2023 Fisker Ocean One on 2040-cars

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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.

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.

New Fisker Karma will be pretty familiar

"It's all the same, only the names have changed," Jon Bon Jovi memorably sang, and it sure will apply to the next incarnation of the Fisker Karma. That's what the rumor mill says, anyway. A writer identified as JCMorrill on the Fisker forum Fisker Buzz says he (or she) has gotten some information by spending a "couple hours last week with the managers setting up the new factory." Anyone who liked the old Fisker Karma (perhaps not its creditors) will be pleased. That's because there doesn't seem to be a ton of changes in store for the extended-range plug-in hybrid, which is now known as Karma (China-based parent Wanxiang has ditched the "Fisker" badge, which remains attached to the coachbuilding company run by Henrik Fisker). The 2.0-liter powertrain will be the same, as will that 33-mile all-electric range and 240-mile total range. The company's not going to mess much with the sedan's sleek looks, either, according to the Tuesday post on Fisker Buzz. The brakes will actually be downgraded a tad, and the dash displays will be updated. There will be some driver-assist features added, including some braking and cruise-control features. Given that the new car will sport a price tag estimated to be $135,000, there better be. The Fisker Karma was last produced in 2012 before the company went bankrupt. Wanxiang acquired the company's assets in 2014. Rechristened Karma Automotive last year, the company has built a Southern California factory and could re-introduce the model as soon as some time later this year. Meanwhile, Mr. Fisker himself said earlier this year that he was teaming up with Bob Lutz and Gilbert Villarreal to re-imagine the Karma as a high-performance sedan powered by the 6.2-liter V8 Corvette ZR1 engine. The collaboration, called VLF Automotive, showed off the latest version of their alternative Karma at the Detroit Auto Show and said at the time that the car would retail for a cool $229,000. News Source: Fisker Buzz via Green Car Reports Green Rumormill Fisker Hybrid extended-range plug-in karma karma automotive