A Brutal End for Fisker

With each passing day, hopes for Fisker to find a survival solution diminished. The final blow has been struck.

Fisker filed for bankruptcy on Monday, paving the way for a straightforward liquidation. The company stated this morning that it has begun the legal process of selling its assets, lamenting that negotiations with a major automaker ultimately fell through.

When it published its quarterly results in February, Fisker acknowledged that it did not have enough funds to survive another year. A slim hope remained with discussions initiated in May with an investor, but the amounts proposed were far from covering the manufacturer’s staggering losses.

No mercy for the weak

Its only vehicle marketed to date is the electric SUV Fisker Ocean. Last year, about 10,000 units were produced, but only half found buyers. Even offered at $20,000, one-third of their list price, the remaining units have stayed in stock. Who would buy a car from a manufacturer known to be in severe financial trouble? While the car’s design has been universally appreciated, it suffered from harsh and sometimes extreme criticism regarding its build quality. The very popular American YouTuber Marques Brownlee even released a video soberly titled: “This is the worst car I’ve had to try. Don’t buy the Fisker Ocean”. This is not the best kind of advertisement. The video, which caused Fisker’s stock to plunge following its release, has already amassed 5.7 million views to date.

Henrik Fisker has always honestly acknowledged the growing pains of the Ocean but remained convinced that they were linked to poor interactions between its software that could easily be resolved through updates.

Therefore, there has been no miracle, and the war among the major manufacturers has claimed a victim, perhaps the most promising and deserving one. It would, however, be surprising if the company, now free of its debts, does not find a buyer. A small manufacturer could benefit from this technology to quickly develop a 100% electric vehicle at a lower cost. But it certainly will no longer be a Fisker.

READ ALSO: Fisker Ocean, why this dreadful waste?