The fall of EV startup Fisker: A comprehensive timeline

Summary

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. Fisker cut production targets multiple times, failed to meet sales goals and laid off staff. What’s more, its Ocean SUV was beset with software and mechanical issues, rendering it inoperable for some. Add troublesome brakes, sudden power loss and doors that wouldn’t open to the list of issues that led to multiple safety investigations and ultimately a pause in production in order to raise new capital. All of this and more has forced Fisker to file for Chapter 11 bankruptcy protection, marking the beginning of an inauspicious period for the eponymous startup. Below is a timeline of the events that led the automaker to this point. Scroll to the bottom to see the newest developments. 2023 Fisker fell short of its Q2 production target July 7 — 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. Fisker sold convertible notes to fund operations July 10 — 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. Production target cut December 1 — 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. 2024 Fisker struggled to meet internal sales goals January 1 — Fisker remained far from meeting its publicly stated goal o...