The Journey of Fisker: A Comprehensive Timeline of Successes and Setbacks
Henrik Fisker aimed to create a successful electric vehicle (EV) venture, culminating in the introduction of the Ocean SUV. However, shortly after its 2023 launch, the startup encountered significant challenges.
Fisker frequently updated its production estimates, faced difficulties hitting sales goals, and had to initiate layoffs. Furthermore, the Ocean SUV suffered from various software and mechanical issues, leading to some vehicles becoming inoperable. These problems included defective brakes, unexpected power outages, and doors that wouldn’t open, which triggered multiple safety investigations and a temporary production suspension to secure additional financing.
These challenges led Fisker to seek Chapter 11 bankruptcy protection, marking the beginning of a tumultuous period for the company. Below is a timeline detailing the events that culminated in this situation. Scroll down for the latest updates.
2023
Fisker fell short of its Q2 production targets
July 7 — The company managed to produce 1,022 Ocean SUVs in Q2 2023, significantly under its goal of 1,400 to 1,700 units.
Fisker issued convertible notes to sustain operations
July 10 — Fisker announced plans to raise $340 million through convertible debt, with expected net proceeds of around $296.7 million intended for sustaining operations and scaling a battery pack line for growth in 2024 and beyond. The funding was also projected to enhance capital expenditures and product development.
Revised production targets
December 1 — To secure $300 million in working capital, Fisker downgraded its annual production forecast to around 10,000 vehicles for 2023, a substantial reduction from its previously ambitious goals.
2024
Fisker faced hurdles in meeting internal sales goals
January 1 — The startup significantly underperformed its public target of delivering 300 electric SUVs daily worldwide. By December, the emphasis shifted to an internal aim of 100 to 200 vehicles daily in North America, but actual daily sales often varied from a single unit to just a few dozen Ocean SUVs.
Investigation launched into Ocean SUV due to brake failure allegations
January 15 — Federal regulators initiated an investigation into Fisker’s Ocean SUV after receiving reports concerning brake failures. The National Highway Traffic Safety Administration (NHTSA) recorded 19 complaints regarding brake issues, gear shifter malfunctions, inoperable doors, and instances of the vehicle’s hood unexpectedly lifting while in motion.
Customers highlighted power loss and brake failures for months
February 9 — Following the debut of the initial Fisker Ocean SUVs, customers reported over 100 cases of power loss. The company informed TechCrunch that these incidents were rare and claimed to have resolved “almost all issues” through software updates. Additional customer complaints included sudden brake failures, malfunctioning key fobs, unresponsive seat sensors, and unexpected hood lifts at high speeds.
Second investigation into the Ocean SUV for rollaway incidents
February 16 — The NHTSA began a second inquiry into the Ocean SUV following four complaints regarding unexpected rollaways, one of which resulted in an injury. Fisker pledged full cooperation with the safety authority.
Fisker announced a 15% reduction in workforce
February 29 — Fisker declared layoffs impacting 15% of its workforce, citing anticipated cash shortfalls to sustain operations. The company is considering funding alternatives while shifting from direct sales to a traditional dealership model.
Production paused with only $121 million in cash
March 18 — Fisker revealed a six-week suspension of Ocean SUV production while seeking additional financing. A regulatory filing disclosed that the company had $121 million in cash and cash equivalents as of March 15, with $32 million being restricted. Fisker also noted an increase in pending payments to $182 million, raising “significant doubt” regarding its capacity to continue operations without new financial support.
Fisker lost a potential deal with Nissan, jeopardizing rescue funds
March 25 — Discussions for a potential investment and partnership with a major automaker, believed to be Nissan, fell through, endangering a separate rescue funding effort. Fisker confirmed that talks concluded on March 22 without any updates. This partnership was crucial for securing a $150 million convertible note.
NYSE suspends trading of Fisker shares
March 25 — The New York Stock Exchange halted 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 in accounting for millions in customer payments during its delivery ramp-up, necessitating an internal audit initiated in December. Insufficient internal controls resulted in oversights concerning transactions, including down payments and instances of vehicle deliveries occurring without the corresponding payments.
Another round of layoffs to conserve resources
April 29 — In a bid to “preserve cash,” Fisker implemented yet another round of layoffs as part of a strategy discussed the prior week. According to a U.S. Securities and Exchange Commission filing, the company may seek bankruptcy protection within 30 days if it fails to obtain the required funding.
Fisker ceased payments to the engineering firm
May 3 — Fisker halted payments to the engineering company involved in developing the Pear—a budget-friendly EV—and the Alaska pickup. The firm alleged that Fisker was unlawfully withholding intellectual property pertaining to these vehicles.
A fourth federal safety investigation initiated for the Fisker Ocean
May 10 — The NHTSA launched a fourth investigation into the Fisker Ocean SUV regarding numerous allegations of unintentional Automatic Emergency Braking activations. Eight complaints indicated that owners experienced unexpected activations of this safety feature without any obstructions present.
Hundreds of workers released to sustain the EV startup
May 29 — Fisker laid off hundreds of employees in the last week of May as part of a desperate effort to remain operational while seeking funding, a buyout, or preparing for bankruptcy. Current and former staff estimated that only about 150 employees remained.
Examining Fisker’s collapse
May 31 — The downfall of Fisker can be attributed to problems with the Ocean SUV, which faced various mechanical and software issues, combined with overconfidence, internal conflicts, and a failure to implement critical processes necessary for an automotive manufacturer.
First recall issued for the Ocean SUV
June 12 — Fisker announced its first recall for the Ocean SUV due to malfunctioning warning lights identified by the NHTSA. The instrument panel showed inconsistencies in warning lights and failed to meet Federal Motor Vehicle Safety Standards, with multiple alerts not activating during ignition.
Fisker applied for bankruptcy protection
June 18 — After a difficult year, Fisker sought Chapter 11 bankruptcy protection, looking for 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 ranging from $100 million to $500 million.
Fisker’s failure stemmed from unpreparedness in the auto industry
June 18 — Following the bankruptcy announcement, Fisker stated it would maintain “reduced operations” while focusing on “preserving customer programs and compensating essential vendors going forward.” This hints that the company plans to operate at minimal capacity with hopes of attracting a buyer for its assets during the Chapter 11 process.
Signs of financial distress emerged as early as August 2023
June 21 — The latest developments in the bankruptcy proceedings revealed that Fisker encountered “potential financial distress” starting in August 2023, prompting investigations into partnership or investment opportunities from other automakers.
Disputes surrounding Fisker’s assets intensify
June 21 — Almost immediately following its bankruptcy filing, disputes regarding Fisker’s assets began to surface, with a lawyer claiming that the startup was liquidating assets “outside the court’s supervision.” Central to this issue is the relationship with Fisker’s largest secured lender, which had provided over $500 million in 2023 during evident financial troubles.
Fisker seeks court approval to sell EVs for around $14K each
July 3 — Subject to approval from a Delaware Bankruptcy Court, Fisker aims to sell its remaining inventory to a New York-based vehicle leasing firm, intending to liquidate 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 — In support of their struggling startup’s bankruptcy proceedings, Henrik Fisker and co-founder Geeta Gupta-Fisker lowered their salaries to merely $1. Furthermore, restructuring officer John DiDonato revealed that Fisker would postpone various payments, including severance, healthcare benefits, and unpaid vehicle sales incentives.
An objection raised against 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 ongoing while facilitating creditor reimbursement.
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 firm for up to $46.25 million, allowing for the progression of the bankruptcy process while liquidating the company’s remaining assets.
A pivotal issue in Fisker’s bankruptcy
July 29 — A controversial question arises: should the secured lender Heights Capital Management take precedence in asset recovery from liquidation? Ongoing discussions aim to resolve matters concerning asset liquidation in the coming weeks. The outcome will determine whether the bankruptcy case stays in Chapter 11 or transitions to Chapter 7, effectively dissolving Fisker.
Fisker reneges on recall cost responsibilities
September 18 — During the bankruptcy proceedings, concerns arose regarding managing outstanding recalls. By mid-September, Fisker initially intended to cover parts costs while requiring owners to pay for labor; however, they later amended this decision to also include labor costs.
The SEC initiates an investigation
October 4 — The U.S. Securities and Exchange Commission disclosed it has begun investigating Fisker for potential violations of federal securities laws. The commission alerted the bankruptcy court that multiple subpoenas had been issued, raising concerns about Fisker’s protocols for safeguarding its records. (Fisker eventually addressed the SEC’s concerns, leaving the investigation’s status unclear.)
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 detailed a chaotic end as Fisker employees and auction representatives cleared out the location.
DOJ claims 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 compelled Fisker to alter its approach once more.
Fleet buyer hesitant to finalize the transaction
October 8 — Fisker updated American Lease that it was uncertain about its ability to transfer critical data to a new non-Fisker server. American Lease expressed concerns in a filing, suggesting that completing the sale could be jeopardized, potentially affecting Fisker’s settlement negotiations with creditors.
Fisker’s bankruptcy plan receives confirmation
October 16 — Fisker successfully resolved prior issues and received confirmation of its liquidation plan from the bankruptcy court. The company committed to covering labor costs for recalls and addressed data transfer concerns 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 discreetly disbands his nonprofit organization
Henrik Fisker and his wife Geeta, who formerly served as CFO and COO, established a charitable organization in late 2021 aimed at “incubating innovation in healthcare, education, sustainability, mobility, and various causes that benefit the planet and enhance lives.”
IRS tax filings revealed that the foundation allocated less than $100,000 before it was dissolved. The couple officially disbanded the nonprofit, as documented in accessible tax records from 2025.
