The Journey of Fisker: A Comprehensive Timeline of Its Successes and Struggles
Henrik Fisker aimed to create a successful electric vehicle (EV) enterprise with his startup, notably marked by the Ocean SUV. However, challenges emerged shortly after the Ocean hit the market in 2023.
Fisker frequently adjusted its production forecasts, encountered difficulties reaching sales targets, and was compelled to make layoffs. Additionally, the Ocean SUV experienced a series of software and mechanical issues, rendering some vehicles unusable. Problems included defective brakes, unforeseen power outages, and doors that failed to open, all of which triggered multiple safety examinations and a temporary production freeze to secure further financing.
These complications led Fisker to seek Chapter 11 bankruptcy protection, marking the beginning of a tumultuous phase for the startup. Below is a timeline detailing the events that contributed to this situation. Scroll down for the latest updates.
2023
Fisker missed its Q2 production target
July 7 — The company manufactured 1,022 Ocean SUVs in Q2 of 2023, falling short of its target of 1,400 to 1,700 units.
Fisker issued convertible notes for operational funding
July 10 — Fisker revealed plans to raise $340 million through convertible debt, anticipating net proceeds around $296.7 million. The funds are intended to support corporate operations and expand a battery pack line for growth in 2024 and beyond. The company also mentioned that proceeds would enhance capital expenditures and product development.
Revised production target
December 1 — In order to generate $300 million in working capital, Fisker adjusted its annual production estimate to roughly 10,000 vehicles for 2023, a significant drop from earlier ambitious goals.
2024
Fisker faced challenges in meeting internal sales objectives
January 1 — The startup considerably missed its publicly stated target of delivering 300 electric SUVs daily worldwide. By December, the focus had shifted to an internal goal of 100 to 200 vehicles per day in North America, but daily sales frequently ranged from one to several dozen Ocean SUVs.
Ocean SUV investigated over brake failure reports
January 15 — Federal regulators launched an inquiry into Fisker’s Ocean SUV following reports of brake failures. The National Highway Traffic Safety Administration (NHTSA) received 19 complaints regarding brake issues, gear shifter malfunctions, doors not opening from inside, and instances of the vehicle’s hood unexpectedly lifting while driving.
Customers reported power loss and brake problems for months
February 9 — Since the debut of the first Fisker Ocean SUVs, customers had reported over 100 occurrences of power loss. The company informed TechCrunch that these incidents were uncommon and claimed to have resolved “almost all problems” through software updates. Clients also recounted issues like sudden braking failures, malfunctioning key fobs, unresponsive seat sensors, and unexpected hood lifts at high speeds.
Second investigation into the Ocean SUV began over rollaway issues
February 16 — The NHTSA initiated a second probe into the Ocean SUV after receiving four complaints regarding unanticipated rollaways, one of which led to an injury. Fisker pledged its full cooperation with the safety agency.
Fisker implemented a 15% workforce reduction
February 29 — Fisker announced layoffs affecting 15% of its staff, indicating an anticipated cash shortfall to maintain operations. The company is exploring funding options as it transitions from direct sales to a traditional dealership model.
Production pause with a mere $121 million in the bank
March 18 — Fisker revealed a six-week production halt for the Ocean SUV while seeking additional funds. A regulatory filing indicated that the company had $121 million in cash and cash equivalents as of March 15, with $32 million of that being restricted. Fisker also reported an increase in accounts payable to $182 million, raising “substantial doubt” regarding its capacity to continue operations without new financial support.
Fisker missed a deal with Nissan, threatening rescue funding
March 25 — Negotiations for a potential investment and collaboration with a major automaker, rumored to be Nissan, collapsed, jeopardizing a separate rescue funding initiative. Fisker confirmed that discussions ended on March 22 without further updates. This was crucial for securing a $150 million convertible note.
Trading suspended by the NYSE
March 25 — The New York Stock Exchange suspended trading of Fisker’s shares, declaring the company “no longer suitable for listing” due to “abnormally low” price levels.
Fisker struggled to account for millions in customer payments
March 27 — Fisker experienced difficulties in tracking millions in customer payments during its efforts to ramp up deliveries, necessitating an internal audit that commenced in December. Inadequate internal practices resulted in oversights regarding transactions, including down payments and instances of vehicle deliveries made without corresponding payments.
Further layoffs executed to save cash
April 29 — To “preserve cash,” Fisker conducted another round of layoffs in line with a strategy discussed just the week earlier. According to a U.S. Securities and Exchange Commission filing, the company may seek bankruptcy protection within 30 days if it fails to secure necessary funding.
Fisker stopped payments to the engineering firm
May 3 — Fisker halted payments to the engineering company responsible for developing the Pear—a budget-friendly EV—and the Alaska pickup truck. The firm alleged that Fisker was unlawfully retaining intellectual property related to these models.
Fourth federal safety investigation into the Fisker Ocean
May 10 — The NHTSA launched a fourth investigation into the Fisker Ocean SUV addressing various allegations of unintentional Automatic Emergency Braking. Eight complaints noted that owners experienced unexpected activations of this safety feature even without obstructions present.
Hundreds let go to keep the EV startup afloat
May 29 — Fisker laid off hundreds of employees in the last week of May in a desperate effort to remain operational while searching for funding, a buyout, or preparing for bankruptcy. Current and former employees estimated that around 150 staff members remained.
Examining Fisker’s collapse
May 31 — The downfall of Fisker can be attributed to issues with the Ocean SUV, which encountered numerous mechanical and software challenges, worsened by overconfidence, internal conflicts, and failure to implement essential processes required for an automotive manufacturer.
The Ocean SUV’s first recall
June 12 — Fisker declared its first recall for the Ocean SUV due to warning light malfunctions identified by the NHTSA. The instrument panel displayed inconsistent warning lights and failed to meet Federal Motor Vehicle Safety Standards, with several alerts not activating during ignition.
Fisker files for bankruptcy
June 18 — Following a challenging year, Fisker sought Chapter 11 bankruptcy protection, pursuing partnership opportunities with another automaker as a final attempt to salvage the company. According to the filing, it estimated its assets between $500 million and $1 billion, with liabilities ranging from $100 million to $500 million.
Fisker’s failure rooted in unpreparedness for the automotive sector
June 18 — Following the bankruptcy announcement, Fisker indicated it would continue “reduced operations,” focusing on “preserving customer programs and compensating crucial vendors going forward.” This implies the company will function at a minimal scale in hopes of attracting a buyer for its assets during the Chapter 11 proceedings.
Indicators of financial distress emerged as early as August 2023
June 21 — A new filing in the Chapter 11 proceedings revealed that Fisker experienced a state of “potential financial distress” starting in August 2023, prompting the exploration of partnership or investment opportunities from other automakers.
Disputes over Fisker’s assets intensify
June 21 — Immediately following its bankruptcy filing, disputes over Fisker’s assets surfaced, with a lawyer asserting that the startup was liquidating assets “outside the court’s oversight.” Central to this issue is the relationship with Fisker’s largest secured lender, which provided over $500 million in 2023 amid apparent financial hardships.
Fisker requests court approval to sell EVs for approximately $14K each
July 3 — Pending approval from a Delaware Bankruptcy Court, Fisker intends to sell its remaining inventory to a New York-based vehicle leasing company, aiming to liquidate 3,231 EVs for a total of $46.25 million, averaging about $14,000 per vehicle.
Henrik Fisker and Geeta Gupta-Fisker lower salaries to $1
July 9 — To assist their struggling startup’s bankruptcy processes, Henrik Fisker and co-founder Geeta Gupta-Fisker reduced their salaries to just $1. Moreover, restructuring officer John DiDonato disclosed that Fisker would defer various payments, such as severance, healthcare benefits, and unpaid vehicle sales incentives.
Major objection to Fisker’s Ocean SUV sale
July 15 — The U.S. Trustee’s office from the Department of Justice, which oversees bankruptcy administration, expressed objections to a deal that would keep Fisker’s proceedings active while aiding in reimbursing creditors.
Court approves 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, permitting the ongoing bankruptcy process while liquidating the remaining assets of the company.
A critical question in Fisker’s bankruptcy
July 29 — A contentious issue arises: should the secured lender Heights Capital Management receive priority in recovering from liquidation? Ongoing negotiations aim to resolve a settlement regarding asset liquidation in the upcoming weeks. The outcome will determine whether the bankruptcy case remains in Chapter 11 or transitions to Chapter 7, effectively dissolving Fisker.
Fisker alters stance on recall costs
September 18 — During the bankruptcy process, questions emerged about managing outstanding recalls. By mid-September, Fisker initially proposed to cover parts costs while requiring owners to pay for labor; however, they later revised that decision to also cover labor costs.
The SEC commences an investigation
October 4 — The U.S. Securities and Exchange Commission announced it had begun investigating 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 procedures for preserving its records. (Fisker ultimately addressed the SEC’s concerns, leaving the investigation’s status uncertain.)
Fisker’s headquarters found in ‘complete disarray’
October 5 — The landlord of Fisker’s headquarters in La Palma, California, reported that the facility was abandoned in “complete disarray,” with hazardous waste and clay models for full-size vehicles left behind. The report detailed disordered final days when Fisker employees and auction representatives cleared the premises.
DOJ states Fisker’s recall repair plan is unlawful
October 7 — The U.S. Department of Justice, representing the NHTSA, informed the bankruptcy court that Fisker’s plan to charge owners for labor involved in recalls was illegal. This objection ultimately led Fisker to alter its strategy once more.
Fleet buyer hesitates in finalizing the transaction
October 8 — Fisker notified American Lease that it questioned its capacity to transfer essential data to a new non-Fisker server. American Lease raised concerns in a filing, suggesting that the finalization of the sale could be endangered, potentially impacting Fisker’s settlement strategy with creditors.
Confirmation of Fisker’s bankruptcy plan
October 16 — Fisker successfully resolved prior complications and gained confirmation of its liquidation plan from the bankruptcy court. The company committed to covering labor costs for recalls and addressed data transfer issues with American Lease. A trustee was also appointed to oversee the sale of non-vehicle assets, including nearly $1 billion worth of equipment in Austria where the Ocean SUVs were manufactured.
2025
Henrik Fisker discreetly discontinues his nonprofit organization
Henrik Fisker and his wife Geeta, who previously served as CFO and COO, founded a charitable organization in late 2021 aimed at “incubating innovation in healthcare, education, sustainability, mobility, and other causes that benefit the planet and enhance lives.”
IRS tax filings revealed that the foundation allocated less than $100,000 before dissolving. The couple officially closed the nonprofit, as reflected in accessible tax records from 2025.
