EV maker Fisker says it may go out of business

[fholbert]

New YorkCNN —
Fisker, the electric vehicle company founded by auto designer Henrik Fisker, announced in its fourth quarter earnings Thursday that it might not have enough money to survive another year.

https://www.cnn.com/2024/03/01/business/ev-maker-fisker-says-it-may-go-out-of-business/index.html

 

[Watts_Up]

Not something unexpected, Fisker already went bankrupt at least three times...

While Henrik Fisker designs great and valuable cars, the main issue is that the Fisker company don't have its own factories.
So the lack of vertical integration makes not easy making any quick changes to fix problems and lower costs.

This was the major problem with the very nice looking 2011 Karma plug-in hybrid sports sedan.

 

[kpanda17]

New YorkCNN —
Fisker, the electric vehicle company founded by auto designer Henrik Fisker, announced in its fourth quarter earnings Thursday that it might not have enough money to survive another year.

https://www.cnn.com/2024/03/01/business/ev-maker-fisker-says-it-may-go-out-of-business/index.html

View attachment 1023609

Id move other to the other thread

Fisker Ocean... ?

Sometimes nobody buys anything. They get it for pennies on the dollar. Tooling gets scrapped. IP never used or absorbed. Fisher’s name is already associated with failure. If it happens again, who’s going to give. Henrik a third chance? Foxconn will not save them. They didn’t save...

teslamotorsclub.com

 

[voyager]

Not something unexpected, Fisker already went bankrupt at least three times...

While Henrik Fisker designs great and valuable cars, the main issue is that the Fisker company don't have its own factories.
So the lack of vertical integration makes not easy making any quick changes to fix problems and lower costs.

This was the major problem with the very nice looking 2011 Karma plug-in hybrid sports sedan.

Yup, Fisker is foremost a design house without any production atachments, except for being a boutique builder
of very small series of design cars. However, this time mighty Magna was involved. I always thought that the two
were a match made in heaven. Both aspired to start a true automotive car brand. Says a lot that Fisker decided
to bring the bad news this abruptly. Is the Magna marriage over?

 

[oldsport]

same thing might happen to rivian...

 

[Rice&Curry]

Automobile business is a volume game as the upfront costs to set up a mass manufacturing factory takes time and lots of money in addition to the initial design and development costs. When somebody starts from a scratch to set up an Auto company the odds' of success is something even the House in Las Vegas wont touch.

 

[voyager]

Automobile business is a volume game as the upfront costs to set up a mass manufacturing factory takes time and lots of money in addition to the initial design and development costs. When somebody starts from a scratch to set up an Auto company the odds' of success is something even the House in Las Vegas wont touch.

Plenty of investors... initially. Perhaps Fisker decided to throw in the towel sort of after:

Magna International and Institutional Investors Adjust Ownership Stakes in Fisker

Magna International, The Vanguard Group, BlackRock, and FIFTHDELTA adjust their ownership stakes in Fisker amidst recent capital table developments.

fiskerati.com

 

[kpanda17]

Plenty of investors... initially. Perhaps Fisker decided to throw in the towel sort of after:

Magna International and Institutional Investors Adjust Ownership Stakes in Fisker

Magna International, The Vanguard Group, BlackRock, and FIFTHDELTA adjust their ownership stakes in Fisker amidst recent capital table developments.

fiskerati.com

Henrick clearly is not a throw in the towel entrepreneur

 

[Unclepaul]

Henrick is trying to dump his problems on Nissan. Nissan might bite...then get burned.

 

[voyager]

Henrick is trying to dump his problems on Nissan. Nissan might bite...then get burned.

Nissan And Fisker Are Reportedly About To Agree To A Partnership – A Win-Win Situation?​

Nissan And Fisker Are Reportedly About To Agree To A Partnership - A Win-Win Situation? | Carscoops

Both automakers stand to benefit from the deal and without it Fisker may not last much longer

www.carscoops.com

 

[kpanda17]

Henrick could sell snow to an eskimo
amazing salesman, fakeout artist
but his designs are not bad

 

[voyager]

Bankruptcy imminent?

https://twitter.com/x/status/1768011008940060953

 

[voyager]

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 pauses production with just $121 million in the bank

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...

news.yahoo.com

 

[boredwitless]

Henrick could sell snow to an eskimo
amazing salesman, fakeout artist
but his designs are not bad

He's good at drawing pretty pictures. However, from various accounts, he doesn't listen to engineers, and hires managers who also don't listen to engineers.

The other day, I saw a Fisker Karma in the wild. First (and probably last) time I have ever seen one actually driving on the open road.

 

[voyager]

Fisker can’t seem to catch a break these days... Consumer Reports bought its very own Fisker Ocean and things aren’t going well.
In fact, they’re downright dismal. Its very first road test report features some hard-hitting language. After a series of trialsome
events, this is the latest blow to a brand still struggling to find its footing.

Consumer Reports Trashes Fisker Ocean, Says They Didn't Even Cash Their Check! | Carscoops

The publication described the Ocean it owns as poorly tuned and undercooked

www.carscoops.com

But then... "The Fisker Ocean wins the internationally recognized iF DESIGN AWARD for Best Electric Vehicle: SUV, following
the assessment by a global jury of 132 world-class design experts".

Fisker Ocean Wins iF DESIGN AWARD 2024 for Best Electric SUV - CleanTechnica

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News! The Fisker Ocean wins the internationally recognized iF DESIGN AWARD for Best Electric Vehicle: SUV, following the assessment by a global jury of 132 world-class design experts iF DESIGN AWARD is a highly...

cleantechnica.com

 

[cwerdna]

https://www.reuters.com/business/autos-transportation/ev-startup-fiskers-deal-talks-with-large-automaker-ends-2024-03-25/

Fisker loses potential Nissan deal, putting rescue funds at risk | TechCrunch

The EV startup had to keep negotiations alive to unlock near-term funding. Now, it has to scramble evaluate other options.

techcrunch.com

 

[hey kupo]

And FSR shares finally halted at 0.09, oof.

Fisker shares halted as EV company navigates uncertain future

Shares of Fisker, a California-based electric vehicle startup, were halted Monday. This comes after the company warned, in an earnings report in March, that it might not have enough cash to survive the year.

www.yahoo.com

 

[MP3Mike]

And FSR shares finally halted at 0.09, oof.

Fisker shares halted as EV company navigates uncertain future

Shares of Fisker, a California-based electric vehicle startup, were halted Monday. This comes after the company warned, in an earnings report in March, that it might not have enough cash to survive the year.

www.yahoo.com

The money quote from that article:

Henrik Fisker admitted, in an interview with the industry newspaper Automotive News, that the Ocean had quality problems. He blamed the issues on software from various suppliers that worked poorly together. He said the problems were being addressed through software updates

Yep, if you don't do a good job on all of the software yourself you are screwed.

 

[kpanda17]

The money quote from that article:



Yep, if you don't do a good job on all of the software yourself you are screwed.

bad SW cold have knocked out VW also, 18 months ago, the IDX SW was terrible

 

[MP3Mike]

bad SW cold have knocked out VW also, 18 months ago, the IDX SW was terrible

VinFast is suffering the same issue with their vehicles... Crappy/buggy software.