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Fisker lost track of millions of dollars in customer payments for months

Fisker temporarily lost track of millions of dollars in customer payments as it scaled up deliveries, leading to an internal audit that started in December and took months to complete, TechCrunch has learned. The EV startup was ultimately able to track down a majority of those payments or request new ones from customers whose payment methods had expired. But the disarray, which was described to TechCrunch by three people familiar with the internal payment crisis, took employees and resources away from Fisker’s sales team at a time when the company was attempting to save itself by restructuring its business model. Fisker struggled to keep tabs on these transactions, which included down payments and in some cases, the full price of the vehicles, because of lax internal procedures for keeping track of them, according to the people. In a few cases, it delivered vehicles without collecting any form of payment at all, they said. “Checks were not cashed in a timely manner or just lost altogether,” one of the people told TechCrunch. “We were often scrambling to find checks, credit card receipts and any wired funds a few months after a vehicle was sold.” Alongside the internal audit, outside auditor PwC was asking Fisker for more documentation about its vehicle sales as part of the process of putting together the company's annual financial report, according to two of the people. Fisker was often unable to provide satisfactory documentation, leading to more requests from PwC. “Paperwork being collected wasnÂ’t always being collected in full, or sent to the same places,” another one of the people said. These sources requested anonymity because they were not authorized to talk to the press about internal matters. This internal confusion put the company in a position where it couldnÂ’t accurately say how much revenue it had generated, according to the people, who noted it is one of the reasons Fisker has yet to file its annual financial report for 2023. Tracking down the payments may wind up offering little solace to the startup, which is on the brink of bankruptcy. Fisker has paused production of its only vehicle, the Ocean SUV, after running into trouble meeting internal sales goals and struggling to support customers dealing with a number of quality problems. It has alerted investors that it may not be able to continue operations without a fresh infusion of cash.

Henrik Fisker teases more pictures of the EMotion EV

Luxe-green-vehicle pioneer Henrik Fisker said earlier this week that he will unveil a prototype of his EMotion electric vehicle this summer. He also reiterated that the car will have at least a 400-mile single-charge range. And he tweeted an image showing off the sedan's dihedral (also known as "butterfly") doors. The car is expected to start sales sometime next year. Fisker followed up that tweet with another noting that the car's carbon and aluminum structure will cut the EMotion's weight relative to similar vehicles by 20 percent. He also touted the vehicle's "extreme low hood," which will certainly help aerodynamics as well as the car's sportiness. Fisker started teasing images last fall, subsequently noting that the car will have a top speed of 161 miles per hour and adding that the car will be roomier than its sleek profile would suggest. As for the unveiling timetable, the EMotion's debut as a prototype would take place about a month after Tesla's planning to start deliveries of its Model 3. A cool summer indeed. Fisker is better known among green-car aficionados as the founder of Fisker Automotive. That company made the high-end extended-range plug-in vehicle Karma, which was favored by such luminaries as Leonardo DiCaprio and CeeLo Green. After the company went bankrupt in 2013, its assets were acquired by China-based Wanxiang, and the company has been relaunched as Karma. That automaker's four-door Revero extended-range plug-in, which is estimated to be able to go as far as 50 miles on electricity alone, is also scheduled to debut this year, with an MSRP of about $130,000. Related Video: News Source: Henrik Fisker/Twitter via InsideEVsImage Credit: Henrik Fisker/Twitter Green Fisker Hybrid extended-range plug-in henrik

Fisker Project Ronin EV sedan previewed ahead of 2024 launch

Fisker's lineup of to-be-launched cars has grown again. Shortly after it announced an urban EV codenamed PEAR, the company released a sketch that shows an electric sedan called Project Ronin which will be positioned at the top of its range when it (hopefully) enters production in 2024. "The aim is to achieve the world's longest range for a production EV, combined with extremely high levels of performance. Project Ronin will be a showcase for our internal engineering, powertrain, and software capabilities," explained company boss Henrik Fisker in a statement. He stopped short of providing specific figures, but the company explained that Project Ronin — which borrows its name from a 1998 movie famous for its car chases — will be capable of carrying four adults and their luggage. Under development since 2021, the model seemingly takes the form of a low-slung car with four doors, though we're told it will feature "unique doors." The sedan will be built with lightweight materials, it will use active aerodynamic technologies, and it will be powered by a battery that will be integrated into the vehicle structure. Fisker expects to unveil Project Ronin in August 2023, and production is tentatively scheduled to begin in the second half of 2024. If everything goes according to plan, the sedan will become the third member of the Fisker range when it starts rolling off the production line. Fisker's first car should be the Ocean, an electric crossover that should enter production in Austria before the end of 2022. It will be followed by the aforementioned PEAR, which will be built in Ohio with help from Taiwan-based software giant Foxconn starting in 2024. Green Fisker Coupe Electric Future Vehicles