2023 Fisker Ocean One on 2040-cars

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As Fisker heads toward liquidation, creditors fight over assets

NEW YORK — Electric vehicle startup Fisker is headed towards a liquidation, attorneys said in U.S. bankruptcy court on Friday, as two creditor factions previewed a battle over which group will be paid first.  Fisker filed for bankruptcy protection in Delaware on Monday after burning through cash in an attempt to ramp up production of its Ocean SUVs. The company initially said it would seek additional financing and continue "reduced operations," but Fisker's attorney Brian Resnick said at the hearing in Wilmington the company does "not currently anticipate being able to obtain financing."  Resnick told U.S. Bankruptcy Judge Thomas Horan that the company planned to liquidate its assets, and it has reached a tentative deal with a single buyer for all of its 4,300 vehicles.  The California-based company, founded by automotive designer Henrik Fisker, was never profitable, with about $273 million in revenue in 2023 and a net loss of $940 million.  Fisker owes over $850 million to two groups of bondholders, and attorneys for the larger group accused a minority faction led by Heights Capital Management of seizing control of Fisker's debt in November through a "suspect" transaction with Fisker.  At the time, Fisker was late in providing audited financial statements due under its debt agreements, and Heights used that "minor, technical default" to claim all of Fisker's assets as collateral on its bonds, Alex Lees, an attorney for other bondholders, said.  "They basically handed the whole business over to Heights," Lees told Horan. "Fisker has been liquidating outside of this court's supervision, basically for one creditor's sole benefit."  Lees said that Fisker should have filed for bankruptcy in November. His group intends to challenge the November agreement that put Heights at the front of the line for repayment in Fisker's bankruptcy, Lees said.  Heights' attorney Scott Greissman said Lees' claim was "outrageous" and that Heights tried to help Fisker survive.  "There may be a lot of disappointed creditors, but none more than Heights," Greissman said.  Greissman said the expected sale of Fisker's fleet would pay only a "fraction" of Heights' $185 million in debt. That would leave little hope of repayment for other creditors.  Linda Richenderfer, an attorney for the U.S.

Fisker cancels roadside assistance service in the United States

Fisker is reportedly in talks with several companies about a potential take-over, but a deal hasn't been announced yet and its troubles aren't over. The brand has notified owners of the Ocean, its only production model, that it will no longer provide a roadside assistance service. "We have an important update regarding our Roadside Assistance services that we want to share with you. Despite our best efforts, we regret to announce that Fisker Roadside Assistance is no longer available," the brand wrote in an email sent to its customers in May 2024. Several owners posted a screenshot of the email on Reddit, and a spokesperson for Fisker confirmed that roadside assistance is no longer available in our market in a statement sent to website CarScoops. Roadside assistance has already been canned in markets across Europe. Details about the service still appear on Fisker's website. Roadside assistance was available in all 50 states, 24 hours a day, and 365 days a year. The plan was valid for six years or 60,000 miles after the sale date, whichever came first. It covered a wide range of problems including mechanical disablement, a loss of power, a flat tire, and a lockout. Crucially, the fine print notes that Fisker "reserves the right to revise or discontinue specific roadside assistance benefits at any time without notice or refund, reimbursement, or credit to the owner." Fisker's recent financial problems are well documented, but the company seemingly believes there's a light at the end of the tunnel. It added three stores to its American dealer network in May 2024: Newport Fisker in Orange County, Fisker of San Jose, and Belford Fisker in New Jersey. These outlets will initially help the brand liquidate its inventory of left-over 2023 cars, which received a big price cut earlier in 2024. However, Fisker reportedly sent its staff members an email warning of company-wide layoffs that could start on June 28, 2024. Green Fisker Electric

Fisker teases $40,000 mass-volume EV to be revealed on March 18

Fisker news hasn't washed across the transom in a while, but Danish designer Henrik Fisker has been making waves. In one week, his latest venture, Fisker Inc., will debut a new battery-electric vehicle that will cost "close to $40,000." Based on the teaser photo and Fisker's comments about the car, we're expecting a small crossover. To be built in the U.S. and expected to launch in 2021, this will be the company's volume model eventually aiming for several hundred thousand sales per year. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. It will compete somewhere around the BMW X3 ICE category and Tesla Model Y EV segment. The only thing we know about its looks beyond the A-pillar and side mirror is Fisker's desire "to make it really futuristic-looking." At the same time, "it has to be very versatile because we obviously want to get into a certain high volume with the vehicle." Everything's still in flux, and Fisker has learned not to promise hard dates, so we won't be surprised if dates and specs change even after the March 18 reveal. A year ago, when the Fisker EMotion debuted at the Consumer Electronics Show, we wrote that it's "set to launch by the end of 2019, with a starting price of $129,000. The company is currently taking reservations for $2,000 at its website." That's changed due to focus on the volume model. In an interview with CleanTechnica last September, Fisker said "we will go faster to the affordable, high-volume vehicle and the EMotion could come out either simultaneously or even after the high-volume vehicle." No doubt one timetable issue is the battery — Fisker wants a solid-state battery for the $40,000 car and the EMotion. In-house R&D has advanced to building small test units by hand. By the end of the year he wants batteries large enough to test in a car, and to have found a manufacturing partner to produce the batteries, followed by on-road testing throughout 2020. Fisker Inc has secured 15 patents so far for solid-state battery technology with 2.5 times the energy density of current lithium-ion batteries. The goal is 400 miles on a full charge and a full recharge in 10 minutes or less. We'll know more in a few days. Whatever waits under the covers will be judged against this standard: " We have to be so radical that we take the people who's maybe jumping ship from the big car makers.