The Journey of Fisker: A Comprehensive Timeline of Its Ups and Downs
Henrik Fisker envisioned a prosperous electric vehicle (EV) empire with his startup, highlighted by the Ocean SUV. However, challenges emerged right after the Ocean’s road debut in 2023.
Fisker continuously adjusted its production forecasts, faced difficulties achieving sales targets, and resorted to layoffs. The Ocean SUV also experienced a range of software and mechanical issues, rendering some units unusable. Problems included defective brakes, unexpected power outages, and doors failing to open, all prompting multiple safety investigations and a subsequent pause in production to secure additional funding.
Due to these difficulties, Fisker had no choice but to pursue Chapter 11 bankruptcy protection, marking the beginning of a tumultuous chapter for the startup. Below is a timeline detailing the events that converged to this point. Scroll to the bottom to find the most recent updates.
2023
Fisker missed its Q2 production goal
July 7 — The firm managed to produce 1,022 Ocean SUVs in Q2 of 2023, falling several hundred units short of its target range of 1,400 to 1,700 vehicles.
Fisker issued convertible notes to finance operations
July 10 — Fisker revealed plans to sell $340 million in convertible debt, expecting net proceeds of $296.7 million. The funds aim to support general corporate functions and expand a battery pack line to foster growth in 2024 and beyond. The company noted that the proceeds would also bolster capital expenditures and product development.
Reduction in production target
December 1 — To create $300 million in working capital, Fisker revised its annual production forecast, now expecting about 10,000 vehicles for 2023, a stark decline from the previous year’s ambitious projections.
2024
Fisker faced challenges in meeting internal sales objectives
January 1 — The startup fell significantly short of its publicly stated goal of delivering 300 electric SUVs daily globally. In December, the focus turned to an internal target of 100 to 200 vehicles each day in North America, yet daily sales often ranged from one to a few dozen Ocean SUVs.
Ocean SUV under investigation for brake failure reports
January 15 — Federal regulators launched an inquiry into Fisker’s Ocean SUV following reports of braking failures. The National Highway Traffic Safety Administration (NHTSA) received 19 complaints about brake issues, gear shifter malfunctions, doors that wouldn’t open from the inside, and instances of the vehicle’s hood unexpectedly lifting while driving.
Owners flagged power loss and brake issues for months
February 9 — Since the introduction of the first Fisker Ocean SUVs, customers reported over 100 power loss incidents. The company told TechCrunch they considered these issues rare and believed they had resolved “almost all problems” through software updates. Customers recounted experiences of sudden braking failures, faulty key fobs, unresponsive seat sensors, and unexpected hood lifts at high speeds.
Second probe into the Ocean SUV launched over rollaway complaints
February 16 — The NHTSA initiated a second investigation into the Ocean SUV after receiving four complaints related to unexpected rollaways, one of which resulted in injury. Fisker assured TechCrunch of its full cooperation with the safety agency.
Fisker cut 15% of its workforce
February 29 — Fisker announced layoffs affecting 15% of its staff, indicating a likely cash shortage to sustain operations for the coming year. The company is exploring funding options as it shifts from direct sales to a traditional dealership model.
Production pause with only $121 million available
March 18 — Fisker declared a six-week production halt for the Ocean SUV while seeking a cash influx. A regulatory filing revealed that the company had $121 million in cash and equivalents as of March 15, with $32 million being restricted. Fisker also disclosed an increase in accounts payable to $182 million, leading to “substantial doubt” about its operational continuity without new funding.
Fisker missed out on Nissan deal, jeopardizing rescue funds
March 25 — Discussions for a potential investment and partnership with a major automaker, rumored to be Nissan, fell through, endangering a separate rescue funding initiative. Fisker disclosed that these talks concluded on March 22 without further details. The outcome of this dialogue was critical in securing a $150 million convertible note.
Trading halted by NYSE
March 25 — The New York Stock Exchange suspended trading of Fisker’s shares, concluding the company was “no longer suitable for listing” due to “abnormally low” price levels.
Fisker lost track of millions in customer payments
March 27 — Fisker faced difficulties tracking millions in customer payments while ramping up deliveries, leading to an extended internal audit initiated in December. Lax internal practices allowed oversight of these transactions, including down payments and instances of vehicle deliveries without payment.
New layoffs initiated to conserve cash
April 29 — To “preserve cash,” Fisker executed further layoffs, following a plan disclosed just the previous week. According to a U.S. Securities and Exchange Commission filing, the company may seek bankruptcy protection within 30 days if it does not secure the necessary funds.
Fisker ceased payments to engineering firm
May 3 — Fisker halted payments to the engineering firm responsible for developing the Pear—a budget-conscious EV—and the Alaska pickup truck. The firm also claimed Fisker was improperly retaining intellectual property associated with these vehicles.
Fisker Ocean faced a fourth federal safety inquiry
May 10 — The NHTSA commenced a fourth investigation into the Fisker Ocean SUV, addressing multiple allegations of unintended Automatic Emergency Braking. Eight complaints indicated owners experienced unexpected activations of this safety feature without any obstacles present.
Hundreds laid off to keep EV startup afloat
May 29 — Fisker laid off hundreds of employees during the last week of May in a desperate measure to remain operational, seeking funding, a buyout, or preparing for bankruptcy. Current and laid-off personnel estimated roughly 150 employees remained.
Exploring Fisker’s collapse
May 31 — The downfall of Fisker can be traced to the flawed Ocean SUV, riddled with mechanical and software challenges, compounded by arrogance, internal conflicts, and the failure to establish fundamental processes necessary for an automotive manufacturer.
First recall issued for Ocean SUV
June 12 — Fisker announced its first recall for the Ocean SUV due to warning light malfunctions, as flagged by the NHTSA. The instrument panel displayed warning lights in incorrect sizes and colors, failing to meet Federal Motor Vehicle Safety Standards, with several warnings not activating during ignition.
Fisker entered bankruptcy proceedings
June 18 — After a turbulent year, Fisker sought Chapter 11 bankruptcy protection. The California-based firm pursued partnership opportunities with another automaker in a last-ditch effort to save itself. According to the filing, it estimated its assets to be between $500 million and $1 billion, with liabilities ranging from $100 million to $500 million.
Fisker failed due to unpreparedness for the automotive sector
June 18 — In light of the bankruptcy declaration, Fisker stated it would continue “reduced operations,” focusing on “preserving customer programs and compensating vital vendors moving forward.” This suggests the company will operate minimally in hopes of attracting a buyer for its assets during the Chapter 11 process.
Financial distress surfaced as early as August 2023
June 21 — A new filing in the Chapter 11 proceedings revealed Fisker had entered a state of “potential financial distress” as early as August 2023, prompting the exploration of partnership or investment opportunities from another automaker.
Disputes over Fisker’s assets intensify
June 21 — Just days into its bankruptcy, arguments regarding Fisker’s assets arose, with a lawyer alleging that the startup was liquidating assets “outside the court’s supervision.” Central to this matter is the relationship with Fisker’s largest secured lender, which provided over $500 million in 2023 amidst evident financial distress.
Fisker requests court permission to sell EVs at approximately $14K each
July 3 — Pending approval from a Delaware Bankruptcy Court, Fisker aims to sell its remaining inventory to a New York-based vehicle leasing company, looking to liquidate 3,231 EVs for a total of $46.25 million, averaging around $14,000 per vehicle.
Henrik Fisker and Geeta Gupta-Fisker reduce their salaries to $1
July 9 — To support their failing startup’s bankruptcy proceedings, Henrik Fisker and co-founder and wife Geeta Gupta-Fisker slashed their salaries to $1. Additionally, restructuring officer John DiDonato disclosed that Fisker would defer various payments, including severance, healthcare benefits, and unpaid vehicle sales incentives.
A significant objection to Fisker’s Ocean SUV liquidation
July 15 — The U.S. Trustee’s office, under the Department of Justice overseeing bankruptcy administration, objected to a deal that would keep Fisker’s proceedings active while aiding in the reimbursement of creditors.
Court approves sale of North American EVs for $46.25 million
July 16 — A bankruptcy judge sanctioned Fisker’s proposal to sell over 3,000 Ocean SUVs to a leasing company for up to $46.25 million, allowing the ongoing bankruptcy process while liquidating the remnants of its business.
A pivotal question in Fisker’s bankruptcy
July 29 — A contentious issue arises: should the secured lender Heights Capital Management receive priority in recovering from liquidation proceeds? Parties are negotiating a settlement about asset liquidation in the coming weeks. The resolution will dictate whether the bankruptcy case remains in Chapter 11 or transitions to Chapter 7, effectively dissolving Fisker.
Fisker changes stance on recall costs
September 18 — During the bankruptcy proceedings, questions surfaced regarding the management of outstanding recalls. In mid-September, Fisker initially proposed covering parts costs while requiring owners to pay for labor. However, they later reversed this decision, committing to cover labor costs as well.
The SEC launches an investigation
October 4 — The U.S. Securities and Exchange Commission announced it had initiated an investigation into Fisker, citing potential breaches of federal securities laws. The commission informed the bankruptcy court that multiple subpoenas had been issued, expressing concern over Fisker’s procedures to preserve its records. (Fisker eventually addressed the SEC’s concerns, leaving the investigation’s status uncertain.)
Fisker’s headquarters left 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 chaotic final days when Fisker employees and auction representatives emptied the space.
DOJ declares Fisker’s recall repair plan illegal
October 7 — The U.S. Department of Justice, representing the NHTSA, notified the bankruptcy court that Fisker’s plan to charge owners for recall labor was unlawful. This objection ultimately prompted Fisker to modify its approach once again.
Fleet buyer hesitates on finalizing the purchase
October 8 — In another development, Fisker informed American Lease that it doubted its ability to transfer essential data to a new non-Fisker server. American Lease highlighted this issue in a filing, raising concerns that the sale’s completion could be at risk, potentially affecting 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 agreed to cover 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 quietly discontinues his nonprofit
Henrik Fisker and Geeta, his wife and former CFO and COO, established a charitable foundation in late 2021 aimed at “incubating innovation in healthcare, education, sustainability, mobility, and other causes that support the planet and enhance lives.”
IRS tax filings revealed that the foundation allocated less than $100,000 before dissolving. The couple closed the nonprofit, as documented in publicly accessible tax filings from 2025.
