders Survey want to ditch “climate change” as a term. The fatigue was striking coming from the very scientists, policymakers, and activists working to defend against the effects of human-caused temperature rise and decarbonize the global economy.That dynamic has fueled the push to refocus rhetoric on the promise of cheaper, more efficient, and more abundant technological luxuries — a concept Tesla appears to be tapping into now. It may be time for a change. As Matthew wrote in September, Tesla’s market share hit an all-time low last year.
In yesterday’s newsletter, I told you that the Tokyo Electric Power Company had delayed the restart of the Kashiwazaki Kariwa nuclear power station in western Japan over an alarm malfunction. It wasn’t immediately clear how quickly Japan’s state-owned utility would clear up the issue. It turns out, pretty quickly. The pause lasted just 24 hours before Tepco brought Unit 6 of the seven-reactor facility back online, NucNet reported.
Things are getting steamy in the frigid waters of Alaska’s Bristol Bay. New research from Florida Atlantic University’s Harbor Branch Oceanographic Institute found that a small population of beluga whales survive the long haul by mating with multiple partners over several years. It’s not just the males finding multiple female partners, as is the case with some other mammals. The study found that both males and females mated with multiple partners over several years. “What makes this study so thrilling is that it upends our long-standing assumptions about this Arctic species,” Greg O’Corry-Crowe, the research professor who authored the study, said in a press release. “It’s a striking reminder that female choice can be just as influential in shaping reproductive success as the often-highlighted battles of male-male competition. Such strategies highlight the subtle, yet powerful ways in which females exert control over the next generation, shaping the evolutionary trajectory of the species.”