Saturday, 18 May 2024


Forza X1 reports strategic shift amid marine EV market slowdown By

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Forza X1, Inc. (ticker: FX1) has announced a strategic pivot in response to the current economic climate and the decreased demand for marine electric vehicles (EVs). During the first quarter 2024 investor call, Joseph Visconti, Executive Chairman and Interim CEO, outlined a series of measures aimed at reducing cash burn and reassessing the company’s future direction.

Despite a challenging market, Forza X1 continues construction on its North Carolina facility due to pre-existing financial commitments and potential shareholder value.

Key Takeaways

  • Electric boat sales remain small compared to traditional combustion engine boats.
  • The broader marine industry is experiencing a downturn, influenced by economic uncertainties.
  • Forza X1 is slowing down testing and production, reducing monthly cash burn, and exploring strategic alternatives.
  • The company is continuing investment in its North Carolina facility due to prior financial commitments.
  • Forza is seeking joint ventures and collaborations to enhance market reach and product offerings.

Company Outlook

  • Forza X1 is actively seeking strategic alternatives to maximize shareholder value with minimal financial risk.
  • The company is exploring joint ventures with companies that have complementary technologies or market access.
  • Collaboration with technology firms, especially those specializing in battery technology and propulsion systems, is a focus.
  • Forza aims to confine resources, share risks, and capitalize on joint capabilities with other industry players.

Bearish Highlights

  • The National Electric Vehicle Sector is mirroring a market slowdown in enthusiasm and demand for electric boats.
  • Only 200 electric boats were sold in the United States in 2023, with 90% being small horsepower boats concentrated in California.
  • Large motor manufacturers like Yamaha and Mercury have entered the marine EV space, intensifying competition.
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Bullish Highlights

  • Forza X1 has successfully reduced its burn rate from $600,000 per month to approximately $230,000, with a target to reach less than $150,000 as they exit Q2 of 2024.
  • The company continues focused testing on the final beta iteration of its FX1 140 horsepower outboard motor.


  • The consensus that electric marine vehicles would be adopted at a much faster rate has not materialized as expected.

Q&A Highlights

  • Visconti thanked shareholders, stakeholders, and employees and promised continued updates through…

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