The fall of EV startup Fisker: A comprehensive timeline

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

Fisker lower manufacturing targets a number of instances, failed to fulfill gross sales targets and laid off workers. What’s extra, its Ocean SUV was beset with software program and mechanical points, rendering it inoperable for some. Add troublesome brakes, sudden energy loss and doorways that wouldn’t open to the record of points that led to a number of security investigations and in the end a pause in manufacturing with the intention to elevate new capital.

All of this and extra has pressured Fisker to file for Chapter 11 chapter safety, marking the start of an inauspicious interval for the eponymous startup. Under is a timeline of the occasions that led the automaker so far. Scroll to the underside to see the most recent developments.

2023

Fisker fell wanting its Q2 manufacturing goal

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

Fisker bought convertible notes to fund operations

July 10 — Fisker introduced plans to promote $340 million in convertible debt, anticipating the web proceeds to be $296.7 million. The automaker stated it deliberate to make use of the funds to assist its normal company operations and add a further battery pack line to “assist development” in 2024 and past. The corporate stated funds may even be used for capital expenditures and the event of future merchandise.

Manufacturing goal lower

December 1 — Fisker lower its annual manufacturing steering in an effort to release $300 million in working capital. The corporate stated it anticipated to supply about 10,000 automobiles in 2023. The manufacturing steering is only a quarter of Fisker’s bullish forecast from a 12 months in the past.

2024

Fisker struggled to fulfill inside gross sales targets

January 1 — Fisker remained removed from assembly its publicly acknowledged aim of delivering 300 electrical SUVs per day globally. The EV startup spent a lot of December aiming to fulfill an inside gross sales aim of between 100 and 200 automobiles a day in North America, the place the majority of its stock and gross sales efforts are. Fisker fell properly under that focus on, usually promoting only one to 2 dozen of its Ocean SUVs a day right here.

Ocean SUV investigated over braking loss complaints

January 15 — Federal security regulators have opened an investigation into Fisker’s first electrical car over braking issues. House owners had lodged 19 complaints with the Nationwide Freeway Visitors Security Administration (NHTSA) on points starting from brake loss to issues with the gear shifter to a driver door failing to open from the inside and two situations of the car’s hood out of the blue flying up on the freeway.

House owners had flagged sudden energy loss and brake issues for months

February 9 — Because the preliminary fleet of Fisker Ocean SUVs had been delivered, prospects have reported greater than 100 separate loss-of-power incidents. The corporate instructed TechCrunch it believes these issues are uncommon and that it has resolved “nearly all the problems” with software program updates. Prospects have additionally reported sudden lack of braking energy, problematic key fobs inflicting them to get locked inside or exterior of the car, seat sensors that don’t detect the driving force’s presence and the SUV’s entrance hood out of the blue flying up at excessive speeds.

Feds opened second probe into the Ocean SUV after rollaway complaints

February 16 — The NHTSA opened a second investigation into Fisker’s Ocean SUV after the company obtained 4 complaints in regards to the car rolling away unexpectedly, leading to one damage. The corporate instructed TechCrunch it’s “absolutely cooperating” with the protection company.

Fisker laid off 15% of workers

February 29 — Fisker introduced its plan to put off 15% of its workforce and says it possible doesn’t have sufficient money available to outlive the following 12 months. The corporate says it’s looking for a method to elevate that cash as it really works by way of a pivot from direct gross sales to a dealership mannequin.

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

March 18 — Fisker introduced it will pause manufacturing of its electrical Ocean SUV for six weeks because it scrambles for a money infusion. The corporate stated in a regulatory submitting that it had simply $121 million in money and money equivalents as of March 15, $32 million of which is restricted or not instantly accessible. Fisker additionally stated that its accounts payable stability is as much as $182 million and that there’s “substantial doubt” that it may well proceed operations with out elevating new capital.

Fisker misplaced Nissan deal, placing rescue funds in danger

March 25 — The negotiations between Fisker and a big automaker — reported to be Nissan — over a possible funding and collaboration had been terminated, a improvement that places a separate near-term rescue funding effort at risk. Fisker revealed in a regulatory submitting that the automaker terminated the negotiations March 22. It didn’t clarify why. However the firm needed to hold the negotiations going as a part of one of many closing situations for a possible $150 million convertible be aware. 

Buying and selling suspended by NYSE

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

Fisker misplaced monitor of tens of millions of {dollars} in buyer funds for months

March 27 — Fisker quickly misplaced monitor of tens of millions of {dollars} in buyer funds because it scaled up deliveries, resulting in an inside audit that began in December and took months to finish. Fisker struggled to maintain tabs on these transactions, which included down funds and in some circumstances, the total worth of the automobiles, due to lax inside procedures for preserving monitor of them, in response to three folks acquainted with the inner fee disaster. In just a few circumstances, it delivered automobiles with out amassing any type of fee in any respect, they stated. 

New spherical of layoffs to ‘protect money’

April 29 — Fisker laid off extra workers to “protect money,” making good on a plan introduced one week earlier than, in response to an inside electronic mail seen by TechCrunch. Fisker expects to hunt chapter safety inside the subsequent 30 days if it may well’t provide you with that cash, in response to a U.S. Securities and Change Fee regulatory submitting.

Fisker stiffed engineering agency

Might 3 — Fisker stopped paying the engineering agency that helped develop the Pear, a low-cost EV meant for the lots, and the Alaska, Fisker’s entry into the red-hot pickup truck market. The agency additionally accuses Fisker of wrongfully holding on to IP related to these automobiles. 

Fisker Ocean confronted fourth federal security probe

Might 10 — The NHTSA opened a fourth investigation into the Fisker Ocean SUV to probe a number of claims of “inadvertent Automated Emergency Braking.” The eight complaints allege that homeowners skilled sudden activation of the Automated Emergency Braking system in moments the place there have been no different automobiles or obstructions within the path of their automobiles. 

A whole lot of staff lower to maintain EV startup alive

Might 29 — A whole lot extra workers had been laid off in the course of the last week of Might in a bid to remain alive, because the automaker continues to seek for funding, a buyout or put together for chapter. One present and one laid off worker estimated that solely about 150 folks remained on the firm. 

Inside Fisker’s collapse

Might 31 — The street to Fisker’s final break could have began and ended with its flawed Ocean SUV, which was riddled with mechanical and software program issues. But it surely was paved with hubris, energy struggles, and the repeated failure to arrange fundamental processes which are foundational for any automaker.

Ocean SUV issued first recall

June 12 — Fisker issued the primary recall for the Ocean SUV due to issues with the warning lights, in response to new info printed by the NHTSA. The instrument panel shows the brake, park and antilock brake system warning lights within the fallacious font measurement and, at instances, within the fallacious shade, making them noncompliant with Federal Motor Car Security Requirements. The company additionally says “a number of warning lights fail to light up in the course of the ignition cycle.”

Fisker filed for chapter

June 18 — After a 12 months of struggling to remain afloat, Fisker filed for Chapter 11 chapter safety. The California-based firm had been in search of a cope with one other automaker in a last-ditch effort to rescue the enterprise. The corporate estimated property of $500 million to $1 billion and liabilities of between $100 million and $500 million, in response to the submitting. 

Fisker failed as a result of it wasn’t able to be a automotive firm

June 18 — Within the wake of its chapter, Fisker stated it’ll proceed “diminished operations,” together with “preserving buyer applications, and compensating wanted distributors on a go-forward foundation.” In different phrases, it’ll proceed to handle a bare-bones operation in case there’s a keen purchaser of the property it’s placing up on the market within the Chapter 11 case.

Fisker confronted monetary misery as early as August 2023

June 21 — In keeping with a brand new submitting in its Chapter 11 chapter continuing, Fisker was dealing with “potential monetary misery” as early as August 2023. That looming monetary misery drove Fisker to solicit a partnership or funding from one other automaker, in response to the submitting.

The struggle over Fisker’s property is already heating up

June 21 — The struggle over Fisker’s property is already charged simply days into its chapter submitting, with one lawyer claiming the startup has been liquidating property “exterior the court docket’s supervision.” At subject is the connection between Fisker and its largest secured lender, which loaned Fisker greater than $500 million in 2023 at a time when the firm’s monetary misery was looming behind the scenes.

Fisker asks chapter court docket to promote EVs for about $14K every

July 3 — If a decide within the Delaware Chapter Courtroom approves Fisker’s request to promote its remaining stock to a New York-based car leasing firm, the automaker would be capable of offload 3,231 completed EVs for $46.25 million, or round $14,000 per car.

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

July 9 — Henrik Fisker and his spouse, Fisker co-founder Geeta Gupta-Fisker, are decreasing their salaries to $1 with the intention to hold their failed EV startup’s chapter proceedings funded. Along with the wage reductions, Fisker’s restructuring officer, John DiDonato, stated in Tuesday’s submitting that Fisker will defer “sure severance funds, sure worker healthcare advantages, and car sale incentive bonuses” that haven’t but been paid. 

Fisker has one main objector to its Ocean SUV firesale

July 15 — The workplace of the U.S. Trustee, an arm of the Division of Justice that oversees the administration of chapter, is objecting to a deal that may hold Fisker’s chapter continuing alive and pave the best way 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 decide gave Fisker the inexperienced mild to promote greater than 3,000 of its Ocean SUVs to a car leasing firm, which can web the defunct EV startup a most of $46.25 million. The approval of the sale clears the best way for the remainder of Fisker’s chapter course of to play out because it continues to liquidate what’s left of its failed enterprise.

The query haunting Fisker’s chapter

July 29 — The query people are asking: does the automaker’s mortgage secured lender Heights Capital Administration need to be on the entrance of the road to reap the proceeds of a liquidation? The entities reached an settlement to hammer out a settlement within the coming weeks on learn how to liquidate its property. If profitable, the case might stay in Chapter 11. If not, it will convert to Chapter 7, which might successfully dissolve Fisker endlessly.

Fisker flips on who can pay for remembers

September 18 — One of many many questions Fisker homeowners had as the corporate labored by way of the chapter course of was how the excellent remembers could be dealt with. In mid-September, the corporate out of the blue urged that it will cowl the price of components, however that these homeowners must pay out of pocket for labor prices. Simply as out of the blue, Fisker flipped, saying it will cowl labor prices.

The SEC opens an investigation

October 4 — The U.S. Securities and Change Fee revealed in a submitting that it opened an investigation into Fisker, and that it might convey actions “alleging violations of the federal securities legal guidelines.” The monetary regulator instructed the chapter court docket that it already despatched a number of subpoenas, however was involved Fisker didn’t have a plan in place to protect its data. (The bankrupt EV startup in the end allayed the SEC’s issues, and the standing of the probe is unknown.)

Fisker’s HQ deserted in ‘full disarray’

October 5 — The owner of Fisker HQ’s last resting place — a facility in La Palma, California — says the constructing was deserted in “full disarray,” with hazardous waste and even full-size car clay fashions left behind. The owner’s submitting describes a messy few days during which, apparently, Fisker workers in addition to representatives of an public sale home emptied the ability.

The DOJ says Fisker’s recall restore plan is prohibited

October 7 — The U.S. Division of Justice, writing on behalf of the Nationwide Freeway Visitors Security Administration, tells the chapter court docket it thinks Fisker’s try and push recall labor prices on homeowners is prohibited. The objection in the end helps change Fisker’s thoughts a last time.

Fisker’s fleet purchaser balks at finishing the sale

October 8 — Fisker throws a significant curveball on the chapter court docket, after it instructed American Lease it didn’t consider it will be capable of switch vital knowledge to a brand new, non-Fisker server. American Lease revealed the snag in a submitting and instructed the decide that it might not be capable of full the sale — which might jeopardize Fisker’s settlement plan with its collectors.

Fisker’s chapter plan confirmed

October 16 — Fisker was capable of resolve the flurry of eleventh-hour issues described above and get its liquidation plan confirmed by the chapter court docket. The corporate reversed course and agreed to cowl the labor prices of its remembers. It labored out an answer with American Lease concerning the switch of auto knowledge. And a trustee was appointed to supervise the sale of the rest of Fisker’s non-vehicle property, together with round $1 billion price of apparatus left in Austria, the place the Oceans had been constructed.

2025

Henrik Fisker quietly winds down his nonprofit

Henrik Fisker and his spouse Geeta (who was additionally CFO and COO of the corporate) established a charitable basis in late 2021 meant to “incubate innovation in healthcare, schooling, sustainability, mobility, and all causes that assist assist the planet and enhance and additional the lives of individuals and animals.”

However a assessment of tax filings with the IRS present the muse by no means gave out greater than round $100,000, and has since been shut down. The pair wound down the nonprofit, in response to tax filings that had been made public in 2025.