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The U.S. auto safety regulator said on Wednesday it had opened a preliminary probe into Fisker's 2023 Ocean SUVs after complaints that the doors of the electric vehicles sometimes failed to open, the latest setback for the cash-strapped startup.
Fisker has had a bumpy few months, to say the least. After the company said it would need to partner with another automaker before it went bankrupt, talks with Nissan fell apart. Then Fisker quickly slashed prices on inventory for a version of the Ocean SUV that may or may not even exist. But there’s still a small glimmer of hope.
Fisker temporarily lost track of millions of dollars in customer payments as it scaled up deliveries, leading to an internal audit that started in December and took months to complete, TechCrunch has learned.
California-based electric vehicle startup Fisker slashed the prices of some of its vehicles as it fights to avoid bankruptcy after a potential deal with another automaker fell through.
Fisker has decided to temporarily halt production of its Ocean SUV for a duration of six weeks. This step has been taken as the brand is struggling to secure the required financial support, despite the USD 150 million (approximately Rs 1,244 crore) funding received from an existing investor. While the name of the investor is unknown, it seems that Fisker remains engaged in discussions with a prominent carmaker, rumoured to be Nissan, for additional funding.
After a grim earnings call that included the announcement of mass layoffs in late February, Fisker, the electric vehicle startup manufacturer, announced a six-week pause in production starting today, March 18. According to a release issued by Fisker, the pause will help the manufacturer «align inventory levels and progress strategic and financing initiatives.» Despite the pause in production, the automaker is continuing negotiations with an unnamed «large automaker» to generate a strategic partnership between brands. The partnership could materialize as joint development of an EV platform or include manufacturing deals within the United States. Fisker confirmed that closing any negotiation will require the company to satisfy conditions described as «completion of due diligence and negotiation and execution of appropriate definitive agreements.» The company also announced a n
Following recent reports that Fisker has been preparing for a possible bankruptcy filing, today the embattled automaker announced that it is suspending all manufacture of its electric vehicles.
Fisker started deliveries of the electric Ocean SUV late last fall, but that doesn't mean the company is close to profitability. The EV maker is not in the black at the moment: Fisker's loss in the fourth quarter of 2023 totaled $463.6 million, while the company reported revenue of $200.1 million in the same quarter. In all of 2023 Fisker produced 10,193 units of the Ocean while delivering just 4929 of them, falling well short of its initial ambitions of over 20,000 vehicles, while also warning investors that it might not have enough cash to stay afloat through the end of 2024. Last week the Wall Street Journal reported that Fisker had hired restructuring advisors—a report which itself caused its stock value to plummet 50% late in the week. The EV maker, understandably