-
Pause in production with just $121M in the bank
March 18, 2024 — Fisker announced it would pause production of its electric Ocean SUV for six weeks as it scrambles for a cash infusion. The company said in a regulatory filing that it had just $121 million in cash and cash equivalents as of March 15, $32 million of which is restricted or not immediately accessible. Fisker also said that its accounts payable balance is up to $182 million and that there is “substantial doubt” that it can continue operations without raising new capital.
Fisker had a great run, but has now paused production. Image credit: FiskerImage Credits:Fisker -
-
Fisker laid off 15% of staff
February 29, 2024 — Fisker announced its plan to lay off 15% of its workforce and says it likely does not have enough cash on hand to survive the next 12 months. The company says it is trying to find a way to raise that money as it works through a pivot from direct sales to a dealership model.
-
-
Feds opened second probe into the Ocean SUV after rollaway complaints
February 16, 2024 — The NHTSA opened a second investigation into Fisker’s Ocean SUV after the agency received four complaints about the vehicle rolling away unexpectedly, resulting in one injury. The company told TechCrunch it is “fully cooperating” with the safety agency.
A badge on the hood of a Fisker Ocean electric sports utility vehicle (SUV) at the Fisker Inc. stand on the opening day of the MWC Barcelona at the Fira de Barcelona venue in Barcelona, Spain, on Monday, Feb. 28, 2022. Over 1,800 exhibitors and attendees from 183 countries will attend the annual event, which runs from Feb. 28 to March 3. Photographer: Angel Garcia/Bloomberg via Getty ImagesImage Credits:Angel Garcia/Bloomberg / Getty Images -
-
Owners had flagged sudden power loss and brake problems for months
February 9, 2024 — Since the initial fleet of Fisker Ocean SUVs were delivered, customers have reported more than 100 separate loss-of-power incidents. The company told TechCrunch it believes these problems are rare and that it has resolved “almost all the issues” with software updates. Customers have also reported sudden loss of braking power, problematic key fobs causing them to get locked inside or outside of the vehicle, seat sensors that don’t detect the driver’s presence and the SUV’s front hood suddenly flying up at high speeds.
-
-
Ocean SUV investigated over braking loss complaints
January 15, 2024 — Federal safety regulators have opened an investigation into Fisker’s first electric vehicle over braking problems. Owners had lodged 19 complaints with the National Highway Traffic Safety Administration (NHTSA) on issues ranging from brake loss to problems with the gear shifter to a driver door failing to open from the interior and two instances of the vehicle’s hood suddenly flying up on the highway.
Fisker Ocean SUVImage Credits:Fisker -
-
Fisker struggled to meet internal sales goals
January 1, 2024 — Fisker remained far from meeting its publicly stated goal of delivering 300 electric SUVs per day globally. The EV startup spent much of December aiming to meet an internal sales goal of between 100 and 200 vehicles a day in North America, where the bulk of its inventory and sales efforts are. Fisker fell well below that target, often selling just one to two dozen of its Ocean SUVs a day here.
LOS ANGELES, CALIFORNIA – JUNE 10: Car designer Henrik Fisker poses with a Fisker Ocean automobile at the Salvation Army California South Division’s annual Sally Awards at Four Seasons Hotel Los Angeles at Beverly Hills on June 10, 2022 in Los Angeles, California. (Photo by Michael Tullberg/Getty Images)Image Credits:Michael Tullberg / Getty Images -
-
Production target cut
December 1, 2023 — Fisker cut its annual production guidance in an effort to free up $300 million in working capital. The company said it expected to produce about 10,000 vehicles in 2023. The production guidance is just a quarter of Fisker’s bullish forecast from a year ago.
-
-
Fisker sold convertible notes to fund operations
July 10, 2023 — Fisker announced plans to sell $340 million in convertible debt, expecting the net proceeds to be $296.7 million. The automaker said it planned to use the funds to support its general corporate operations and add an additional battery pack line to “support growth” in 2024 and beyond. The company said funds will also be used for capital expenditures and the development of future products.
-
-
Fisker fell short of its Q2 production target
July 7, 2023 — The automaker produced 1,022 Ocean SUVs in the second quarter of 2023, several hundred vehicles short of its expectation of producing between 1,400 and 1,700 EVs.
Image Credits:Fisker -
The fall of EV startup Fisker
Henrik Fisker once envisioned a burgeoning EV empire at the startup he named after himself, which was to be led by the Ocean SUV. But cracks started showing in that vision almost as soon as the Ocean hit the road in 2023.
Topics
October 27-29, 2025
San Francisco
ONE-WEEK BUNDLE FLASH SALE
Founder Bundle Offer: Land your investor and sharpen your pitch. Save 15% when you bring 4-9 founders.
Investors Bundle Offer: Discover your next breakout startup. Save 20% when you bring 4-9 investors.
Bundle offer ends October 3.