The autumn of EV startup Fisker: A complete timeline through NewsFlicks

Henrik Fisker as soon as envisioned a burgeoning EV empire on the startup he named after himself, which used to be to be led through the Ocean SUV. However cracks began appearing in that imaginative and prescient virtually as quickly because the Ocean hit the street in 2023. 

Fisker minimize manufacturing goals more than one instances, failed to satisfy gross sales targets and laid off personnel. What’s extra, its Ocean SUV used to be beset with instrument and mechanical problems, rendering it inoperable for some. Upload difficult brakes, surprising persistent loss and doorways that wouldn’t open to the listing of problems that ended in more than one protection investigations and in the long run a pause in manufacturing with a purpose to lift new capital.

All of this and extra has pressured Fisker to report for Bankruptcy 11 chapter coverage, marking the start of an inauspicious duration for the eponymous startup. Underneath is a timeline of the occasions that led the automaker up to now. Scroll to the ground to look the most recent tendencies.

2023

Fisker fell wanting its Q2 manufacturing goal

July 7 — The automaker produced 1,022 Ocean SUVs in the second one quarter of 2023, a number of hundred cars quick of its expectation of manufacturing between 1,400 and 1,700 EVs. 

Fisker offered convertible notes to fund operations

July 10 — Fisker introduced plans to promote $340 million in convertible debt, anticipating the online proceeds to be $296.7 million. The automaker mentioned it deliberate to make use of the price range to give a boost to its common company operations and upload an extra battery pack line to “give a boost to expansion” in 2024 and past. The corporate mentioned price range may also be used for capital expenditures and the advance of long run merchandise.

Manufacturing goal minimize

December 1 — Fisker minimize its annual manufacturing steerage to be able to liberate $300 million in running capital. The corporate mentioned it anticipated to provide about 10,000 cars in 2023. The manufacturing steerage is only a quarter of Fisker’s bullish forecast from a 12 months in the past.

2024

Fisker struggled to satisfy inside gross sales targets

January 1 — Fisker remained a ways from assembly its publicly said function of turning in 300 electrical SUVs in step with day globally. The EV startup spent a lot of December aiming to satisfy an inside gross sales function of between 100 and 200 cars an afternoon in North The usa, the place the majority of its stock and gross sales efforts are. Fisker fell neatly under that focus on, regularly promoting only one to 2 dozen of its Ocean SUVs an afternoon right here.

Ocean SUV investigated over braking loss proceedings

January 15 — Federal protection regulators have opened an investigation into Fisker’s first electrical automobile over braking issues. House owners had lodged 19 proceedings with the Nationwide Freeway Visitors Protection Management (NHTSA) on problems starting from brake loss to issues of the tools shifter to a driving force door failing to open from the internal and two cases of the automobile’s hood all at once flying up at the freeway.

House owners had flagged surprising persistent loss and brake issues for months

February 9 — For the reason that preliminary fleet of Fisker Ocean SUVs have been delivered, shoppers have reported greater than 100 separate loss-of-power incidents. The corporate instructed TechCrunch it believes those issues are uncommon and that it has resolved “virtually the entire problems” with instrument updates. Shoppers have additionally reported surprising lack of braking persistent, problematic key fobs inflicting them to get locked within or outdoor of the automobile, seat sensors that don’t come across the motive force’s presence and the SUV’s entrance hood all at once flying up at prime speeds.

Feds opened 2d probe into the Ocean SUV after rollaway proceedings

February 16 — The NHTSA opened a 2d investigation into Fisker’s Ocean SUV after the company gained 4 proceedings concerning the automobile rolling away hastily, leading to one damage. The corporate instructed TechCrunch it’s “totally cooperating” with the protection company.

Fisker laid off 15% of personnel

February 29 — Fisker introduced its plan to put off 15% of its group of workers and says it most likely does no longer have sufficient money available to continue to exist the following twelve months. The corporate says it is attempting to give you the option to lift that cash as it really works via a pivot from direct gross sales to a dealership fashion.

Pause in manufacturing with simply $121 million within the financial institution

March 18 — Fisker introduced it could pause manufacturing of its electrical Ocean SUV for 6 weeks because it scrambles for a money infusion. The corporate mentioned in a regulatory submitting that it had simply $121 million in money and money equivalents as of March 15, $32 million of which is specific or no longer instantly available. Fisker additionally mentioned that its accounts payable steadiness is as much as $182 million and that there’s “considerable doubt” that it could proceed operations with out elevating new capital.

Fisker misplaced Nissan deal, striking rescue price range in danger

March 25 — The negotiations between Fisker and a big automaker — reported to be Nissan — over a possible funding and collaboration have been terminated, a building that places a separate near-term rescue investment effort in peril. Fisker published in a regulatory submitting that the automaker terminated the negotiations March 22. It didn’t provide an explanation for why. However the corporate needed to stay the negotiations going as a part of probably the most final stipulations for a attainable $150 million convertible word. 

Buying and selling suspended through NYSE

March 25 — The New York Inventory Alternate suspended buying and selling stocks of Fisker and moved to take the corporate off its inventory alternate, as a result of it’s “not appropriate for list” as a result of “abnormally low” worth ranges. 

Fisker misplaced observe of hundreds of thousands of bucks in buyer bills for months

March 27 — Fisker briefly misplaced observe of hundreds of thousands of bucks in buyer bills because it scaled up deliveries, resulting in an inside audit that began in December and took months to finish. Fisker struggled to stay tabs on those transactions, which incorporated down bills and in some circumstances, the overall worth of the cars, as a result of lax inside procedures for keeping an eye on them, in line with 3 folks acquainted with the inner fee disaster. In a couple of circumstances, it delivered cars with out gathering any type of fee in any respect, they mentioned. 

New spherical of layoffs to ‘maintain money’

April 29 — Fisker laid off extra staff to “maintain money,” making just right on a plan introduced one week prior to, in line with an inside electronic mail seen through TechCrunch. Fisker expects to hunt chapter coverage throughout the subsequent 30 days if it could’t get a hold of that cash, in line with a U.S. Securities and Alternate Fee regulatory submitting.

Fisker stiffed engineering company

Might 3 — Fisker stopped paying the engineering company that helped increase the Pear, a cheap EV intended for the hundreds, and the Alaska, Fisker’s access into the red-hot pickup truck marketplace. The company additionally accuses Fisker of wrongfully maintaining directly to IP related to the ones cars. 

Fisker Ocean confronted fourth federal protection probe

Might 10 — The NHTSA opened a fourth investigation into the Fisker Ocean SUV to probe more than one claims of “inadvertent Computerized Emergency Braking.” The 8 proceedings allege that house owners skilled surprising activation of the Computerized Emergency Braking machine in moments the place there have been no different cars or obstructions within the trail in their automobiles. 

Masses of employees minimize to stay EV startup alive

Might 29 — Masses extra staff have been laid off all through the overall week of Might in a bid to stick alive, because the automaker continues to seek for investment, a buyout or get ready for chapter. One present and one laid off worker estimated that best about 150 folks remained on the corporate. 

Inside of Fisker’s cave in

Might 31 — The street to Fisker’s final smash can have began and ended with its wrong Ocean SUV, which used to be riddled with mechanical and instrument issues. But it surely used to be paved with hubris, persistent struggles, and the repeated failure to arrange elementary processes which are foundational for any automaker.

Ocean SUV issued first recall

June 12 — Fisker issued the primary recall for the Ocean SUV as a result of issues of the caution lighting fixtures, in line with new data revealed through the NHTSA. The tool panel presentations the brake, park and antilock brake machine caution lighting fixtures within the flawed font length and, now and then, within the flawed colour, making them noncompliant with Federal Motor Automobile Protection Requirements. The company additionally says “more than one caution lighting fixtures fail to remove darkness from all through the ignition cycle.”

Fisker filed for chapter

June 18 — After a 12 months of suffering to stick afloat, Fisker filed for Bankruptcy 11 chapter coverage. The California-based corporate were searching for a care for every other automaker in a last-ditch effort to rescue the endeavor. The corporate estimated belongings of $500 million to $1 billion and liabilities of between $100 million and $500 million, in line with the submitting. 

Fisker failed as it wasn’t in a position to be a automobile corporate

June 18 — Within the wake of its chapter, Fisker mentioned it’ll proceed “diminished operations,” together with “protecting buyer methods, and compensating wanted distributors on a go-forward foundation.” In different phrases, it’ll proceed to control a bare-bones operation in case there’s a keen purchaser of the belongings it’s striking up on the market within the Bankruptcy 11 case.

Fisker confronted monetary misery as early as August 2023

June 21 — In keeping with a brand new submitting in its Bankruptcy 11 chapter continuing, Fisker used to be going through “attainable monetary misery” as early as August 2023. That looming monetary misery drove Fisker to solicit a partnership or funding from every other automaker, in line with the submitting.

The struggle over Fisker’s belongings is already heating up

June 21 — The struggle over Fisker’s belongings is already charged simply days into its chapter submitting, with one legal professional claiming the startup has been liquidating belongings “outdoor the courtroom’s supervision.” At factor is the connection between Fisker and its biggest secured lender, which loaned Fisker greater than $500 million in 2023 at a time when the corporate’s monetary misery used to be looming in the back of the scenes.

Fisker asks chapter courtroom to promote EVs for approximately $14K every

July 3 — If a pass judgement on within the Delaware Chapter Court docket approves Fisker’s request to promote its ultimate stock to a New York-based automobile leasing corporate, the automaker would be capable of offload 3,231 completed EVs for $46.25 million, or round $14,000 in step with automobile.

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

July 9 — Henrik Fisker and his spouse, Fisker co-founder Geeta Gupta-Fisker, are reducing their salaries to $1 with a purpose to stay their failed EV startup’s chapter lawsuits funded. Along with the wage discounts, Fisker’s restructuring officer, John DiDonato, mentioned in Tuesday’s submitting that Fisker will defer “sure severance bills, sure worker healthcare advantages, and automobile sale incentive bonuses” that experience no longer but been paid. 

Fisker has one main objector to its Ocean SUV firesale

July 15 — The administrative center of the U.S. Trustee, an arm of the Division of Justice that oversees the management of chapter, is objecting to a deal that will stay Fisker’s chapter continuing alive and pave the way in which for paying again collectors a few of what they’re owed.

Fisker cleared to promote North American EVs for $46.25 million

July 16 — A chapter pass judgement on gave Fisker the golf green gentle to promote greater than 3,000 of its Ocean SUVs to a automobile leasing corporate, which can web the defunct EV startup a most of $46.25 million. The approval of the sale clears the way in which for the remainder of Fisker’s chapter procedure to play out because it continues to liquidate what’s left of its failed industry.

The query haunting Fisker’s chapter

July 29 — The query other people are asking: does the automaker’s mortgage secured lender Heights Capital Control should be on the entrance of the road to harvest the proceeds of a liquidation? The entities reached an settlement to hammer out a agreement within the coming weeks on liquidate its belongings. If a success, the case may stay in Bankruptcy 11. If no longer, it could convert to Bankruptcy 7, which might successfully dissolve Fisker endlessly.

Fisker flips on who pays for remembers

September 18 — One of the most many questions Fisker house owners had as the corporate labored throughout the chapter procedure used to be how the exceptional remembers can be treated. In mid-September, the corporate all at once advised that it could quilt the price of portions, however that the ones house owners must pay out of pocket for exertions prices. Simply as all at once, Fisker flipped, pronouncing it would quilt exertions prices.

The SEC opens an investigation

October 4 — The U.S. Securities and Alternate Fee published in a submitting that it opened an investigation into Fisker, and that it might convey movements “alleging violations of the federal securities regulations.” The monetary regulator instructed the chapter courtroom that it already despatched more than one subpoenas, however used to be involved Fisker didn’t have a plan in position to maintain its data. (The bankrupt EV startup in the long run allayed the SEC’s considerations, and the standing of the probe is unknown.)

Fisker’s HQ deserted in ‘entire disarray’

October 5 — The owner of Fisker HQ’s ultimate resting position — a facility in Los angeles Palma, California — says the construction used to be deserted in “entire disarray,” with hazardous waste or even full-size automobile clay fashions left in the back of. The owner’s submitting describes a messy few days wherein, it seems that, Fisker staff in addition to representatives of an public sale space emptied the power.

The DOJ says Fisker’s recall restore plan is against the law

October 7 — The U.S. Division of Justice, writing on behalf of the Nationwide Freeway Visitors Protection Management, tells the chapter courtroom it thinks Fisker’s try to push recall exertions prices on house owners is against the law. The objection in the long run is helping trade Fisker’s thoughts a last time.

Fisker’s fleet purchaser balks at finishing the sale

October 8 — Fisker throws a big curveball on the chapter courtroom, after it instructed American Hire it didn’t imagine it could be capable of switch important knowledge to a brand new, non-Fisker server. American Hire published the snag in a submitting and instructed the pass judgement on that it won’t be capable of entire the sale — which might jeopardize Fisker’s agreement plan with its collectors.

Fisker’s chapter plan showed

October 16 — Fisker used to be in a position to unravel the flurry of eleventh-hour issues described above and get its liquidation plan showed through the chapter courtroom. The corporate reversed direction and agreed to hide the exertions prices of its remembers. It labored out an answer with American Hire in regards to the switch of auto knowledge. And a trustee used to be appointed to supervise the sale of the rest of Fisker’s non-vehicle belongings, together with round $1 billion price of apparatus left in Austria, the place the Oceans have been constructed.

2025

Henrik Fisker quietly winds down his nonprofit

Henrik Fisker and his spouse Geeta (who used to be additionally CFO and COO of the corporate) established a charitable basis in past due 2021 intended to “incubate innovation in healthcare, training, sustainability, mobility, and all reasons that assist give a boost to the planet and make stronger and extra the lives of folks and animals.”

However a overview of tax filings with the IRS display the basis by no means gave out greater than round $100,000, and has since been close down. The pair wound down the nonprofit, in line with tax filings that have been made public in 2025.