2023 Fisker Ocean One Sport Utility 4d on 2040-cars

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Fisker files for Chapter 11 bankruptcy in Delaware

Reuters reports that Fisker filed for Chapter 11 bankruptcy protection on Monday, pointing Henrik Fisker's second independent automotive act into what looks like the same dramatic close as his first act. The Chapter 11 filing, as opposed to Chapter 13, suggests company efforts to stay in business by shedding assets and working out deals with creditors. On the former front, the paperwork filed in Delaware lists estimated asset value at between $500 million to $1 billion against estimated liabilities of between $100 million and $500 million. On the latter front, Adobe, Google, and SAP are listed as among the 20 largest creditors. A company spokesperson said, "Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently." While that is indisputably true, Fisker's much larger problem was launching a woefully unfinished Ocean SUV, full of novelties and beautiful outside, almost entirely undercooked inside. Fisker is not the only EV maker to have done this, nor is Fisker the only EV maker to come apart after having done so. CEO Henrik Fisker blamed software issues, the same bane that's tripped up multi-billion-dollar blue chips like Volkswagen and Volvo and General Motors in the EV space, and continues to do so. Fisker, though, unlike those other companies, had no stable of traditional moneymaking products to keep the company out of the Valley of the Shadow of Death.     It's not clear if Fisker has a way out of that valley, either; prospects from the outside look dim. Fixing the Ocean, addressing the NHTSA investigations, and restarting production would require enormous sums of money, and it's not clear Fisker has the expertise and will to do those things even if it got the money. Rebuilding the incinerated goodwill of the past few months among buyers and interested shoppers — the nadir being trying to sell Oceans to Fisker employees for $20,000 plus taxes and fees — would cost even more in time and funds. At the time of writing, CarFax lists 173 Fisker Oceans for sale nationwide, all low miles, prices ranging from $26,000 to $46,000.

NHTSA opens preliminary probe into Fisker Ocean over door failure

The U.S. auto safety regulator said on Wednesday it had opened a preliminary probe into Fisker's 2023 Ocean SUVs after complaints that the doors of the electric vehicles sometimes failed to open, the latest setback for the cash-strapped startup. The regulator said its Office of Defects Investigation received 14 complaints alleging an intermittent failure of the latch and handle that prevented the opening of the driver, front passenger and/or rear doors. Some of the reports also alleged the emergency override mechanism also failed to open the door. The National Highway Traffic Safety Administration's (NHTSA) preliminary evaluation will look into the scope and severity of the potential problem to assess its impact on safety. The regulator could close the investigation into Fisker without taking any potential action. Fisker, whose stock was delisted from the New York Stock Exchange last month over failure to comply with listing norms, did not immediately respond to a request for comment. NHTSA is also investigating Fisker for two prior incidents — one regarding issues with the 2023 Ocean SUV's brakes and the other pertaining to unintended vehicle movement. Fisker is facing mounting uncertainty after talks with a large automaker for a potential investment collapsed last month, forcing it to look for options including in- or out-of-court restructurings and capital market transactions. The company said last week it would cut the prices of its 2023 Ocean SUV models to boost sales and raise capital to meet debt obligations as it faces depleting cash reserves. Fisker, like other EV makers, is grappling with intense competition, as well as customers holding back big-ticket purchases due to higher borrowing costs and economic uncertainty. The company said on March 18 that it would pause vehicle production for six weeks.

Karma's new China plant will revive Fisker Atlantic

Karma Automotive, the successor to high-end extended-range plug-in vehicle maker Fisker Automotive, is planning a factory in China that will make as many as 50,000 vehicles a year. The company is owned by China-based Wanxiang Group and has also reached agreements for 10 North American dealerships. Most impressively, there appear to be plans to revive the two-door "Atlantic" model that was planned by Fisker but never saw the light of day. Wanxiang Group will invest $375 million to build the factory in Hangzhou, Bloomberg News reports. No completion date has been set by Wanxiang, which Bloomberg said last year was China's biggest corporate investor in US real estate. Wanxiang acquired the former Fisker out of bankruptcy in 2014 for about $149 million, and renamed the company Karma. The four-door vehicle model that was previously known as the Karma will be relaunched as the Revero later this year. Karma Automotive also has a 550,000-square-foot factory in Moreno Valley, California, near Los Angeles. The wrinkle to the new factory, though, is that most of the cars produced there will be the two-door Atlantic. That model was unveiled in 2012, but Fisker never made good on its plans to start selling it to the public, and went bankrupt the following year. Karma said Monday that it reached agreements to relaunch its automobile line with 10 dealerships throughout North America, where it will sell the four-door Revero. The North American markets will be Atlanta, Chicago, Ft. Worth, Miami, Palm Beach, Los Angeles, Philadelphia, Detroit, Montreal, and Toronto. Karma is also planning to build an Orange County Brand Experience Center in Southern California, but it didn't reveal further details about that facility. Related Video: Featured Gallery Fisker Atlantic: New York 2012 News Source: Bloomberg News, Karma Automotive Green Plants/Manufacturing Fisker wanxiang atlantic fisker atlantic extended-range plug-in karma karma automotive