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Troubled Fisker slashes price of leftover 2023 models

Fisker announced a round of drastic price cuts in a bid to offload its inventory of unsold 2023-model-year cars and hoist itself out of dire financial straits. The only model in its range, an electric crossover called Ocean, will cost up to $24,000 less beginning on March 29, 2024. The company offers three Ocean trim levels called Extreme, Ultra, and Sport, respectively. Updated pricing is as follows. 2023 Ocean Extreme: $37,499 ($24,000 less than before) 2023 Ocean Ultra: $34,999 ($18,000 less than before) 2023 Ocean Sport: $24,999 ($14,000 less than before) Note that these figures exclude destination and available incentives. Fisker notes that the price cuts only apply to 2023 models, which could deter some buyers. While these are new cars, and they feature the 2024 version of the company's operating system, some rival brands are already rolling out their 2025 models. To sweeten the deal, Fisker points out that the leftover 2023s are equipped with up to $7,000 in options including 22-inch wheels and extra-cost paint colors. Time will tell whether these massive discounts ($24,000 is about the price of a new Hyundai Kona) will allow the brand to trim down excess inventory. The Ocean's launch has been dotted with problems, including loss of power while driving, and the National Highway Traffic Safety Administration (NHTSA) opened a preliminary probe into the crossover due to four complaints "alleging unintended vehicle movement." Meanwhile, all is not well at Fisker. The company laid off about 15% of its staff earlier in March 2024 and warned that it risks running out of money. It later paused production of the Ocean, which is built in Austria by contract manufacturer Magna, because it's sitting on a global inventory of around 4,700 unsold cars worth over $200 million. Its shares were suspended from the New York Stock Exchange (NYSE) as talks with a major carmaker, widely rumored to be Nissan, fell through. Fisker has reportedly hired advisers for a potential bankruptcy.

Henrik Fisker says he's developing EVs in 'stealth mode'

VLF Automotive added a second model to their small lineup earlier this year. While the Force 1 sports car continued the company's tradition of cars with big displacement gas engines, a story by The Detroit News reveals that corporate partner Henrik Fisker isn't done with electric cars. The story is basically an inside look at how the company operates along with some insight on the company from Bob Lutz, one of the founders, and Henrik Fisker. However, among general comments about the company, Fisker told Detroit News that he's "definitely working in stealth mode on electric cars of the future." The news outlet also reported that Fisker said he's nearing a battery breakthrough and there might be a future electric VLF bearing his name. His interest in continuing with EVs is consistent with past statements, but this is the first we've heard of him actively working on electric car technology. Fisker wanting to stay under the radar in regards to electric car development is also understandable. His previous self-titled car company showed promise with the beautiful Karma plug-in hybrid, but it went bankrupt and was sold off to a Chinese car company. The Chinese company renamed itself Karma and is planning on selling cars again soon. Fisker's other interim automotive ventures have been met with mixed success. He teamed up with Galpin Auto Sport to create a custom Aston Martin Vanquish and Ford Mustang. The former resulted in a lawsuit from Aston, and the latter had polarizing styling. Setbacks clearly don't discourage Fisker though, and he even has plenty of things outside of VLF to keep him busy. He's currently working on a yacht for boat-builder Benetti, and he told The Detroit News he even has an idea for a TV show about building cars. For more on Fisker and VLF, check out the whole Detroit News story here. Related Video: Featured Gallery VLF Force 1 V10: Detroit 2016 View 17 Photos News Source: The Detroit NewsImage Credit: Drew Phillips Green Fisker Automakers Electric Future Vehicles Henrik Fisker karma karma automotive vlf automotive vlf

Fisker hires adviser to prepare for possible bankruptcy filing

Electric vehicle startup Fisker has hired restructuring advisers to assist with a possible bankruptcy filing, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The company has hired financial adviser FTI Consulting and the law firm Davis Polk to work on a potential bankruptcy filing, according to the report. Fisker declined to comment. According to CNN, Fisker's stock price fell more than 40% in after-hours trading after the report was published. Overall, the stock is down more than 80% since the start of 2024. Earlier this month, Fisker flagged going-concern risks, job cuts and a pause in investments into future projects until it secures a partnership with a manufacturer. Nissan was in advanced talks to invest in Fisker in a deal that could provide the Japanese automaker with access to an electric pickup truck, Reuters reported earlier this month, citing two people familiar with the negotiations.   Earnings/Financials Green Fisker