Is Fisker Going To Survive?

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Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

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, Automotive Editor - March 4, 2024
2025 Fisker Alaska

Things at Henrik Fisker’s second automotive company, Fisker, are starting to look grim. The startup arrived with a bang with affordable, innovative electric cars, but things have quickly taken a turn for the worse. According to a new report from Automotive News, Fisker claimed that there is “substantial doubt about its ability to continue as a going concern” after the automaker reported a net loss of $463 million for the fourth quarter of 2023. Fisker also announced that it would be cutting 15% of its workforce.

While Fisker reported $200 million in revenue for the fourth quarter of 2023, the automaker stated that it needed additional resources to continue conducting business. During a fourth-quarter earnings call with reporters, Fisker told Auto News that it was negotiating with a “large automaker” for a strategic partnership, but didn’t provide any information on what automaker it was speaking with. Automotive News claims that Fisker had been in preliminary talks with numerous automakers, but has since narrowed it down to just one brand.

At the moment, Fisker only has one all-electric car on sale with the Ocean SUV. Last year, the automaker delivered a total of 4,929 Ocean SUVs, 3,818 of which were delivered in the fourth quarter. The Ocean first launched in June in North America and has only been on sale for eight months now, but from the sound of things, Fisker doesn’t have enough money to come out with new vehicles or to give the Ocean more time to become more popular.

2024 Fisker Ocean

"2023 was a challenging year for Fisker, including delays with suppliers and other issues that prevented us from delivering the Ocean SUV as quickly as we had expected," Fisker said on the earnings call with reporters. "The EV industry is going through a turbulent and unpredictable period, so we want to start this year with a more prudent plan."

The need for a plan is outweighed by the automaker’s need for funds. The company has confirmed that it doesn’t have enough money to survive the next 12 months.

"To the extent Fisker’s current resources are insufficient to satisfy its requirements over the next 12 months, the company will need to seek additional equity or debt financing, and there can be no assurance that Fisker will be successful in these efforts," the automaker said.

While Fisker clearly needs some help from another automaker, the automaker will attempt to do what it can in the interim to cut costs. The automaker recently switched from a direct-sale model to franchised dealerships. Additionally, the automaker will cut a large portion of its workforce and cut back on its operations. Hopefully, the changes do enough to keep the automaker alive for the rest of the year, because Fisker has proved to be one of the few brands with EVs that consumers can actually afford.

Pictured: 2025 Fisker Alaska (Top), 2024 Fisker Ocean (Middle)

Source: Automotive News (Subscription Required)

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, Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

Follow On: Twitter

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