(Elbil24): Elbil24 has previously mentioned trouble in the tower for the car manufacturer Fisker. Now it seems that the challenges are too great for Henrik Fisker, and his second attempt to become a viable car manufacturer.
The Wall Street Journal, Reuters and Automotive News – among others – now report that Fisker has hired a restructuring agency and a law firm to assist with a possible bankruptcy petition.
No Fisker luck for Fisker Ocean
Selling too few cars
As the company is listed on the New York Stock Exchange, i.e. in the USA, there are also opportunities to apply for a form of bankruptcy protection – so-called Chapter 11. We do not know whether this is the case for Fisker. Fisker himself did not want to comment on the case.
In order to maintain a decent part of the agreement with Magna, which produces Fisker Ocean, so far more Fisker Oceans have been produced than have been sold. The sale of Ocean did not go as hoped, and it is easy to see in retrospect that Fisker has been very unlucky with the timing of the launch.
The car was launched at a time when the entire car industry was in a deep trough, and fewer people bought new cars.
Bet 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 in a start-up phase makes a significant difference.
When Henrik Fisker realized that he needed help to sell the cars, it was perhaps too late, even though he started the task of setting up a dealer system in the various countries.
At the presentation of the report for 2023, he hinted at an agreement with 50 dealers, which is no more than Toyota has in Norway alone. In other words, there is a long way to go, and perhaps it was too long, also this time.
Fisker launched four cars
What about Nissan?
Henrik Fisker also made an attempt in the period 2007-2013, but even then he had to throw in the towel.
During the presentation of the latest quarterly report, Fisker was clear that they were not sure whether they were able to keep their heads above water. A possible agreement with a major car manufacturer was announced, an agreement which was subsequently linked to Nissan.
But the possible agreement would only come into force from 2026 onwards. It may be too late for Fisker Inc.
Nissan could be the salvation for Fisker
When this news became known on Wednesday evening, the price of Fisker Inc. fell 47 percent, to 17 cents ($0.17) in after-hours trading.
Fisker has previously been notified by the NYSE that they are priced below $1, which is the minimum requirement to be listed, and they initially have six months to rectify, or be delisted.
2024-03-14 19:10:16
#Fisker #preparing #bankruptcy #petition
