Fisker: Down for the Count, or Ready for a Comeback?

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Fisker Ocean Safety Probe
Fisker Ocean Safety Probe

In an industry full of colorful and eccentric figures, Fisker stands out as a brand that has struggled to move beyond the startup phase despite nearly two decades in existence.

The turbulent journey of Fisker began in 2005 and has been marked by various dramatic events, including a lawsuit with Tesla, involvement in the 2011 US presidential election, safety concerns, battery recalls, legal battles, and even a freak storm.

Initially, Fisker Automotive produced around 1,800 units of the Karma, a plug-in hybrid electric vehicle (PHEV), between 2011 and 2012. However, the company eventually went bankrupt and was acquired by a Chinese group. In 2016, Henrik Fisker attempted to revive the brand with his own company, launching the battery-electric crossover, the Ocean, which was manufactured by Magna International under contract. Deliveries of the Ocean began in 2023.

Fisker Ocean Owner's Minor Mishap Escalates into a Major Headache
Fisker Ocean EV (Credits: Fisker)

By the end of 2023, Fisker announced the production of approximately 10,000 Ocean vehicles. However, in March of the following year, the company revealed a surplus of over 4,000 vehicles and drastically reduced prices in an attempt to stimulate demand.

Despite these efforts, Fisker faced financial troubles, leading to a warning of potential bankruptcy in April. Layoffs, office closures, and the delisting of Fisker stock from the NYSE followed. Additionally, Fisker’s Austrian unit filed for bankruptcy protection, though it expressed intentions to continue delivering vehicles to customers as much as possible.

The situation worsened with news from Magna during a recent earnings call, where CEO Swami Kotagiri announced that production of the Ocean was currently halted, with no further production assumed in their outlook.

With uncertainty looming, Fisker stated its pursuit of additional funding or a potential buyer. Henrik Fisker mentioned in April that the company was engaged in discussions with four automakers regarding a possible acquisition. The future of Fisker remains uncertain, with questions arising about whether this marks the end of the road for the company or merely another chapter in its tumultuous history.

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By Jayson O'Neil

Jayson is a car-o-holic, and you will often find him writing about cars & bikes here at DaxStreet. You can reach out to him at [email protected]

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