As of April 16, Fisker had only $54 million in cash, insufficient to cover its current obligations. The announcement was made during a general staff meeting, during which CEO Henrik Fisker also revealed that negotiations were underway with four car manufacturers regarding a possible sale of the company.
A fight against cancellations and for survival
The executive informed his employees that, despite the failure of an agreement with Nissan, the company was in discussions with manufacturers who had signed non-disclosure agreements. These negotiations could pave the way for a possible acquisition, even if the talks take time to conclude. Henrik Fisker underlined the importance of these negotiations, which are being held under the aegis of Deutsche Bank to find a buyer. A purchase offer would have been deemed insufficient, without further details on the identity of the potential buyer or the terms of the offer.
It is all the more complicated for Fisker which is facing a wave of cancellations of reservations for its vehicles. More than 40,000 cancellations have been recorded out of around 70,000 initial reservations for the Fisker Ocean model. These cancellations represent a very significant shortfall in terms of potential revenue. To make matters worse, each cancellation costs the company about $225, including processing fees.
Several Fisker Ocean owners say they are very worried about the future of their vehicles in the event of the company’s bankruptcy. They wonder in particular who would maintain the software updates necessary for the proper functioning of these vehicles, which are closer to a four-wheeled computer than to a traditional car.
Multiple technical problems have already been reported, such as errors in the driver assistance system (ADAS), problems recognizing the driver’s weight for activating the airbags, or loading difficulties. In addition, malfunctions of the infotainment and locking system were observed, linked to the failure of the 12-volt battery.
The situation is made all the more difficult as the company has stopped supplying new key fobs due to a shortage, forcing owners to rely on a single physical key and the Fisker app to access their vehicles. which causes a problem when the key fobs stop working.
Despite everything, Henrik Fisker confirmed having delivered more than 6,000 vehicles since the launch of the SUV in June 2023. In addition, to boost sales, Fisker has reduced the Price of its flagship model by almost 40%, which places the most affordable version of the SUV at around $25,000.
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