The Fisker Odyssey: An In-Depth Timeline of Successes and Setbacks
Henrik Fisker aimed to establish a successful electric vehicle (EV) company with the launch of the Ocean SUV. However, shortly after its introduction in 2023, the startup encountered significant challenges.
Fisker frequently revised its production estimates, faced difficulties in achieving sales objectives, and was compelled to make staff reductions. Furthermore, the Ocean SUV encountered various software and mechanical issues, resulting in some vehicles rendering non-operational. Reported problems included malfunctioning brakes, sudden power outages, and doors that wouldn’t open, triggering multiple safety probes and a temporary production shutdown to secure additional funding.
These setbacks led Fisker to seek Chapter 11 bankruptcy protection, marking a tumultuous period for the company. The following timeline illustrates the pivotal moments that contributed to this situation. Scroll down for the latest updates.
2023
Fisker failed to meet its Q2 production targets
July 7 — The company manufactured 1,022 Ocean SUVs in Q2 2023, short of the goal of 1,400 to 1,700 units.
Fisker issued convertible notes to fund operations
July 10 — Fisker announced its intention to raise $340 million through convertible debt, expecting net proceeds of around $296.7 million to bolster operations and expand a battery pack line for growth in 2024 and beyond. This funding was anticipated to enhance capital expenditures and product development.
Revised production targets
December 1 — To secure $300 million in working capital, Fisker reduced its annual production forecast to approximately 10,000 vehicles for 2023, a considerable decrease from previous ambitious projections.
2024
Fisker battled to meet internal sales targets
January 1 — The company struggled to reach its public target of delivering 300 electric SUVs daily worldwide. By December, the focus shifted to an internal goal of 100 to 200 vehicles daily in North America, though actual daily sales often fluctuated between one vehicle and a few dozen Ocean SUVs.
Investigation launched into Ocean SUV for brake failure complaints
January 15 — Federal authorities began an investigation into Fisker’s Ocean SUV following brake failure reports. The National Highway Traffic Safety Administration (NHTSA) recorded 19 complaints related to brake problems, gear shifter issues, inoperable doors, and incidents of the hood unexpectedly lifting during operation.
Customers reported power loss and brake failures for months
February 9 — After the initial rollout of the Fisker Ocean SUVs, customers reported over 100 instances of power loss. The company informed TechCrunch that these occurrences were rare and claimed to have addressed “nearly all issues” via software updates. Additional complaints included unanticipated brake failures, faulty key fobs, unresponsive seat sensors, and unintended hood lifts at high speeds.
A second probe into the Ocean SUV for rollaway incidents
February 16 — The NHTSA initiated a second investigation into the Ocean SUV after four reports of unexpected rollaways, one of which caused injury. Fisker committed to full cooperation with the safety agency.
Fisker revealed a 15% workforce reduction
February 29 — Fisker announced layoffs affecting 15% of its staff, citing expected cash shortages to sustain operations. The firm is looking into funding options while shifting from direct sales to a more conventional dealership structure.
Production paused with only $121 million in cash
March 18 — Fisker declared a six-week suspension of Ocean SUV production while pursuing additional financing. A regulatory report disclosed that the company held $121 million in cash and cash equivalents as of March 15, with $32 million restricted. Fisker also noted an increase in outstanding payments to $182 million, raising “significant doubt” about its ability to continue operations without new funding.
Fisker lost a deal with Nissan, endangering rescue funds
March 25 — Negotiations for a potential investment and partnership with a major automaker, believed to be Nissan, collapsed, putting a separate rescue funding initiative at risk. Fisker confirmed discussions concluded on March 22 without any updates. This partnership was critical for securing a $150 million convertible note.
NYSE halted trading of Fisker shares
March 25 — The New York Stock Exchange suspended trading of Fisker shares, declaring the company “no longer suitable for listing” due to “abnormally low” stock price levels.
Fisker struggled to track millions in customer payments
March 27 — Fisker encountered difficulties tracking millions in customer payments during its delivery ramp-up, leading to an internal audit initiated in December. The absence of internal controls resulted in oversights concerning transactions, including down payments and instances where vehicles were delivered without associated payments.
New layoffs to conserve cash
April 29 — To “preserve cash,” Fisker executed another round of layoffs as part of a strategy discussed in the previous week. A filing with the U.S. Securities and Exchange Commission indicated that the company might seek bankruptcy protection within 30 days if it couldn’t secure essential funding.
Fisker stopped payments to the engineering firm
May 3 — Fisker ceased payments to the engineering firm responsible for the development of the Pear—a budget-friendly EV—and the Alaska pickup. The firm alleged that Fisker was improperly withholding intellectual property associated with these vehicles.
A fourth federal safety investigation initiated for the Fisker Ocean
May 10 — The NHTSA launched a fourth probe into the Fisker Ocean SUV, focusing on multiple allegations of unintended Automatic Emergency Braking activations. Eight complaints indicated owners experienced unexpected activations of this safety feature despite no obstructions being present.
Hundreds of employees laid off to keep the EV startup afloat
May 29 — Fisker laid off hundreds of employees in the last week of May in a desperate bid to maintain operations while seeking funding, a buyout, or preparing for bankruptcy. Current and former employees estimated only around 150 workers remained.
Exploring Fisker’s downfall
May 31 — Fisker’s decline can be traced to complications with the Ocean SUV, which experienced numerous mechanical and software challenges, alongside overconfidence, internal conflicts, and a failure to put in place essential processes required for an automotive manufacturer.
First recall issued for the Ocean SUV
June 12 — Fisker announced its initial recall for the Ocean SUV due to faulty warning lights identified by the NHTSA. The instrument panel exhibited discrepancies in warning lights and failed to meet Federal Motor Vehicle Safety Standards, as several alerts did not activate during ignition.
Fisker sought bankruptcy protection
June 18 — After a challenging year, Fisker sought Chapter 11 bankruptcy protection, aiming to explore partnership opportunities with another automaker as a final effort to salvage the company. The filing estimated its assets between $500 million and $1 billion, with liabilities between $100 million and $500 million.
Fisker’s downfall due to unpreparedness in the automotive sector
June 18 — Following the bankruptcy announcement, Fisker stated it would maintain “reduced operations” while focusing on “preserving customer programs and compensating key vendors moving forward.” This suggests the company intends to operate at a minimal level while seeking a buyer for its assets throughout the Chapter 11 process.
Signs of financial distress emerged as early as August 2023
June 21 — Recent updates in the bankruptcy proceedings indicated that Fisker experienced “potential financial distress” beginning in August 2023, prompting inquiries into partnership or investment opportunities from other automakers.
Disputes over Fisker’s assets intensify
June 21 — Almost immediately after its bankruptcy filing, disputes regarding Fisker’s assets emerged, with one attorney asserting the startup was liquidating assets “outside the court’s supervision.” Central to this dispute is the relationship with Fisker’s primary secured lender, which had provided over $500 million in 2023 amidst visible financial challenges.
Fisker seeks court consent to liquidate EVs for approximately $14K each
July 3 — Subject to approval from a Delaware Bankruptcy Court, Fisker plans to liquidate its remaining inventory to a New York-based vehicle leasing company, aiming to sell 3,231 EVs for a total of $46.25 million, averaging about $14,000 per vehicle.
Henrik Fisker and Geeta Gupta-Fisker reduce their salaries to $1
July 9 — To assist their struggling startup’s bankruptcy processes, Henrik Fisker and co-founder Geeta Gupta-Fisker drastically cut their salaries to just $1. Additionally, restructuring officer John DiDonato revealed that Fisker would defer several payments, including severance, healthcare benefits, and outstanding vehicle sales incentives.
An objection raised against Fisker’s Ocean SUV liquidation
July 15 — The U.S. Trustee’s office from the Department of Justice, which oversees bankruptcy administration, objected to a deal that would allow Fisker’s proceedings to continue while facilitating creditor repayments.
Court approves the sale of North American EVs for $46.25 million
July 16 — A bankruptcy judge authorized Fisker to sell over 3,000 Ocean SUVs to a leasing company for up to $46.25 million, allowing the bankruptcy process to advance while liquidating the firm’s remaining assets.
A pivotal question in Fisker’s bankruptcy
July 29 — A contentious issue arises: should the secured lender Heights Capital Management gain precedence in asset recovery from liquidation? Ongoing discussions seek to resolve asset liquidation matters in the coming weeks. The outcome will determine whether the bankruptcy case remains in Chapter 11 or transitions to Chapter 7, effectively dissolving Fisker.
Fisker retracts its stance on recall costs
September 18 — During bankruptcy discussions, concerns arose about managing outstanding recalls. By mid-September, Fisker initially planned to cover parts costs while requiring owners to bear labor expenses; however, this position was later revised to include labor costs.
The SEC initiates an investigation
October 4 — The U.S. Securities and Exchange Commission announced it has commenced an investigation into Fisker for potential violations of federal securities laws. The commission informed the bankruptcy court that several subpoenas had been issued, raising concerns regarding Fisker’s record-keeping practices. (Fisker ultimately addressed the SEC’s inquiries, leaving the investigation’s status uncertain.)
Fisker’s headquarters found in total disarray
October 5 — The landlord of Fisker’s headquarters in La Palma, California, reported that the facility was left in “total disarray,” with hazardous materials and clay models for full-size vehicles abandoned. The report underscored a chaotic conclusion as Fisker employees and auction representatives cleared out the premises.
DOJ claims Fisker’s recall repair plan is unlawful
October 7 — The U.S. Department of Justice, representing the NHTSA, notified the bankruptcy court that Fisker’s proposal to charge owners for labor involved in recalls was illegal. This objection ultimately compelled Fisker to alter its strategy once more.
Fleet buyer hesitant to conclude the sale
October 8 — Fisker informed American Lease that it was unsure about its capacity to transfer critical data to a new non-Fisker server. American Lease expressed concerns in a filing, indicating that finalizing the sale could be jeopardized, potentially affecting Fisker’s negotiations with creditors.
Fisker’s bankruptcy plan receives confirmation
October 16 — Fisker successfully resolved previous disputes and secured confirmation of its liquidation plan from the bankruptcy court. The firm committed to covering labor costs for recalls and resolved data transfer issues with American Lease. A trustee was also appointed to oversee the sale of non-vehicle assets, including nearly $1 billion in equipment located in Austria, where the Ocean SUVs were produced.
2025
Henrik Fisker quietly discontinues his nonprofit organization
Henrik Fisker and his wife Geeta, who previously served as CFO and COO, established a charitable organization in late 2021 aimed at “nurturing innovation in healthcare, education, sustainability, mobility, and various causes that benefit the planet and enhance lives.”
IRS tax records indicated that the foundation allocated less than $100,000 before its dissolution. The couple officially disbanded the nonprofit, as reflected in publicly available tax documentation dated 2025.
