EV maker Fisker stops production, money runs out

Fisker has been struggling with startup problems since the early years. After the American brand presented its first plug-in hybrids in 2011, production was halted again in 2012 due to problems with battery supplier A123 Systems. China’s Wanxiang Group got a second chance to sell Fisker in 2014 after buying Fisker’s assets. However, this was not a great success.

Fisker returned to the US market in 2016 and raised funds several times to enable the production of EVs. Since then, the American brand has launched one car: the Fisker Ocean. However, the EV seems to be facing some confusion at Fisker. After its introduction, the car was burned by inspectors. They complained about wind noise, software problems and Bahari’s driving behavior. Popular YouTuber Marques Brownlee also hit the road with Ocean. In his video, Brownlee referred to the Sea as “the worst car” he once measured.

Consumers now seem to think the same. Fisker didn’t sell many copies of the Sea. The American manufacturer says it will have sold around 4,900 units in 2023. The counter so far has reached 1,300 units in 2024. It can also distribute those EVs immediately: there are still 4,700 copies waiting for a new owner. At the moment, however, that doesn’t seem to be happening – the brand has run out of money.

Discontinuing production at Fisker

So Fisker is forced to halt EV production for at least six weeks. Meanwhile, the automaker is exploring additional financing options. Fisker also says it is investigating stocks. In addition, discussions would take place with the “major car manufacturer”. It is still unknown who this manufacturer is. It is suspected that Fisker hopes to work with Nissan, which could help the manufacturer with additional financing or even enter it.

Partnership with Nissan

Considering Fisker has more than $1 billion in debt, the latter seems unlikely. So the Japanese car brand would be saddled with all of Fisker’s debts. Investing in such a high-risk company is also not risky, especially because Fisker has yet to achieve any major success in its history.

Only time will tell if the end of the American automaker is near. However, the fact that even brands like Ford have been marginally successful in achieving EV success hangs like a cloud over smaller brands like Fisker.