Fisker Pauses Production Of Ocean Electric Cars, Banks Rumors Of Bangkrut

Fisker Ocean. (Doc. Fisker Inc.)

JAKARTA - Electric car manufacturer from the United States Fisker temporarily suspended production of their Ocean electric car for six weeks starting March 18, 2024. This decision was taken amid a pile of about 4,700 units of Ocean that had not been delivered, even though this year they have only produced 1,000 units.

Earlier, last week rumors of Fisker's bankruptcy rose after a Wall Street Journal report, March 13, said Fisker was mined bankrupt and had hired a restructuring advisor. This caused their share value to drop 50 percent over the weekend.

Despite having started shipping the electric Ocean SUV at the end of last year, Fisker has yet to achieve profitability. Their fourth-quarter 2023 loss reached 463.6 million US dollars while at the same time revenue was only 200.1 million US dollars.

Throughout 2023, Fisker produced 10,193 Ocean units, but only 4,929 units were successfully delivered. This figure is well below their initial target of 20,000 units. Fisker even warned investors that they may not have enough funds to last until the end of 2024.

To ward off speculation, Fisker also issued an official statement to clarify the situation.

"Fisker does not comment on rumors and market speculation. However, Fisker often works with external advisors to help manage business and develop and implement strategies. Currently, Fisker is focusing on increasing additional capital and establishing strategic partnerships with major automakers. We are also continuing the transition to the Dealer Partnership model in North America and Europe. Our leadership team is focused on these efforts, "said Fisker's official statement, quoted by Autoweek, March 18.

It is known that Fisker CEO Henrik Fisker has been looking for partners for months in the form of a larger car manufacturer. Reportedly, the deal is getting closer.

Earlier this month rumors emerged that Fisker was negotiating with Nissan for a $400 million investment into Fisker's Alaskan pickup truck platform. The Alaskan Fisker pickup truck is expected to start production in early 2025 at an initial price of around $45,000.

"Fisker is negotiating with major automakers for potential transactions that could include investment in Fisker, joint development of one or more electric vehicle platforms, and manufacturing in North America," Fisker said in a statement two weeks ago, announcing the 2023 financial statements.