2023 Fisker Ocean on 2040-cars

Auto blog

Fisker stops production, warns it may need to seek bankruptcy

Fisker Inc. is pausing production for the next six weeks as the electric-vehicle maker looks to rein in inventory and avoid possibly having to file for bankruptcy. The company didn’t make a required interest payment of about $8.4 million last week on its unsecured convertible notes due in 2026, according to a regulatory filing Monday. Fisker warned it may not be able to meet obligations to service its debt and “could need to seek protection under applicable bankruptcy laws.” Fisker shares fell as much as 14% shortly after the start of regular trading. The stock had plummeted 90% this year through last weekÂ’s close. Fisker also said Monday that it plans to raise as much as $150 million through a financing deal with the holder of its 2025-dated convertible notes. The Los Angeles-based EV maker didnÂ’t identify the existing investor and said the funding will be organized in four tranches and subject to certain conditions. The disclosures expound on the dire state of Fisker, which warned late last month that there was substantial doubt about its ability to stay in business. The company has said it will cut 15% of its workforce after struggling with production issues, software glitches and short-seller criticism. Fisker said it remains in negotiations with an unidentified large automaker about a potential investment and joint development partnership. Bloomberg reported earlier this month that the company was in talks with JapanÂ’s Nissan Motor Co., citing people familiar with the matter. In its statement, Fisker said it has about 4,700 vehicles in inventory worth more than $200 million. ItÂ’s pausing production in Graz, Austria, starting this week to sell down its supply of already-built EVs.   Earnings/Financials Plants/Manufacturing Fisker

The New Fisker website goes live, says Karma warranties limited to $2,000

If there's any question where Wanxiang hopes to take the remains of Fisker Automotive, just take a look at The New Fisker, a fresh official website for the bankrupt automaker. While the text available there hedges about just when and how the company will restart production, it is clear from the pictures that the company is ready to make the Atlantic PHEV concept a reality. The site even says, "Hello Future. Meet the Atlantic." But, for now, The New Fisker is more about the nitty-gritty details about how to convert the brand from a troubled mess into something people will want to spend money on again. Reassuringly, the site doesn't shy away from the automaker's disappointing past with this timeline, which includes the good and the bad from the past seven years. As for the future, Wanxiang is talking about restarting Karma production "as fast as possible," (maybe at Valmet, maybe Delaware, maybe somewhere else) as well as introducing new Fisker models, the Atlantic, Surf and Sunset concepts that we have seen before. The new Karma could be better than the old ones, since Wanxiang says it will use the long production break, "to improve on Karma and give the customers the outstanding experiences they deserve." The New Fisker says Karma warranties will only cover "a maximum of $2,000 per vehicle." If something goes wrong with an old Karma on the road (like, say, breaking down before you put 200 miles on it), will it be covered by warranty? Sort of. Wanxiang says it is bound by the United States Bankruptcy Court for the District of Delaware sale order to an Asset Purchase Agreement that limits the company to a total of $400,000 for warranty coverage, and a maximum of $2,000 per vehicle. The New Fisker apologies for the situation - "We understand if you are an owner and paid good money for your vehicle, $2,000 is not what you bargained for or expected. ... We are already hard at work discussing ways that we can make this a better experience for all current Fisker owners and hope to bring better news to each owner in the near future" - but that's all you can get today. We're reproduced The New Fisker's current FAQ below. Note that there is no mention of the Destino anywhere, despite the ties between Wanxiang and Bob Lutz's project. Are there any plans for new Fisker models? We are excited about the Karma and truly believe we can launch the Atlantic, Surf and Sunset in the future.

Fisker fills in more details on the electric Ocean crossover

With two years go to before Fisker commences deliveries of the all-electric Ocean crossover, we're in for many months of piecemeal updates. The fledgling California automaker has released another smattering of details after debuting the Ocean at this month's Consumer Electronics Show, helping to fill in some functional aspects. At 182.7 inches long, 76 inches wide, and 63.6 inches high, the Fisker is 0.6 inches taller than the Ford Mustang Mach-E, 3.3 inches shorter in overall length, and two inches wider. The dimensions translate into 20 cubic feet of cargo room with the rear seats up and the parcel shelf installed, 25 cu. ft. without the parcel shelf, and 45 cu. ft. with the shelf out and rear seats down. At the other end of the interior, the instrument cluster is 9.8 inches, and the infotainment screen is a 16-inch vertically-oriented unit with haptic feedback. In between, designers did their best to source eco-friendly materials to create a "vegan interior." The Dinamica seating surfaces are derived from old T-shirts, polyester fibers, and recycled plastic, with reinforced rayon backing. The carpet comes from recycled nylon taken from discarded fishing gear. Fisker also says it will recycle rubber waste created during the Ocean's production. The standard wheels come in 20-inch sizes, with 22-inchers on the options sheet. Roof rails and a tow hitch will be options, too, but we'll need to wait another year to find out towing capacity. Turns out the announced entry price for $37,499 is for a base model that doesn't benefit from all-wheel drive, meaning it also doesn't get the more-than-300-horsepower powertrain. When we covered the reveal, we wrote, "Fisker quoted between 250 and 300 miles of driving range depending on driving conditions," so it's possible the base model notches 300 miles while the AWD version comes in closer to 250 miles. The Ocean gets an 80-kWh battery pack. For comparison, there's a 20-mile range delta between RWD and AWD versions of the Mach-E with the Standard Range 75.7-kWh battery pack. A high-performance Ocean will get a larger pack, targeting acceleration to 60 miles per hour in under three seconds, a fair chunk faster than the 3.5-second sprint for the Tesla Model Y Performance. Details on that model won't come until 2021. At some point this year, tire kickers will be able to explore the Ocean in person at Fisker experience centers, and set up test drives through a mobile app due next year.