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Fisker may be on the brink of bankruptcy and needs a dramatic turnaround to survive
by Brad Anderson
April 15, 2024 at 09:02
- A Fisker dealer in Indianapolis recently started customer deliveries of the Ocean SUV.
- Fisker reported a $463 million loss in the fourth quarter of 2023.
- The company sold a touch over 4,900 Oceans worldwide last year.
Fisker will be completely delisted from the New York Stock Exchange on April 22 and while the electric car manufacturer appears to be on the brink of collapse, some dealers remain hopeful about the company’s future.
Last week, the Fisker store in Indianapolis started to receive shipments of the all-electric Ocean and began customer deliveries. According to dealer principal Phil Harrison, “customers have been enjoying daily test drives and are eagerly configuring their new Oceans to take home.”
Watch: Fisker Ocean Owner Reviews His New EV, Hits 129 MPH On The Autobahn
Speaking with Auto News, two of the three Fisker dealer partners listed on the car company’s website said they are hoping for the best, despite the precarious position that Fisker is now in. Dealer principal at Fisker Albany in New York, Val Ranguelov, says interest in the Ocean remains strong.
“As of now, we’re still moving cars,” he said. “Time will tell what happens. I love the car, it’s very solid and very well-built. We just hope for the best.”
Fisker’s fourth-quarter earnings report from late February revealed there is “substantial doubt about its ability to continue as a going concern,” following a $463 million loss. The firm delivered 4,929 Oceans last year and claimed that contract manufacturer Magna Steyr produced approximately 10,000 units in 2023.
While many believe bankruptcy is around the corner, Phil Harrison remains upbeat.
“It’s truly exciting to upgrade a client from a 3-year-old Tesla or similar vehicle to a brand new Fisker Ocean,” Harrison said. “We eagerly look forward to the announcement of additional OEM and or technology partnerships that will further solidify Fisker as a household name in Carmel, Ind.”
On April 10, the New York Stock Exchange informed the U.S. Securities and Exchange Commission that Fisker’s entire class of Class A common stock will be removed by April 22. While Fisker had the opportunity to appeal the decision to delist its shares within 10 business days, it chose not to.
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