Henrik Fisker once envisioned a burgeoning EV empire at the startup he named after himself, which was to be led by the Ocean SUV. But cracks started showing in that vision almost as soon as the Ocean hit the road in 2023.
Fisker cut production targets multiple times, failed to meet sales goals and laid off staff. What’s more, its Ocean SUV was beset with software and mechanical issues, rendering it inoperable for some. Add troublesome brakes, sudden power loss and doors that wouldn’t open to the list of issues that led to multiple safety investigations and ultimately a pause in production in order to raise new capital.
All of this and more has forced Fisker to file for Chapter 11 bankruptcy protection, marking the beginning of an inauspicious period for the eponymous startup. Below is a timeline of the events that led the automaker to this point.
2023
Fisker fell short of its Q2 production target
July 7 — The automaker produced 1,022 Ocean SUVs in the second quarter of 2023, several hundred vehicles short of its expectation of producing between 1,400 and 1,700 EVs.
Fisker sold convertible notes to fund operations
July 10 — Fisker announced plans to sell $340 million in convertible debt, expecting the net proceeds to be $296.7 million. The automaker said it planned to use the funds to support its general corporate operations and add an additional battery pack line to “support growth” in 2024 and beyond. The company said funds will also be used for capital expenditures and the development of future products.
Production target cut
December 1 — Fisker cut its annual production guidance in an effort to free up $300 million in working capital. The company said it expected to produce about 10,000 vehicles in 2023. The production guidance is just a quarter of Fisker’s bullish forecast from a year ago.
2024
Fisker struggled to meet internal sales goals
January 1 — Fisker remained far from meeting its publicly stated goal of delivering 300 electric SUVs per day globally. The EV startup spent much of December aiming to meet an internal sales goal of between 100 and 200 vehicles a day in North America, where the bulk of its inventory and sales efforts are. Fisker fell well below that target, often selling just one to two dozen of its Ocean SUVs a day here.
Ocean SUV investigated over braking loss complaints
January 15 — Federal safety regulators have opened an investigation into Fisker’s first electric vehicle over braking problems. Owners had lodged 19 complaints with the National Highway Traffic Safety Administration (NHTSA) on issues ranging from brake loss to problems with the gear shifter to a driver door failing to open from the interior and two instances of the vehicle’s hood suddenly flying up on the highway.
Owners had flagged sudden power loss and brake problems for months
February 9 — Sinc …