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Note: Fisker Automotive Inc. filed for Chapter 11 bankruptcy protection in late November 2013 after investors' lengthy efforts to salvage the company proved unsuccessful. This is Fisker’s second bankruptcy.
We have been covering the EV sector since 2020. We have done deeper research on EVs and have a good understanding of the sector's nuances and supply chain—what works and what doesn’t. Henrik Fisker and anything he touches in the EV space doesn’t work.
Fisker is a terribly run company with ZERO focus on consumers. Fisker is an EGO trip for Henrik and his wife, Geeta.
Fisker does not have dealerships; it manufactures the car at Magna in Austria and delivers it to the customer. Manufacturing, Roadside Assistance, Trade-Ins, Financing, Deliveries, and Home charger installation—every part of the business uses external partners; Cox business is such a partner.
Fisker founder Henrik Fisker is embracing his second bankruptcy as the Company faces a series of financial and product challenges. FSR stock imploded last week (March 25th), declining by 28% to a record low before trading was halted. The NYSE said Fisker stock would be delisted as it failed to shake its penny-stock status.
Bankruptcy#2: FSR’s management said that the delisting had triggered repayment clauses in two outstanding loans that it cannot currently afford, which could have a “material adverse effect” on the business.1
To sum up, Fisker is having a pretty bad year. Since January 2024, the Company almost made a life-saving deal with Nissan, only to lose the rescue funding from Nissan on March 25th, 2024. The same week, the NYSE delisted FSR.
Now, the real suckers are the consumers who bought Fisker Ocean for more than $75,000 ( which is currently worth, as appraised by CarMax, $21,000) and Fisker’s retail investors.
As Fisker’s second bankruptcy nears, we will focus on what will happen to its current consumers who drive its cars. What about software updates and maintenance?
Fisker doesn’t have proper customer support, maintenance facilities, service centers, and guidance to customers. So, after spending $70,000 on Fisker, what happens to a customer when the car fails? They are stranded.
We dug more, and this is what we found.