2023 Fisker Ocean One on 2040-cars

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Nissan, Fisker in advanced talks on investment, partnership

Nissan is in advanced talks to invest in electric vehicle maker Fisker in a deal that could provide the Japanese automaker with access to an electric pickup truck while giving the struggling startup a financial lifeline, according to two people familiar with the negotiations. The deal could close this month, said the sources, who asked not to be identified because the talks are ongoing and have not been finalized. Terms being discussed include Nissan investing more than $400 million in Fisker's truck platform and building Fisker's planned Alaska pickup starting in 2026 at one of its U.S. assembly plants, one of the sources said. Nissan would build its own electric pickup on the same platform, the source said. Nissan has U.S. assembly plants in Mississippi and Tennessee. Fisker said on Thursday, when it announced it might not be able to continue as a going concern and would cut 15% of its workforce, that it was in talks with a large automaker for a potential investment and joint development partnership. It did not name the automaker. A Fisker spokesman said the company does not comment on speculation, while Nissan officials were not immediately available to comment. Fisker shares had been down about 45% before the Reuters report but pared those losses and were trading down about 25% with a market capitalization of more than $295 million. The term sheet is ready and the deal is going through due diligence, one of the sources said. Nissan was an EV pioneer with its fully battery powered Leaf hatchback in 2010 but has since struggled in the face of nimbler new entrants. A deal with Fisker would help it move into the growing U.S. electric pickup market. Nissan's talks with Fisker comes in the wake of the former's “rebalanced” relationship with its long-time alliance partner Renault. Last year, Nissan and Renault finalised terms of a restructured alliance after months of negotiations. They aim to have cross-shareholdings of 15% as part of the deal. The more limited alliance removes certain restrictions and has opened the door for Nissan to develop growth plans in areas such as EVs and software independent of Renault, said one of the sources, who is familiar with Nissan's thinking. The Yokohama-headquartered automaker is scouring “many, many opportunities,” the person said.

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 plans lineup of four electric vehicles by 2025

Fisker recently declared it wants to secure the rights to use Volkswagen's MEB platform to underpin an electric crossover named Ocean. Although the deal hasn't been finalized yet, it released a preview image that sheds light on some of the other cars it plans to release. Company founder Henrik Fisker envisions a four-car range by 2025. Introduced as a concept at CES 2020, the Ocean takes the form of a battery-powered soft-roader that's about the same size as the Ford Mustang Mach-E. Although we don't know which platform it will be built on yet, it's expected to enter production in early 2021 and land with a base price in the vicinity of $38,000 before local and federal incentives enter the equation. Fisker announced it will also launch a flexible lease program. Fisker described its second vehicle as "a segment-busting super-sports sedan based on the EMotion concept," and its preview image shows the design study it introduced during CES 2018. There's no word yet on how it will evolve as it makes the transition from a show car to a production car, but Fisker explained it delayed the sedan's introduction until 2022 at the very earliest, in part because the solid-state battery technology it hopes to make available isn't ready for production yet. It also anticipates the Ocean will sell in greater numbers than the EMotion. The California-based company's range will also include a "sports crossover," which looks like a fastback on stilts in the vein of the BMW X4. Shown for the first time, it seemingly receives a much sportier design than the Ocean. Finally, it reaffirmed its plans to enter the burgeoning electric pickup segment, but the truck it plans to catapult into this increasingly crowded ring is hidden under a sheet. Fisker added all of the aforementioned models will be built using "platforms, battery packs, and components" sourced from the world's leading manufacturers and suppliers. They'll all be electric — gasoline-, diesel- and hybrid-powered vehicles aren't part of Fisker's plan. Fisker can talk the talk, there's absolutely no doubt about it, but now it needs to prove it can walk the walk. It's in the process of going public by merging with a blank-check company backed by Apollo Global Management. The deal will give it a $2.9 billion value, and provide it with $1 billion in gross proceeds it will use to make the Ocean a reality. Proceeds from that model will presumably be used to develop and launch production of its other cars.