Fisker faces SEC probe as it submits liquidation plan in Wilmington, Delaware The U.S. Securities and Exchange Commission (SEC) is investigating Fisker Inc. and has sent multiple subpoenas to the bankrupt EV maker, according to a filing by the regulator on October 4. Fisker intends to ask a U.S. bankruptcy judge to approve its liquidation plan at an October 9 court hearing in Wilmington, Delaware. The SEC said it objects the liquidation plan, cit...

News  Updated at: 2024/10/08

sla’s Model Y and Model 3. Ford kept pricing in line with the Model Y, continuously undercutting entry-level prices and lease rates. Ford also expanded the trim lines this year with a high-performance Rally variant boasting a performance upgrade to 480 horsepower and 700 lb.-ft. of torque. Loser: Fisker Ocean Fisker faced a similar demise to several fellow startups soon after launching the Ocean, its first series production model. The company f...

News  Updated at: 2024/09/12

Fisker avoids Chapter 7 liquidation, owners to continue receiving support On August 23, Fisker Automotive reached an agreement in U.S. Bankruptcy Court in Delaware that will allow it to avoid Chapter 7 liquidation, which would have forced it to liquidate its non-exempt property, and to remain in Chapter 11 bankruptcy, allowing it to continue to reorganize its assets and debts. Additionally, its management team will remain in charge for some time ...

News  Updated at: 2024/08/28

Magna Steyr faces uncertainty due to loss of production at Graz plant, Austria In its Q2 2024 results, Magna International reported that its vehicle assembly operations in Graz, Austria, are facing uncertainties, due to the planned end of production for several vehicles, including the Fisker Ocean, Jaguar E-Pace, Jaguar I-Pace, BMW Z4, Toyota Supra, and INEOS's decision to cancel the Fusilier program. The company believes that European Union tar...

News  Updated at: 2024/08/05

Fisker trims overhead costs in effort to save bankrupt company A July 9 court filing in the U.S. from Fisker Chief Restructuring Officer John C. Didonato said that both Fisker and his wife are reducing their annual salaries to just USD 1 apiece as part of an effort to preserve cash and keep the company operating after filing for Chapter 11 bankruptcy earlier this summer.  Fisker is also deferring “certain severance payments, certain employee h...

News  Updated at: 2024/07/13

Fisker to recall 11,308 Ocean SUVs globally over water pump issue On July 9, Fisker announced in a stop-sale notice to its sales department and dealers in the U.S., Canada, and the European Union, that it is recalling 11,308 2023-24 Ocean electric SUVs globally due to a cabin electric water pump issue that could cause a loss of power. The move comes less than two weeks after its third recall in June. Fisker had filed for bankruptcy protection in ...

News  Updated at: 2024/07/11

Fisker seeks judge's approval to sell Ocean EVs at USD 13,927 per SUV On July 2, Fisker has asked a bankruptcy judge overseeing its Chapter 11 proceedings to approve the sale of more than 3,000 Ocean electric SUVs in its inventory for about USD 14,000 per car to a vehicle-leasing company. Following the judge's approval, Fisker will be able to offload 3,321 electric vehicles to New York-based American Lease for USD 46.25 million, according to the ...

News  Updated at: 2024/07/04

Fisker announces recall of 12,523 Ocean SUVs over door handles On June 28, Fisker Automotive announced a recall for 12,523 2023-2024 Ocean SUVs in Europe and North America over issues related to its door handles. Affected vehicles include 8,204 units in the U.S., 513 units in Canada, and 3,806 units in Europe. Door handles may become stuck due to faulty mechanisms. All four door handles will be checked by company representatives and those requiri...

News  Updated at: 2024/06/29

Fisker recalls 18,316 Ocean vehicles in North America, Europe over faulty software On June 12, Fisker announced it is recalling 18,316 Ocean crossovers in North America and Europe due to faulty software and noncompliance with safety standards. Fisker is recalling 6,834 2022-23 Fisker Ocean vehicles in the U.S, and 281 vehicles in Canada for what NHTSA terms as four noncompliant “cluster telltales” which have the incorrect font size for the Br...

News  Updated at: 2024/06/13

Magna assumes 'no further production' of Fisker Ocean On a May 3 Q1 earnings call, Magna CEO Swamy Kotagiri noted that the company experienced more stable production schedules relative to recent years, and anticipate a relatively flat vehicle production environment over its outlook period, particularly in North America and Europe, except for one startup OEM. “It is important that I provide an update on our current status for the Fisker Ocean p...

News  Updated at: 2024/05/07

Fisker files 2023 annual report, warns of bankruptcy, appoints chief restructuring officer On April 23, Fisker said in its 2023 10-K annual report that it may have to file for bankruptcy protection within 30 days if it does not get sufficient relief from its creditors and enough liquidity to meet its debt obligations. The company’s cash balance fell to USD 325.5 million in 2023 from USD 736.5 million in 2022 and it had about 1,135 employees as ...

News  Updated at: 2024/04/24

Fisker adds sixth dealer partner in U.S. Struggling EV maker Fisker is trying to work out of its present troubles, recently adding another dealership partner in the U.S., now bringing the country’s total number of dealers to six.  The latest franchised dealership opened in Miami, Florida, making it the company’s second location in the state. Currently, Fisker has dealerships in Georgia, Indiana, New York, Florida, and South Carolina, as well...

News  Updated at: 2024/04/20

Fisker receives more than 40,000 cancellations for Ocean SUV orders A recent report on Fisker based on leaked data states that “More than 40,000 out of well over 70,000 reservations for the Fisker Ocean have been canceled to date.” While the number is large, it also has been over time, though internal metrics have averaged around 70 to 80 cancellations per day in a recent week-long average. Fisker has to return most of the USD 250 fee custome...

News  Updated at: 2024/04/11

Fisker reportedly misplaced millions of dollars in customer payments for Ocean EV Fisker reportedly misplaced millions of dollars in customer payments for the Ocean EV, according to recent reports, a mistake that caused an internal audit that took several months to complete after it was initiated in December. PwC, which was doing the audit, also asked Fisker for more documentation regarding its vehicle sales so it could put together its annual fi...

News  Updated at: 2024/04/02

Fisker slashes EV prices in U.S. as much as USD 24,000, or 39%, in bid for survival On March 27, Fisker Inc. dramatically reduced the price of its Ocean electric SUV for U.S. customers for vehicles currently in stock in a bid to ward off bankruptcy. •    Its Ocean Sport trim (USD 38,999 list) has been cut USD 14,000 (-35.9%) to USD 24,999•    The Ocean Ultra trim (USD 52,999 list) has been cut USD 18,000 (-34%) to USD 34,999    •   ...

News  Updated at: 2024/03/28

Nissan, Fisker reportedly in advanced talks on investment, partnership On March 1, reports surfaced that Nissan is in advanced talks to invest in Fisker Automotive in a deal that could provide it with access to an electric pickup while giving the U.S.-based startup a financial lifeline, according to two people familiar with the negotiations. The deal is currently going through due diligence and could close this month, said a source, who asked not...

News  Updated at: 2024/03/05

Fisker reports Q4, FY 2024 results, warns of financial concerns, to lay off 15% of workforce On February 29, Fisker released preliminary results for Q4 and FY 2024 as it needs additional time to finalize its consolidated financial statements and was unable to file its annual Form 10-K for FY 2023 on time. Fisker warns there is substantial doubt about its ability to continue as a going concern when its annual financial statements for the year ende...

News  Updated at: 2024/03/02

ables the smallest wall thickness.  It will present a pressure vessel made from UDea EcoPaXX performance UD tapes and Envalior liners. Its UD tapes enable fully automized winding of tanks and performance fibers and special liner materials reach maximum performance for tank systems. It will present Fisker Ocean Wheel Cover made of Tepex Flowcore, a Mercedes C-Class Lightweight Load Compartment Well made of PP-Roving glass organo sheet, and a BMW ...

News  Updated at: 2024/02/29

Fisker to release Ocean OS 2.0 software update for improved performance, features On February 6, Fisker Inc. announced it will commence its first over-the-air (OTA) software update of 2024 for the Fisker Ocean electric SUV next week, which will include performance and powertrain improvements, enhancements for SolarSky, improved energy management, and other user experience improvements.  The Ocean OS 2.0 OTA update will be available to owners in ...

News  Updated at: 2024/02/09

Fisker, US selects Argus, Israel as cyber security partner for Ocean SUV product line On February 7, Argus Cyber Security announced that it has delivered multiple automotive cyber security products and services to Fisker Inc. (Fisker). The Argus CAN IDPS product has enabled Fisker to achieve type approval certification for its revolutionary Fisker Ocean all-electric SUV product line. Using real-time, rule-based analysis of CAN traffic, Argus CAN ...

News  Updated at: 2024/02/07