The IT Nerd

It seems that EV startup Fisker has filed for bankruptcy protection after burning through all its cash trying to get their Fisker Ocean SUV to market.

I’ve written about them in the past and I kind of had high hopes for them. But to be honest, I’m not surprised by this result. After all Hendrik Fisker who is the CEO of Fisker had tried to make an EV before called the Karma and the company behind that, which to be clear isn’t the same company that we’re talking about now, had similar difficulties before reinventing itself as Karma Automotive.

What also likely didn’t help is that YouTuber MKBHD reviewed the Fisker Ocean in a video called “This is the Worst Car I’ve Ever Reviewed” which likely scared off a lot of customers. In short, the video illustrated a lot of issues with the Fisker Ocean that to be frank, should never be seen by anyone. Now I’ve watched MKBHD’s videos for years, and he goes out of his way to not trash products. So if he says something like this, it has to be bad. To be fair, he did give them a second chance via reviewing the car again with updated software that fixed some of these issues, but like the title of the video suggested at the time, it was likely too little too late.

At this point, I don’t see any good outcome for Fisker. While the company behind the Karma was bought out and still exists today, I don’t see that outcome this time around. Nor do I see Fisker exiting this in any state where they could try and make a go of it. Thus all I have to say is R.I.P. Fisker.

 Fisker Inc. is providing an update on recent business activities.

Dealer Partner Model Update

On January 4, Fisker announced a change in its vehicle distribution strategy toward an innovative Dealer Partnership model in North America and hybrid model in Europe that will continue to include direct sales to consumers and dealer arrangements. Since this announcement, Fisker has seen substantial interest from potential partner dealers across the United States, Canada, and Europe. The company is currently engaged with over 100 dealers. Enthusiasm has been driven by the fact that Fisker is the only American brand available to dealers that manufactures exclusively electric vehicles that have class leading features (for example, the Fisker Ocean has the longest range in its segment). Fisker is scheduled to host dealers at its headquarters in Manhattan Beach during the week of January 29. In addition, Chairman and CEO Henrik Fisker and several Fisker executives are scheduled to attend the National Automobile Dealers Association (NADA) show in early February to meet with prospective dealers and promote the company’s new dealership model. Fisker expects the first Oceans to be available in dealer showrooms in February.

Many of Fisker’s potential dealer partners already support multiple brands of vehicles, have existing EV infrastructure and the ability to service vehicles. The company anticipates that dealers will be able to purchase vehicles for their inventory shortly after finalizing the partner agreements. Fisker believes this strategy is consistent with its asset-light business model and will allow the company to build a strong distribution network capable of servicing its customers in a more cost-efficient way. Initial dealer agreements will likely cover California, Illinois, New York, New Jersey, Massachusetts, Florida, Maryland, and Canada.

Anticipated Positive Impact to Cash Flow

Fisker expects that the Dealer Partnership model will enhance its ability to turn new vehicles into cash by reducing the time vehicles are retained on its balance sheet. Similar to the traditional automotive OEM/dealer model, Fisker will recognize revenue when a vehicle is sold to a dealer. Fisker anticipates that it will sell most of the vehicles it currently has in inventory before the end of this year’s first quarter and expects to provide a delivery update in February.

During the first half of 2024, the company expects to generate cash from the sale of existing 2023 production vehicle as well as a consumption of raw materials, including batteries, in producing cars in first half of 2024 that are currently on its balance sheet. The carrying value of completed vehicles in Fisker’s inventory at the end of 2023 was approximately $290 million. Since Fisker has been selling vehicles through its direct to customer model and will pivot to a dealership model during Q1. We expect to sell the balance of our 2023 vehicle inventory before end of the quarter, releasing almost $290 million on the balance sheet that can be used for working capital. In addition, Fisker has approximately $260 million of parts, including batteries, which will support the production of Ocean vehicles in 2024. As a result, Fisker expects to achieve a higher contribution to cash flow from Oceans produced and sold in early 2024. 

Amendment to 2025 Convertible Notes

As previously announced, on January 21, Fisker entered into a second amendment and waiver agreement with the holder of its 2025 senior convertible notes. Pursuant to this waiver, among other items, the company no longer is required to maintain a minimum cash balance. In addition, the company has obtained a release from the investor of certain intellectual property belonging to Fisker upon the company entering into certain commercial agreements with an automotive original equipment manufacturer (OEM). Fisker believes this waiver provides increased flexibility to pursue strategic collaborations. Reflecting a series of conversions by the senior convertible notes holder, the company’s overall debt level has been reduced. As of January 19, 2024, the principal balance outstanding on the 2025 notes has been reduced by approximately $185.5 million to $324.5 million. 

NHTSA Preliminary Evaluation

Fisker issued the following statement on the National Highway Traffic Safety Administration (NHTSA) Office of Defects Investigation’s (ODI) Preliminary Evaluation of reported braking issues with the 2023 Fisker Ocean:

The Fisker Ocean brake system uses both friction braking and regenerative braking. In December 2023, Fisker responded to customer feedback and issued an Over-the-Air update (Version 1.10) to the regenerative system that improved the customer experience when traveling over bumps and uneven surfaces, resolving the issue. The Fisker Ocean brake system meets or exceeds all US and international performance requirements.

Key Executive Leadership Updates

As previously announced, Fisker has strengthened its leadership team with the addition of seasoned and experienced executives across departments including finance, accounting, marketing, and sales.

These leaders include Angel Salinas as Chief Accounting Officer; Eric Goldstein as Head of Investor Relations; Beverly Lively as VP, Internal Controls & Audit; and Dan Quirk as EVP, of Finance and Accounting. Wolfgang Hoffman has also joined as Country Manager for Canada as well as Amira Aly as VP, Marketing, Sales & Financial Service US.

Fisker also held the largest meetup in company history, with approximately 2,500 owners and prospective owners gathering in 24 US locations and at six locations in Europe.

Fisker Inc. today announced that the company is developing an innovative Dealer Partnership model in North America. In Europe, Fisker intends to pursue a hybrid of direct sales and dealer arrangements.

Large dealer territories, no-haggle pricing, and vehicles to first dealers by end of Q1 2024

The Dealer Partnership model combines the goal of offering our customers no-haggle pricing on Fisker vehicles (where permitted) while also providing our dealer partners with larger market territories, so they can maintain pricing without concern for local competition. The company has been in discussions with numerous potential dealers since late November 2023.

The company is implementing this approach to expedite the expansion of its sales, delivery, and test drive network. Fisker expects that its first dealers will start receiving vehicles by the end of Q1 2024, and that it will have all its initial dealer partners in place when higher-volume vehicle models arrive in the marketplace in the future.

Sustainable dealerships and streamlined customer support

In keeping with its sustainability mission, Fisker does not plan to require its dealer partners to make extensive, time-consuming, or costly changes to their existing facilities. The company has developed corporate identity features that it can quickly provide to its dealer partners so that they can commence sales and service as soon as possible. Fisker will continue to maintain its own Fisker Lounges in global markets so that customers may experience the brand and contribute sales leads that the company can send to its dealers.

Fisker will be working with dealer partners who place a high emphasis on delivering excellent customer satisfaction, providing streamlined customer support and service, as well as expanded test-drive opportunities as the range of Fisker models and trim levels expands. Dealers will also facilitate financing and insurance arrangements and assist customers with matters related to Fisker’s warranty.

Hybrid business model in Europe

Following the agency model, Fisker plans to sign up sales and distribution partners in its European markets, while the company continues direct sales in the region.

Dealers can inquire by using the following email address:

North America Market: retailpartners@fiskerinc.com

EU Market: retailpartnersEurope@fiskerinc.com

Fisker Inc. will show both the Fisker PEAR and Fisker Alaska pickup truck in Los Angeles.

PEAR is an innovative, high-volume crossover that the company recently showed at its Product Vision Day in August. PEAR is expected to commence production in July 2025 and will be priced at $29,900 in the US, before incentives. 

A new see-through A-pillar design feature on PEAR will be on display for the first time. It is intended to improve driver awareness and pedestrian safety when the vehicle is making a left-hand turn. A surround-view camera captures areas that the A-pillar might obscure and feeds that live image to an interior display.

The PEAR on display will also have Fisker’s new Cockpit Compute system, which will go into production as part of the Fisker Blade computer (described below). Fisker will own the complete software configuration on Blade through the company’s in-house development teams.

The Alaska is planned to be the world’s most sustainable pickup and will go on sale for $45,400, also before incentives. The vehicle is expected to start production and deliveries in Q1 2025.

The production-intent PEAR and the prototype Alaska will be on display at The Grove, starting the afternoon of Saturday Nov. 18, and continuing through Sunday Nov. 26.

Fisker Inc. today released additional details on the Fisker PEAR, an innovative and affordable crossover priced at $29,900.

Fisker showcased PEAR, which is planned to be built in the US in collaboration with Foxconn at a factory in Ohio, on August 3 at the company’s first-ever Product Vision Day.

Fisker has also announced that a production-intent PEAR will be exhibited publicly at the Fisker Lounge Munich (Kaufingerstrasse) on September 4-10, concurrent with the IAA Mobility 2023 event in Munich.

The PEAR is using a new light steel body structure; Fisker’s engineering and design departments have worked on reducing the parts count by 35%. The approximately 15-foot-long vehicle (4550mm) is smaller than the Fisker Ocean SUV, which began deliveries in 2Q 2023. It features a unique Houdini trunk that enables owners to load and unload in tight street parking situations and to avoid damage in parking structures with low ceilings. The trunk lid and glass move down behind the rear bumper beam and are therefore protected in case of a rear crash. (The Houdini trunk was activated at slow speed on Aug. 3 to allow the feature to be captured on video, the production version will move at high speed up and down.)

Additional features include a drawer-like front boot, or “froot,” that could be used to store anything from delivery pizza to sweaty workout gear, thereby keeping odors out of the cabin; it will be offered with an insulated option to keep food hot or cold. The cabin itself is designed to be extremely durable, with no fragile moving parts – excellent for car-sharing applications, busy families with kids or people who like a lot of storage space everywhere.

The PEAR will also have a Lounge Mode, with all seats folding flat including the rear seat folding backwards into the trunk area, to create a large lounge space for watching a movie or taking a rest. PEAR will come with an optional 17.1-inch rotating screen for entertainment in Lounge Mode. The five-seat vehicle will have an option to seat six people, with a large two-seat bench replacing the single front passenger seat and center console.

The interior will feature recycled and bio-based materials to help make PEAR a leader in sustainability in its segment. The PEAR will also be the basis of Fisker’s aim to create a carbon neutral vehicle by 2027. The vehicle has been presented in its final production form, except for the exterior camera mirrors, which are still under review.

Two battery options will provide an estimated range of either 180 miles, aimed at being the lightest and most sustainable version, or an estimated 320 mile-range for longer trips. (320-560 km WLTP estimate)*. The vehicle is projected to deliver a base 0-60mph time of 6.3 seconds and a 0-100 km/h of 6.8 seconds. The PEAR will be offered in both rear wheel and all-wheel drive, ride on standard 20-inch wheels and be outfitted with low rolling resistance tires and optional 22-inch wheels with high performance tires. A high-performance variant, the Fisker PEAR Extreme, will also be in the lineup.

The PEAR will be the first Fisker vehicle to implement the company’s in-house-designed High-Performance Computer, the Fisker Blade, that will offer a completely new connected and digital customer experience for the era of software-defined vehicles. Built to be fast, energy-efficient, safe, and cybersecure, the Fisker Blade is packaged in a slim, modular, and fully upgradable unit. The Fisker Blade delivers up to 6.2 TFLOPs and up to 25% more performance per watt used. The system uses an asymmetric processing architecture to achieve more power efficiencies. The vehicle features a multi-gigabit internal Ethernet network that connects the rest of the vehicle systems to Fisker Blade for high-speed networking and diagnostics. The 5G/Wi-Fi6 wireless network turns PEAR into a cloud-connected mini data center, with Fisker designing and developing both the vehicle system software and data pipeline for highly efficient cloud and in-car analytics.

Manufacturing and deliveries are expected to commence in July 2025. New photos of the PEAR are available here.

Go to Fiskerinc.com to place a reservation.

 Fisker Inc. has today released additional details on its Fisker Alaska pickup truck. Fisker revealed the Alaska at its Product Vision Day on August 3.

The Fisker Alaska is the company’s “everything” vehicle: sporty handling and driving dynamics combined with luxury SUV comfort and everything that discerning buyers in the booming pickup-truck market expect. But Fisker also intends to make the Fisker Alaska the world’s most sustainable pickup when deliveries commence in 2025.

The company is also innovating with the vehicle, particularly when it comes to the bed, which is designed to expand from 4.5 to 7.5 feet thanks to a Houdini partition behind the rear seats that can be electronically lowered into space created by the battery layout of the FM31 platform. The Houdini door will be protected by a flip-up panel. With the powered liftgate dropped and rear seats lowered, the bed expands to 9.2 feet. When the rear seats are folded down and the Houdini is lowered, the rear seats are protected by fold up panels including a panel folding up behind the front seats. Beyond that, Fisker aims for the Fisker Alaska to be the world’s lightest electric pickup and feature extra storage in an insulated front trunk.

The Fisker Alaska will be offered with two battery packs — 75 kWh and 113 kWh — that will offer range of 230-340 miles; the 0-60mph time will range from 3.9 to 7.2 seconds. The vehicle will be 17.4 feet in length and entice owners with a big gulp cupholder, the world’s largest, a cowboy hat holder, cockpit storage for work gloves, a large center armrest with storage for flashlights and pens, and a passenger tray with a tablet holder. Wheels will be available in 20- and 22-inch sizes.

Production of the Fisker Alaska is expected to start in Q1 of 2025. Interested customers can reserve the vehicle at Fiskerinc.com for $250 for their first Alaska and fully refundable $100 for the second.

Fisker Inc. has announced that they will provide customers with access to Tesla’s Supercharger network.  

The company has announced that it has signed an agreement with Tesla to adopt the North American Charging Standard (NACS) on its first vehicles in 2025. The move will provide Fisker owners with additional charging options, taking advantage of Tesla’s 12,000 Supercharger stations in the United States and Canada.

All current and future Fisker vehicles will be covered by the agreement. Fisker customers will utilize a NACS adapter to plug in at Superchargers starting in Q1 2025. Fisker will later update vehicle engineering to include an NACS inlet. A CCS adapter will be provided so that customers can continue to charge using that standard.

Fisker Inc. today showcased its future vehicle lineup in Huntington Beach, CA. The Manhattan Beach-based carmaker presented four vehicles, as well as technology and sustainability visions, to an audience of investors, analysts, employees, and the media. 

Chairman and CEO Henrik presided over reveals of the Fisker Ocean SUV with a Force-E offroad package; the 1,000-plus-horsepower Fisker Ronin grand-touring four-door convertible; the Fisker PEAR sustainable city EV; and the Fisker Alaska all-electric pickup truck.

In addition to the vehicles that were displayed on stage, the company detailed its Fisker Blade computer, a central computing platform that will greatly reduce complexity in forthcoming vehicles. Fisker also reviewed its Environmental, Social and Governance (ESG) objectives as it strives to become the world’s most sustainable carmaker.

After the conclusion of the Huntington Beach event, Fisker opened reservations for both the Fisker Ronin ($2,000 for first reservation, $1,000 fully refundable for second) and the Fisker Alaska ($250 for first reservation, $100 fully refundable for second).

Details on the newly revealed vehicles are as follows:

Fisker Ronin is the world’s first all-electric four-door convertible GT sports car.  

• A true five-seat GT with a carbon fiber hard-top convertible, four butterfly doors, a high-tech luxury interior, and uniquely futuristic exterior design.
• An integrated battery pack powers Ronin to a targeted 600-plus mile range
• A triple motor all-wheel drive powertrain is projected to deliver massive 1,000-plus horsepower and 0-60 mph in approximately 2.0 seconds.
• A showcase for Fisker engineering, powertrain, and software capabilities, Ronin will be ultra-luxury priced and built in limited quantities.

Fisker PEAR (Personal Electric Automotive Revolution) is Fisker’s vision of a sustainable EV as a connected mobility device. 

• A category-breaking lifestyle vehicle built on Fisker’s SLV-1 platform, PEAR is built using Fisker’s Steel++ development process, resulting in the use of 35% fewer parts than other EVs in class.
• Features a highly connected and revolutionary electrical engineering architecture, and the first implementation of the Fisker Blade central computing platform.
• Unique Houdini Trunk (hideaway liftgate) and a front storage compartment called the Froot (“front boot”) simplify cargo loading in city parking.
• Compact body length delivers sporty handling, while allowing room for spacious and modular interior with seating for up to six.
• Futuristic design includes an ultra-wide wraparound windscreen, sculptural exterior design, and slim LED lighting.
• Designed to be the future of clean and affordable mobility for a global mass market, PEAR is available in four trim levels, priced starting at $29,900, and scheduled to be available in mid-2025.

Fisker Alaska is Fisker’s versatile, advanced, and powerful all-electric four-door pickup truck. 

• Built on an extended adaptation of Fisker Ocean’s platform called the FT31, Alaska is both a sporty everyday ride and a highly flexible utility pickup.
• Built for multiple cargo configurations, including a cargo bed extendable from 4.5 feet to 7.5 feet to 9.2 feet, and a Houdini bed divider which hides away to connect cargo bed and rear cabin.
• Designed to be the world’s lightest EV pickup truck.
• Designed to be the world’s most sustainable truck.
• Shares the Fisker Ocean’s modern design DNA and fast, road-holding EV performance, and has a projected range of 230-340 miles.
• Expected deliveries in 2025 and priced starting at $45,400 before incentives.

Force E is the dynamic and durable off-road package for the Fisker Ocean SUV

• Designed to maximize Fisker Ocean’s outstanding torque, power, and best-in-class range for sustainable off-roading adventure.

• Will be available for all-wheel drive Ultra and Extreme trims, both at vehicle purchase and as a post-purchase add-on package.
• Includes 33” tires on 20” wheels, higher ground clearance, specialized dampers, roof basket, front and rear skid plates, and an underbody plate for greater durability.
• Scheduled to be available in Q1 2024, with pricing to be announced.

You can watch the event here to see all of Fisker’s new vehicles.

Fisker Inc. driven by a mission to create the world’s most emotional and sustainable electric vehicles, today released its Life Cycle Assessment (LCA) report – a cradle-to-grave analysis that details the carbon footprint of the Fisker Ocean all-electric SUV. With the lowest published carbon footprint of any electric SUV in its market segment, the “world’s most sustainable vehicle” lives up to its ambitious promise, from raw material extraction to beyond “end of use.” 

Unique in the industry, Fisker built sustainability into its strategy well before becoming a publicly traded company. Fisker prioritizes using the lowest possible amount of virgin materials, delivering the most energy-efficient vehicles possible, evaluating how to ensure the least amount of material goes to landfill at end of use, and developing methods for full vehicle and battery reuse and recycling. The company’s emphasis on supporting a “circular economy” includes prioritizing how battery materials may be pushed back into upstream sourcing. 

Fisker’s LCA is unique in the industry in that it utilizes mostly primary data rather than estimates. Tier 1 suppliers are pushed to provide accurate carbon accounting, while the company’s processes, measurement, and the impact of the earth and the atmosphere are transparent at unprecedented levels. It can be read here.

Fisker has commenced vehicle deliveries in both the United States and Europe, following a unique dual-market certification strategy as it launched simultaneously. The Fisker Ocean One is a launch edition model of the $68,999 Fisker Ocean Extreme, with a 113 kWh battery pack (106 kWh usable) and an EPA range of 360 miles on standard 20” wheels and tires, which is the longest range of any new electric SUV in its class. In Europe, the Fisker Ocean Extreme has a WLTP range of 707km/440 UK miles on standard 20” wheels and tires, which is the longest range of any electric SUV sold in Europe today. The all-electric SUV starts at $37,499² for the Fisker Ocean Sport trim level in the US.

 Fisker Inc. will today begin making its first deliveries of the Fisker Ocean SUV to customers in the US.

Fisker will commence deliveries of 22 vehicles at 11:30 a.m. Pacific Time, at a company facility in the Los Angeles area where product specialists can familiarize customers with their Fisker Ocean One launch edition SUVs. This initial group of vehicles was shipped to the US from Austria on an expedited basis. Additional deliveries will continue through the summer.

The company has already delivered vehicles in Europe, following a unique dual-market certification strategy as it launched simultaneously in Europe and the US.

The Fisker Ocean One is a launch edition model of the $68,999 Fisker Ocean Extreme, with a 113 kWh battery pack (106 kWh usable) and an EPA range of 360 miles on standard 20” wheels and tires, which is the longest range of any new electric SUV in its class. In Europe, the Fisker Ocean Extreme has a WLTP range of 707km/440 UK miles on standard 20” wheels and tires, which is the longest range of any electric SUV sold in Europe today. The all-electric SUV starts at $37,499 for the Fisker Ocean Sport trim level in the US.