The Fall Of Ev Startup Fisker: A Comprehensive Timeline

Henrik Fisker erstwhile envisioned a burgeoning EV empire astatine nan startup he named aft himself, which was to beryllium led by nan Ocean SUV. But cracks started showing successful that imagination almost arsenic soon arsenic nan Ocean deed nan roadworthy successful 2023. 

Fisker trim production targets aggregate times, failed to meet income goals and laid disconnected staff. What’s more, its Ocean SUV was beset pinch package and mechanical issues, rendering it inoperable for some. Add troublesome brakes, abrupt powerfulness nonaccomplishment and doors that wouldn’t unfastened to nan database of issues that led to multiple information investigations and yet a pause successful production successful bid to raise caller capital.

All of this and much has forced Fisker to record for Chapter 11 bankruptcy protection, marking nan opening of an inauspicious play for nan eponymous startup. Below is simply a timeline of nan events that led nan automaker to this point. Scroll to nan bottommost to spot nan newest developments.

2023

Fisker fell short of its Q2 accumulation target

July 7 — The automaker produced 1,022 Ocean SUVs successful nan 2nd 4th of 2023, several 100 vehicles short of its anticipation of producing betwixt 1,400 and 1,700 EVs. 

Fisker sold convertible notes to money operations

July 10 — Fisker announced plans to waste $340 cardinal successful convertible debt, expecting nan nett proceeds to beryllium $296.7 million. The automaker said it planned to usage nan costs to support its wide firm operations and adhd an further artillery battalion statement to “support growth” successful 2024 and beyond. The institution said costs will besides beryllium utilized for superior expenditures and nan improvement of early products.

Production target cut

December 1 — Fisker cut its yearly accumulation guidance successful an effort to free up $300 cardinal successful moving capital. The institution said it expected to nutrient astir 10,000 vehicles successful 2023. The accumulation guidance is conscionable a 4th of Fisker’s bullish forecast from a twelvemonth ago.

2024

Fisker struggled to meet soul income goals

January 1 — Fisker remained acold from gathering its publically stated extremity of delivering 300 electrical SUVs per time globally. The EV startup spent overmuch of December aiming to meet an soul income extremity of betwixt 100 and 200 vehicles a time successful North America, wherever nan bulk of its inventory and income efforts are. Fisker fell good beneath that target, often trading conscionable 1 to 2 twelve of its Ocean SUVs a time here.

Ocean SUV investigated complete braking nonaccomplishment complaints

January 15 — Federal information regulators person opened an investigation into Fisker’s first electrical conveyance complete braking problems. Owners had lodged 19 complaints pinch nan National Highway Traffic Safety Administration (NHTSA) connected issues ranging from brake nonaccomplishment to problems pinch nan cogwheel shifter to a driver doorway failing to unfastened from nan interior and 2 instances of nan vehicle’s hood abruptly flying up connected nan highway.

Owners had flagged abrupt powerfulness nonaccomplishment and brake problems for months

February 9 — Since nan first fleet of Fisker Ocean SUVs were delivered, customers have reported much than 100 abstracted loss-of-power incidents. The institution told TechCrunch it believes these problems are uncommon and that it has resolved “almost each nan issues” pinch package updates. Customers person besides reported abrupt nonaccomplishment of braking power, problematic cardinal fobs causing them to get locked wrong aliases extracurricular of nan vehicle, spot sensors that don’t observe nan driver’s beingness and nan SUV’s beforehand hood abruptly flying up astatine precocious speeds.

Feds opened 2nd probe into nan Ocean SUV aft rollaway complaints

February 16 — The NHTSA opened a 2nd investigation into Fisker’s Ocean SUV aft nan agency received four complaints astir nan conveyance rolling distant unexpectedly, resulting successful 1 injury. The institution told TechCrunch it is “fully cooperating” pinch nan information agency.

Fisker laid disconnected 15% of staff

February 29 — Fisker announced its plan to laic disconnected 15% of its workforce and says it apt does not person capable rate connected manus to past nan adjacent 12 months. The institution says it is trying to find a measurement to raise that money arsenic it useful done a pivot from nonstop income to a dealership model.

Pause successful accumulation pinch conscionable $121 cardinal successful nan bank

March 18 — Fisker announced it would region accumulation of its electrical Ocean SUV for six weeks arsenic it scrambles for a rate infusion. The institution said successful a regulatory filing that it had conscionable $121 cardinal successful rate and rate equivalents arsenic of March 15, $32 cardinal of which is restricted aliases not instantly accessible. Fisker besides said that its accounts payable equilibrium is up to $182 cardinal and that location is “substantial doubt” that it tin proceed operations without raising caller capital.

Fisker mislaid Nissan deal, putting rescue costs astatine risk

March 25 — The negotiations betwixt Fisker and a ample automaker — reported to beryllium Nissan — complete a imaginable finance and collaboration were terminated, a improvement that puts a abstracted near-term rescue backing effort successful danger. Fisker revealed successful a regulatory filing that nan automaker terminated nan negotiations March 22. It did not explicate why. But nan institution had to support nan negotiations going arsenic portion of 1 of nan closing conditions for a potential $150 cardinal convertible note. 

Trading suspended by NYSE

March 25 — The New York Stock Exchange suspended trading shares of Fisker and moved to return nan institution disconnected its banal exchange, because it is “no longer suitable for listing” because of “abnormally low” value levels. 

Fisker mislaid way of millions of dollars successful customer payments for months

March 27 — Fisker temporarily lost way of millions of dollars successful customer payments arsenic it scaled up deliveries, starring to an soul audit that started successful December and took months to complete. Fisker struggled to support tabs connected these transactions, which included down payments and successful immoderate cases, nan afloat value of nan vehicles, because of lax soul procedures for keeping way of them, according to 3 group acquainted pinch nan soul costs crisis. In a fewer cases, it delivered vehicles without collecting immoderate shape of costs astatine all, they said. 

New information of layoffs to ‘preserve cash’

April 29 — Fisker laid disconnected much employees to “preserve cash,” making bully connected a scheme announced 1 week before, according to an soul email viewed by TechCrunch. Fisker expects to activity bankruptcy protection wrong nan adjacent 30 days if it can’t travel up pinch that money, according to a U.S. Securities and Exchange Commission regulatory filing.

Fisker stiffed engineering firm

May 3 — Fisker stopped paying nan engineering firm that helped create nan Pear, a low-cost EV meant for nan masses, and nan Alaska, Fisker’s introduction into nan red-hot pickup motortruck market. The patient besides accuses Fisker of wrongfully holding connected to IP associated pinch those vehicles. 

Fisker Ocean faced 4th national information probe

May 10 — The NHTSA opened a fourth investigation into nan Fisker Ocean SUV to probe aggregate claims of “inadvertent Automatic Emergency Braking.” The 8 complaints allege that owners knowledgeable abrupt activation of nan Automatic Emergency Braking strategy successful moments wherever location were nary different vehicles aliases obstructions successful nan way of their cars. 

Hundreds of workers trim to support EV startup alive

May 29 — Hundreds much labor were laid disconnected during nan last week of May successful a bid to enactment alive, arsenic nan automaker continues to hunt for funding, a buyout aliases hole for bankruptcy. One existent and 1 laid disconnected worker estimated that only astir 150 group remained astatine nan company. 

Inside Fisker’s collapse

May 31 — The road to Fisker’s eventual ruin whitethorn person started and ended pinch its flawed Ocean SUV, which was riddled pinch mechanical and package problems. But it was paved pinch hubris, powerfulness struggles, and nan repeated nonaccomplishment to group up basal processes that are foundational for immoderate automaker.

Ocean SUV issued first recall

June 12 — Fisker issued nan first callback for nan Ocean SUV because of problems pinch nan informing lights, according to caller accusation published by nan NHTSA. The instrumentality sheet displays nan brake, parkland and antilock brake strategy informing lights successful nan incorrect font size and, astatine times, successful nan incorrect color, making them noncompliant pinch Federal Motor Vehicle Safety Standards. The agency besides says “multiple informing lights neglect to illuminate during nan ignition cycle.”

Fisker revenge for bankruptcy

June 18 — After a twelvemonth of struggling to enactment afloat, Fisker filed for Chapter 11 bankruptcy protection. The California-based institution had been seeking a woody pinch different automaker successful a last-ditch effort to rescue nan enterprise. The institution estimated assets of $500 cardinal to $1 cardinal and liabilities of betwixt $100 cardinal and $500 million, according to nan filing. 

Fisker grounded because it wasn’t fresh to beryllium a car company

June 18 — In nan aftermath of its bankruptcy, Fisker said it will proceed “reduced operations,” including “preserving customer programs, and compensating needed vendors connected a go-forward basis.” In different words, it will proceed to negociate a bare-bones cognition successful lawsuit location is simply a consenting purchaser of nan assets it’s putting up for waste successful nan Chapter 11 case.

Fisker faced financial distress arsenic early arsenic August 2023

June 21 — According to a caller filing successful its Chapter 11 bankruptcy proceeding, Fisker was facing “potential financial distress” arsenic early arsenic August 2023. That looming financial distress drove Fisker to solicit a business aliases finance from different automaker, according to nan filing.

The conflict complete Fisker’s assets is already heating up

June 21 — The conflict complete Fisker’s assets is already charged conscionable days into its bankruptcy filing, pinch 1 lawyer claiming nan startup has been liquidating assets “outside nan court’s supervision.” At rumor is nan narration betwixt Fisker and its largest secured lender, which loaned Fisker much than $500 cardinal successful 2023 astatine a clip erstwhile the company’s financial distress was looming behind nan scenes.

Fisker asks bankruptcy tribunal to waste EVs for astir $14K each

July 3 — If a judge successful nan Delaware Bankruptcy Court approves Fisker’s request to waste its remaining inventory to a New York-based conveyance leasing company, nan automaker would beryllium capable to offload 3,231 vanished EVs for $46.25 million, aliases astir $14,000 per vehicle.

Henrik Fisker, Geeta Gupta-Fisker driblet salaries to $1

July 9 — Henrik Fisker and his wife, Fisker co-founder Geeta Gupta-Fisker, are lowering their salaries to $1 successful bid to support their grounded EV startup’s bankruptcy proceedings funded. In summation to nan net reductions, Fisker’s restructuring officer, John DiDonato, said successful Tuesday’s filing that Fisker will defer “certain severance payments, definite worker healthcare benefits, and conveyance waste inducement bonuses” that person not yet been paid. 

Fisker has 1 awesome objector to its Ocean SUV firesale

July 15 — The agency of nan U.S. Trustee, an limb of nan Department of Justice that oversees nan management of bankruptcy, is objecting to a deal that would support Fisker’s bankruptcy proceeding live and pave nan measurement for paying backmost creditors immoderate of what they’re owed.

Fisker cleared to waste North American EVs for $46.25 million

July 16 — A bankruptcy judge gave Fisker nan greenish ray to sell much than 3,000 of its Ocean SUVs to a conveyance leasing company, which will nett nan defunct EV startup a maximum of $46.25 million. The support of nan waste clears nan measurement for nan remainder of Fisker’s bankruptcy process to play retired arsenic it continues to liquidate what’s near of its grounded business.

The mobility haunting Fisker’s bankruptcy

July 29 — The mobility folks are asking: does nan automaker’s indebtedness secured lender Heights Capital Management merit to beryllium astatine nan beforehand of nan statement to reap nan proceeds of a liquidation? The entities reached an agreement to hammer retired a colony successful nan coming weeks connected really to liquidate its assets. If successful, nan lawsuit could stay successful Chapter 11. If not, it would person to Chapter 7, which would efficaciously dissolve Fisker forever.

Fisker flips connected who will salary for recalls

September 18 — One of nan galore questions Fisker owners had arsenic nan institution worked done nan bankruptcy process was really nan outstanding recalls would beryllium handled. In mid-September, nan institution abruptly suggested that it would screen nan costs of parts, but that those owners would person to salary retired of pouch for labour costs. Just arsenic suddenly, Fisker flipped, saying it would screen labour costs.

The SEC opens an investigation

October 4 — The U.S. Securities and Exchange Commission revealed successful a filing that it opened an investigation into Fisker, and that it could bring actions “alleging violations of nan national securities laws.” The financial regulator told nan bankruptcy tribunal that it already sent aggregate subpoenas, but was concerned Fisker didn’t person a scheme successful spot to sphere its records. (The bankrupt EV startup yet allayed nan SEC’s concerns, and nan position of nan probe is unknown.)

Fisker’s HQ abandoned successful ‘complete disarray’

October 5 — The landlord of Fisker HQ’s last resting spot — a installation successful La Palma, California — says nan building was abandoned successful “complete disarray,” pinch hazardous discarded and moreover full-size conveyance clay models left behind. The landlord’s filing describes a messy fewer days successful which, apparently, Fisker labor arsenic good arsenic representatives of an auction location emptied nan facility.

The DOJ says Fisker’s callback repair scheme is illegal

October 7 — The U.S. Department of Justice, penning connected behalf of nan National Highway Traffic Safety Administration, tells nan bankruptcy court it thinks Fisker’s effort to push callback labour costs connected owners is illegal. The objection yet helps alteration Fisker’s mind a last time.

Fisker’s fleet purchaser balks astatine completing nan sale

October 8 — Fisker throws a awesome curveball astatine nan bankruptcy court, aft it told American Lease it did not judge it would beryllium capable to transportation basal information to a new, non-Fisker server. American Lease revealed nan snag successful a filing and told nan judge that it whitethorn not beryllium capable to complete nan waste — which would jeopardize Fisker’s colony scheme pinch its creditors.

Fisker’s bankruptcy scheme confirmed

October 16 — Fisker was capable to resoluteness nan flurry of eleventh-hour problems described supra and get its liquidation scheme confirmed by nan bankruptcy court. The institution reversed people and agreed to screen nan labour costs of its recalls. It worked retired a solution pinch American Lease regarding nan transportation of conveyance data. And a trustee was appointed to oversee nan waste of nan remainder of Fisker’s non-vehicle assets, including astir $1 cardinal worthy of instrumentality near successful Austria, wherever nan Oceans were built.

2025

Henrik Fisker softly winds down his nonprofit

Henrik Fisker and his woman Geeta (who was besides CFO and COO of nan company) established a charitable instauration successful precocious 2021 meant to “incubate invention successful healthcare, education, sustainability, mobility, and each causes that thief support nan satellite and amended and further nan lives of group and animals.”

But a reappraisal of taxation filings pinch nan IRS show nan instauration ne'er gave retired much than astir $100,000, and has since been unopen down. The brace wound down nan nonprofit, according to taxation filings that were made nationalist successful 2025.