Towards bankruptcy? – Fisker is preparing a potential bankruptcy petition

Towards bankruptcy?  – Fisker is preparing a potential bankruptcy petition

(Elbil24): Elbil24 previously reported on a problem with the tower for the automaker Fisker. It now seems that the challenges are too great for Henrik Fisker, and his second attempt at becoming a viable car manufacturer.

The Wall Street Journal, Reuters and Automotive News – among others – reported that Fisker has hired a restructuring agency and a law firm to help with a potential bankruptcy petition.

No luck for Fisker for Fisker Ocean

Very few cars sold

Since the company is listed on the New York Stock Exchange, that is, in the USA, there are also opportunities to file for a form of bankruptcy protection – the so-called Chapter 11. We do not know if this is the case for Fisker. Fisker himself did not want to comment on the case.

In order to maintain a good portion of the agreement with Magna, which produces the Fisker Ocean, more Fisker Oceans have so far been produced than sold. The Ocean sale didn't go as well as hoped, and it's easy to see in retrospect that Fisker wasn't very lucky with the timing of the launch.

The car was launched at a time when the entire automobile industry was in a deep recession, and fewer people were buying new cars.

Fisker is preparing a potential bankruptcy petition

Betting on direct sales

In addition, Fisker initially invested in direct sales. As a result, he was also unable to sell cars to a large network of dealers, which makes a huge difference in the start-up phase.

When Henrik Fisker realized that he needed help selling cars, it was probably too late, although he began the task of setting up a dealer system in various countries.

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In presenting the report for 2023, he hinted at an agreement with 50 agents, which is no more than Toyota has in Norway alone. In other words, there is still a long way to go, and perhaps too long, this time too.

Fisker launched four cars

Fisker launched four cars

What about Nissan?

Henrik Fisker also made an attempt in 2007-2013, but even then he had to give up.

While presenting the latest quarterly report, Fisker was clear that they are not sure whether they can keep their heads above water. A potential agreement with a major automaker was announced, an agreement that was later linked to Nissan.

But the potential agreement will only come into force from 2026 onwards. It may be too late for Fisker Inc.

Nissan could be salvation for Fisker

Nissan could be salvation for Fisker

When this news became known on Wednesday evening, the price of Fisker Inc. fell. by 47 percent, to 17 cents ($0.17) in after-hours trading.

Fisker was previously notified by the New York Stock Exchange that its price was below $1, the minimum required to list, and initially had six months to correct or delist.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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