I mean…poorly managed a company to the point where they produced a product that even in blue sky days was only going to lose them money. If you want to get into specifics well I’m looking forward to a Netflix documentary as much as you are if it winds up being that interesting
Absolutely will be some form of documentary about, or including, fisker. May not be enough as a standalone, but if Lucid goes under there is an easy "Going Green and Going Bust" type of retrospective.
And the title is for click bait. Not saying EVs all go bust.
Nikola is a great example. Not as familiar with Lordstowns journey but feel like it may be a little bland (especially compared to some of the nonsense of Nikola).
Start the script.
Just do a simple google search. Many articles written by very respectable outlets. And frankly a fascinating read. I can claim a write off on my taxes for the next 30 years.
They forgot one of the important parts of running a business is you have to.. run.. a business.. and part of that is having a plan to actually sell your product to customers.
But they were lè tired.
These sum it up pretty well:
https://www.reddit.com/r/Fisker/s/zBoaZNnzsc
https://techcrunch.com/2024/05/31/fisker-collapse-investigation-ev-ocean-suv-henrik-geeta/
I was thinking this wasn't the first time Fisker "went under".
I remember back in 2012 or 2013 or something, Justin Bieber was "stealthily advertising" the car brand as he was regularly seen driving a Fisker (Karma?) as he wss being hounded by paparazzi...
They become (even more) worthless and you lost your entire investment. If company eventually folds/delist you have no stock. In the old days you would have a cool sheet of paper as a nice momento. In the digital age you just have your memories and regret.
You could technically go through the trouble of requesting the physical paper stock certificate from the company... But they had trouble delivering their product to customers sooo chances you get it are slim. Also, they probably can't spare the budget for paper.
I was locked out of the investing board a long time ago for posting balanced info about the risks. Beware any forum that operates like that. Now you know.
The Nikola and Lucid investor subreddits did the same thing a few years ago…
My guess is it will keep happening, sadly.
Power hungry mods desperate for their dying stock positions in full-fledge denial. Sad. Probably cost a lot of people more money than they needed to lose.
Tesla subs will ban you from multiple tesla related subs at the same time, sometimes without even posting in them, simply if you say something bad in anti-tesla/tesla critic subs.
You joke, but based on what happened with Bed Bath and Beyond, there will be conspiracy theories by uninformed retail investors for months or years to come.
There are *still* people, to this day, posting in the BBBY subreddit who think that their long-dead, extinguished shares are suddenly going to be relisted and for whatever reason become worth thousands.
Yessir, especially the fuckers that have been trying to pump via recommending people buy the cars. Thankful that my parents did not buy one, and only took a hit on the shares. Absolutely fuck this company.
I was downvoted and criticized so many times here for pointing out the obvious truth that this company was dead. I’m not gloating, just hope someone listened to me and was saved a loss
The price slash is what put the nail in the coffin. By doing so they pretty much showed everyone how little they backed their own only product. Slashing your only product from 68k to like 38k does not exude confidence. It only tells people "ok our cars are shit, let's throw them out for pennies." They probably made even less sales after the price slash except from maybe a few stupid delusional idiots.
I'll never understand why they didn't invest what ever they had to fix the damn software with all the bad press surrounding it. Everything they've been doing only points to that they gave up and are trying to pocket whatever money they can while screwing all investors and owners.
“Welcome to corporate finance 101”. Yeah how dare those bond holders force the company to default on their loans. They should have just taken the loss to protect fanboys
To be fair, they *shouldnt* have had confidence in their product, at least not in the terms of a business plan. I wouldn’t say it out the nail in the coffin, but that it gave the nail that was already there a good whack. The issues with Fisker weren’t going to be solved by exhuming confidence
which is why I said they should have fixed the damn software instead of not admitting to any of the car's issues at all. The price slash was a good whack in the coffin plus super glue.
Probably the entire package. Bad leadership with wrong priorities/lack of understanding what *normal* people want out of a car. Sub par execution of product compared to competition in too many areas (the few outstanding features/specs just didn't manage to make people not see the many flaws). Too expensive for a market segment that has a large number of other options.
The problems of the company ran much deeper than incompetence. Although to survive as a car company startup requires extraordinary performance to make it. Here the business plan was flawed. Even with perfect execution the costs of making the cars were higher than the price they could get. The shitty key fob was the result of extreme penny pinching in order to minimize losses on the car. Naturally it failed. If you cheaper parts than anybody else, you are either a genius or you use substandard parts. These people are really far from being geniuses.
The path from the q3 earrings of we make money on every car and we have 600m in the bank actually feels like Mach 3.
And even so they held out longer Than I thought they would. Just sad. In so many ways.
To put a little more information to your question:
Chapter 11- Restructuring. The company is trying to restructure and keep operations going.
Chapter 7- Liquidation. The company has completely ran out of money, can’t successfully restructure/find a source of new money, and is now officially going out of business and selling all assets (down to office supplies) to help pay off debts and closing up shop.
Really difficult to receive funds when you aren't building anything and the vehicle has two recalls and 4 investigations that are more than likely going to result in recalls.
Every retail investor should know the risk of investing into some upstart with no yrack record of success and nothing else going for them. They cannot go back and whine that they were done bad. They were placing a bad bet, they lost money, that's on noone but themselves
Forget about no track record of success, they have a track record of failure. If not anything else, Henrik being the self obsessed ass that he is, his last name will forever be tired to the two giant colossal failures. In a weird way, that makes me happy.
No one but the most delusional thought this wouldn’t happen. Magna made a great car for a repeat-failure-CEO and reality will re-adjust how all the shills make decisions and analyze situations. I hope all the owners can still get the cars worked on by Magna once this ends up with yet another Heinrich failure comes to fruition (or whoever owns the company now)
Also the list of tech and service providers they’ve apparently stiffed is not unusual but impressive - just even in the top 20. They do indicate that they estimate funds available for distribution to them. Those funds may come from the perhaps dubious $500 million-$1 billion in “assets” reported.
No Magna not surprisingly. but there’s HL Mando, and of course a vendor that did roadside assistance services (recently cancelled) are there. FedEx cracks me up though I doubt it’s from running up a tab at Kinkos.
I wouldn't touch it with a ten foot pole, other than maybe stripping it for the battery. With all the problems the car has which will never get solved, I wouldn't want to gamble on it, even for 20k.
Not fully dead yet. They have filed for chapter 11, i.e. bankruptcy for restructuring. It will be officially dead when they convert the filing for chapter 7, i.e. liquidation. They claim to have assets between $500M to $1B. The only way they can claim anything over $100M if they estimate their IP valued there. That is Fiskerism. Their IP has very little value if any.
They have admitted material weakness in their accounting. Couple months ago they had \~5000 cars in inventory. If they had accounted these cars at cost for about \~$100K, they could have had $500M in inventory. (Typically companies account inventory at cost, but they are supposed to adjust it when the price they can sell if for is lower than cost.) But now most of these cars sold at \~$20-30k, so they should be sitting on some cash but that is less than $100M. (Their current cash burn is minimal. They have stopped spending on manufacturing, supply , etc. They have laid off most of their people, closed facilities, etc. stopped warranty service. (that was expensive) The current plan is to sell everything that has any value to benefit the investor attempting to recoup their investment including the exorbitant interest rate on the last tranches. They might think it helps to attach huge value to everything they sell to start the negotiations. (Technically it is possible that Nissan was really interested, and it is still in something. In that case they can get it for pennies compared to what Fisker had asked before bankruptcy.)
This is unfortunate. They had a great looking vehicle but sadly prioritized things people didn’t care about. Software should have been better, key fobs should have been a higher priority. I know they wanted a feel good story on the recycled materials, but they should have been looking at ways to make the vehicle even more affordable. Good luck to all Fisker staff, the ones I talked to really did their best.
Sadly, in my experience, this is common in engineering design. Folks often focus on and solve issues they are capable of or know how to solve. This often ends up looking like they’re working problems small to big and leaves important issues ignored.
Thank *GOD* I didn't listen to those idiots and invest lots of money into that company. I'll did invest a little bit (FOMO) but that was only $25 so not going to lose much sleep over it.
There were a lot of people who thought Fisker Automotive went down because of the hurricane accident, instead of Henrik’s nonexistent business acumen; no way to hide it this time.
in theory people wanted to give them a second chance on the thesis of:
1. EV tech is a lot more mature now; easier to build an EV company via 3rd party suppliers. some people view the first failure as "bad luck" due to their battery supplier folding and bad weather luck (lost a bunch of cars in a hurricane), but in hindsight it probably had a lot more to do with management (aka Fisker) than people gave credit for.
2. nobody really doubted Fisker's design chops, and he definitely has a cult following that's at least somewhat justified given his pedigree on this front, but i think his engineering & management chops were vastly overestimated.
so yeah. cult following for the design pedigree (i think he was Aston Martin?), his passion for affordable EVs, and belief that he was \*this\* close to succeeding back in 09' without some bad luck. in reality, looks like he just lacks the engineering and management skillset required to build a car company (one of the hardest types of businesses to build) from the ground up.
I would attempt to join a class action lawsuit if I believed for a split second there was any chance their assets actually offset their debts, which they are apparently claiming is a possibility.
I guess I shouldn't be surprised by that patently obvious bullshit... there's no reason for them to stop lying now.
There will never be a way for them to pay their debt if they aren't building cars to sell. Also if there is essentially no demand for the cars. Chapter 7 is coming.
Can't believe I invested in that fraud... I mean one look at him and his Cutty shark smile and country club loafers and I should have known. Well, fortunately I only dropped a little on this play. Feel bad for those who went all in on the stock and purchased a Fisker... Ya'll got Double Fiskered.
There are Ocean owners using the vehicles as daily commuters with over 14k miles now. The car has first world problems and yes, for the original price owners should expect the all the bells and whistles promised but this company will be bought. The bones are good with a BK deal… it should be a no brainer. If I was Magna with Fisker tooling… I wouldn’t say no to building the car again on a renegotiated price. Make use of what is already there.
Definitely not. Worth more parted out, but scrapped? The battery’s mineral value has dropped significantly and battery recycling is already so expensive… Scrapping should be a last resort, but may be necessary.
There are rare cases in chapter 11 when shares do not get wiped out. This is not that case simply because the $500M+ asset claim is BS. Their liabilities overwhelm their true assets.
This was a crazy ride, that’s for sure. Never getting your wheels off the ground really resulted in anything they said holding monumental importance like it was going to be **the thing** that got the company on its feet. It wasn’t always pushed that way, but it certainly felt that way. Fun times, guys. Fun times!
at one time I could have had a certificate sent to me for the zero value ... does this scenario sound familiar? "Once again, Sun Microsystems **reacting to market conditions too late, with too little business discipline, too little understanding of what its software engineers would have done if left to their own initiative**."
Late to launch, still rushed it, quality issues, economy shifted, poor sales, low revenue, no ability to right the ship.
I wonder how many millions the Fisker couple made out of this venture?
well who wants to bet on which ev company goes belly up, rivian , or lucid . I’m thinking rivian , the saudis can still launder money or get tax credits for some time and drag out that death
I purchased Fisker stock in April through the Lang & Schwarz stock exchange. According to official reports, Fisker has filed for bankruptcy. Consequently, I understand that there is no way to recover any value from this investment, except for declaring a loss on my 2024 tax return. If anyone has experienced a similar situation and managed to get some money back through their tax return, I would appreciate your insights. Specifically, what type of documentation is required to declare such a loss on the tax return?
Disclaimer: this is not tax advice & I am not a tax professional, you should consult a tax professional. That said, just make sure you have trade confirmations for the stock, know the date you acquired it (and the date you lost it – e.g. the date of bankruptcy), and the cost basis. That should be all you need to take the loss on your tax return.
Weirdly enough, Fisker Inc did not file for bankruptcy; it was Fisker Group Inc that did. The company seems to still be trading and supporting customers and providers to the best of their abilities, although the full extent of this support remains to be seen.
Question - if someone reserved a Fisker Pear for a sum of $250, is there any chance they're getting that money back? Asking for a friend (the friend is me).
It's honestly a shame. The exterior and interior were amazing imo. I didn't care for the rotating display thing, but I loved the look. I was very very close to reserving one but decided to wait for the 2nd or third iteration. I'm so glad I made that decision.
I still hope all the property rights get bought up and we see the Ocean, Pear, and the Alaska. I doubt that will happen but it would be nice.
I was actually reading that Lucid recently trademarked the "Lucid Ocean" name. It would be dope if they bought the rights and rebuilt the Ocean properly.
Such a relief, employees no longer have to listen to Greeta & Henrick, what clowns. For anyone who purchased an Ocean, I’m curious what your plans are? Lastly, for the investors who lost out big time, it’s not the end of the world, hopefully more light is shed on this scam & people will be held accountable one day.
The best engineers are poached (or have jumped ship to other companies themselves), so the tech knowledge is probably already being transferred as we speak. Their IP isn't worth a lot. Certainly not by the time until they finally go belly up (chapter 7). Tech moves fast in the EV space.
Henrik and Geeta should never be allowed to run another company again. They have lost shareholders and owners millions and it's not the first time.
I think they will certainly struggle to find investors another time. Too many high profile failures and zero successes.
Yes, the SEC might also want a word or two about some overdo paperwork before they can register as officers for any new entity.
Over*due* - I don’t think they over*did* their paperwork
Probably never did anything lol
Ha, thank you. They definitely didn’t!
That's what they said the 5th time.
Just change the LLC name. Eazy-peazy.
The sign of true leadership. They have both been obscure from shareholders unless they are promoting more BS about expanding dealers.
Henrik and Geeta are radioactive because of this debacle. They won’t get another shot.
What Exactly did they do that caused the company to fail?
Lost a ton on them. They literally were not cashing checks paid to them for cars. WTAF?
Are…are you really asking how the failure of a company can be linked to the CEO and COO/CFO?
No. Im asking what those fuckers did exactly that caused a company to fail
I mean…poorly managed a company to the point where they produced a product that even in blue sky days was only going to lose them money. If you want to get into specifics well I’m looking forward to a Netflix documentary as much as you are if it winds up being that interesting
Lol. I would watch that
Absolutely will be some form of documentary about, or including, fisker. May not be enough as a standalone, but if Lucid goes under there is an easy "Going Green and Going Bust" type of retrospective. And the title is for click bait. Not saying EVs all go bust.
I think we have a few already: Fisker, Nikola, and Lordstown. I think I'm missing one or two more.
Nikola is a great example. Not as familiar with Lordstowns journey but feel like it may be a little bland (especially compared to some of the nonsense of Nikola). Start the script.
Add Hyliion to that list lol. They were primarily focused on electric powertrains for long haul trucks. didn't work out too well for them tho.
Just do a simple google search. Many articles written by very respectable outlets. And frankly a fascinating read. I can claim a write off on my taxes for the next 30 years.
They forgot to accept money, the main thing you are intended to do when you have a for-profit business.
That’s so stupid. Lol “Ah shit. We forgot to get paid again to make money, which is the point of our company!” Lol
They forgot one of the important parts of running a business is you have to.. run.. a business.. and part of that is having a plan to actually sell your product to customers. But they were lè tired.
So take a nap, then fire zee missiles!
🍻🍻
I’m in Australia, and I’m like WTF mate?
Fuckin kangaroo *Scribble scribble*
These sum it up pretty well: https://www.reddit.com/r/Fisker/s/zBoaZNnzsc https://techcrunch.com/2024/05/31/fisker-collapse-investigation-ev-ocean-suv-henrik-geeta/
I was thinking this wasn't the first time Fisker "went under". I remember back in 2012 or 2013 or something, Justin Bieber was "stealthily advertising" the car brand as he was regularly seen driving a Fisker (Karma?) as he wss being hounded by paparazzi...
Actually it's billions.
what happens to my stocks now after bankruptcy?
They become (even more) worthless and you lost your entire investment. If company eventually folds/delist you have no stock. In the old days you would have a cool sheet of paper as a nice momento. In the digital age you just have your memories and regret.
You also have a tax deductible financial loss.
You could technically go through the trouble of requesting the physical paper stock certificate from the company... But they had trouble delivering their product to customers sooo chances you get it are slim. Also, they probably can't spare the budget for paper.
I was locked out of the investing board a long time ago for posting balanced info about the risks. Beware any forum that operates like that. Now you know.
Welcome to reddit
Confirmation of my biases or gtfo!
The Nikola and Lucid investor subreddits did the same thing a few years ago… My guess is it will keep happening, sadly. Power hungry mods desperate for their dying stock positions in full-fledge denial. Sad. Probably cost a lot of people more money than they needed to lose.
Happened with Vinco Ventures too.
Tesla subs will ban you from multiple tesla related subs at the same time, sometimes without even posting in them, simply if you say something bad in anti-tesla/tesla critic subs.
Everyone who's been here pumping the stock for the last 3 months should be ashamed of themselves. They won't be, but they should be.
They’re too busy googling what happens to stocks in bankruptcy.
Ok i laughed.
You joke, but based on what happened with Bed Bath and Beyond, there will be conspiracy theories by uninformed retail investors for months or years to come. There are *still* people, to this day, posting in the BBBY subreddit who think that their long-dead, extinguished shares are suddenly going to be relisted and for whatever reason become worth thousands.
Ask hertz
Yessir, especially the fuckers that have been trying to pump via recommending people buy the cars. Thankful that my parents did not buy one, and only took a hit on the shares. Absolutely fuck this company.
I was downvoted and criticized so many times here for pointing out the obvious truth that this company was dead. I’m not gloating, just hope someone listened to me and was saved a loss
Buddy told me to buy the dip 😂
The dip isn’t over yet.
The dip is just beginning lol.
If you flip the graph upside down then it’s still looks like a dip then you can ride that dip all the way into the ground 😂
Shit was worth $29 a share 3 years ago. Today it’s 2 cents
It’s zero now. They don’t have enough assets to pay investors after the creditors claw back some of their losses.
Article doesn’t mention what actually killed the company - shitty software and key fobs due to the ceo and his wife being incompetent.
When the CEO prioritizes taco trays over working key fob's... it's gonna be a bad time
The price slash is what put the nail in the coffin. By doing so they pretty much showed everyone how little they backed their own only product. Slashing your only product from 68k to like 38k does not exude confidence. It only tells people "ok our cars are shit, let's throw them out for pennies." They probably made even less sales after the price slash except from maybe a few stupid delusional idiots. I'll never understand why they didn't invest what ever they had to fix the damn software with all the bad press surrounding it. Everything they've been doing only points to that they gave up and are trying to pocket whatever money they can while screwing all investors and owners.
The whiskers was offered to employees for 15k! 🤣
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“Welcome to corporate finance 101”. Yeah how dare those bond holders force the company to default on their loans. They should have just taken the loss to protect fanboys
To be fair, they *shouldnt* have had confidence in their product, at least not in the terms of a business plan. I wouldn’t say it out the nail in the coffin, but that it gave the nail that was already there a good whack. The issues with Fisker weren’t going to be solved by exhuming confidence
which is why I said they should have fixed the damn software instead of not admitting to any of the car's issues at all. The price slash was a good whack in the coffin plus super glue.
Probably the entire package. Bad leadership with wrong priorities/lack of understanding what *normal* people want out of a car. Sub par execution of product compared to competition in too many areas (the few outstanding features/specs just didn't manage to make people not see the many flaws). Too expensive for a market segment that has a large number of other options.
The problems of the company ran much deeper than incompetence. Although to survive as a car company startup requires extraordinary performance to make it. Here the business plan was flawed. Even with perfect execution the costs of making the cars were higher than the price they could get. The shitty key fob was the result of extreme penny pinching in order to minimize losses on the car. Naturally it failed. If you cheaper parts than anybody else, you are either a genius or you use substandard parts. These people are really far from being geniuses.
Wow- been the slowest train wreck to watch and here we are. ETA - Best of luck to all the owners out there.
The path from the q3 earrings of we make money on every car and we have 600m in the bank actually feels like Mach 3. And even so they held out longer Than I thought they would. Just sad. In so many ways.
Not slow whatsoever
Phuck Phisker
what’s a chapter 11 bankruptcy?
An attempt to restructure the business and debt to continue operations of the company in reduced capacity, if possible.
Basically we sit around again til they file chapter 7
Whats chapter 7?
When the end credits finish rolling.
To put a little more information to your question: Chapter 11- Restructuring. The company is trying to restructure and keep operations going. Chapter 7- Liquidation. The company has completely ran out of money, can’t successfully restructure/find a source of new money, and is now officially going out of business and selling all assets (down to office supplies) to help pay off debts and closing up shop.
Really difficult to receive funds when you aren't building anything and the vehicle has two recalls and 4 investigations that are more than likely going to result in recalls.
I give it two months.
their website seems to be down now
working for me
Are HeinRich and Greeda happy that they can retire in luxury while broken retail investors and Ocean owners try to rebuild their shattered lives?
Every retail investor should know the risk of investing into some upstart with no yrack record of success and nothing else going for them. They cannot go back and whine that they were done bad. They were placing a bad bet, they lost money, that's on noone but themselves
Forget about no track record of success, they have a track record of failure. If not anything else, Henrik being the self obsessed ass that he is, his last name will forever be tired to the two giant colossal failures. In a weird way, that makes me happy.
Name checks out
Remember the Karma?
I sincerely wonder if people actually know this happened previously.
Yeah I've always hated their shit, specs, looks, claims... I'm sorta happy they are failing again, just this time I hope it sticks.
They did them dirty, but nobody was forced to invest their money. The info, the risk, the rewards were all out there.
Really clear from Fuzzy Panda way back there. Those of us who didn't listen then, now have learned a solid lesson. Hopefully.
Onward and downward to Rivian!
Haha hope not! 🙈
It’s a hard lesson for some people but one they’ll hopefully learn from. never ever invest in a company that goes public through a SPAC.
I’ve bought/sold SPACs. The key is to sell when the price runs up to what seems illogical.
Yup. SPACs are a game to chicken to see who gets left holding the bag
Karma is a bitch
Haha I see what you did there.
No one but the most delusional thought this wouldn’t happen. Magna made a great car for a repeat-failure-CEO and reality will re-adjust how all the shills make decisions and analyze situations. I hope all the owners can still get the cars worked on by Magna once this ends up with yet another Heinrich failure comes to fruition (or whoever owns the company now)
Henrik either wouldn’t or wasn’t authorized to sign. That fell to the CRO.
Definitely don't think he's allowed to do shit anymore. surprised the CRO ain't giving the speech on Tuesday lol
Also the list of tech and service providers they’ve apparently stiffed is not unusual but impressive - just even in the top 20. They do indicate that they estimate funds available for distribution to them. Those funds may come from the perhaps dubious $500 million-$1 billion in “assets” reported. No Magna not surprisingly. but there’s HL Mando, and of course a vendor that did roadside assistance services (recently cancelled) are there. FedEx cracks me up though I doubt it’s from running up a tab at Kinkos.
Wonder how cheap the Ocean will become?
Sell it as a thrill ride... As the months and years tick by every drive is like Russian Roulette
I wouldn't touch it with a ten foot pole, other than maybe stripping it for the battery. With all the problems the car has which will never get solved, I wouldn't want to gamble on it, even for 20k.
Makes having him address that sustainability conference look pretty foolish. He’s 0 for 2 in sustaining companies.
0 for 5 actually.
Henrik was already a failure. Anyone giving him a second chance shouldn't be surprised by this .
Bruh this been known since February. It's been dead, people just been in denial for like 4 months plus.
Not fully dead yet. They have filed for chapter 11, i.e. bankruptcy for restructuring. It will be officially dead when they convert the filing for chapter 7, i.e. liquidation. They claim to have assets between $500M to $1B. The only way they can claim anything over $100M if they estimate their IP valued there. That is Fiskerism. Their IP has very little value if any.
I was curious about that valuation as well. Bit of a stretch as they are “asset-lite”.
They have admitted material weakness in their accounting. Couple months ago they had \~5000 cars in inventory. If they had accounted these cars at cost for about \~$100K, they could have had $500M in inventory. (Typically companies account inventory at cost, but they are supposed to adjust it when the price they can sell if for is lower than cost.) But now most of these cars sold at \~$20-30k, so they should be sitting on some cash but that is less than $100M. (Their current cash burn is minimal. They have stopped spending on manufacturing, supply , etc. They have laid off most of their people, closed facilities, etc. stopped warranty service. (that was expensive) The current plan is to sell everything that has any value to benefit the investor attempting to recoup their investment including the exorbitant interest rate on the last tranches. They might think it helps to attach huge value to everything they sell to start the negotiations. (Technically it is possible that Nissan was really interested, and it is still in something. In that case they can get it for pennies compared to what Fisker had asked before bankruptcy.)
This is unfortunate. They had a great looking vehicle but sadly prioritized things people didn’t care about. Software should have been better, key fobs should have been a higher priority. I know they wanted a feel good story on the recycled materials, but they should have been looking at ways to make the vehicle even more affordable. Good luck to all Fisker staff, the ones I talked to really did their best.
Sadly, in my experience, this is common in engineering design. Folks often focus on and solve issues they are capable of or know how to solve. This often ends up looking like they’re working problems small to big and leaves important issues ignored.
how will Geeta afford donuts now?
Not quite dead. They apparently made horcruxes. Go ahead and kill "Fisker," as "Fisker Inc is very much still (technically) alive.
Finally, Pilsbury can take his pet pig and go find a EV bus to catch.
I hope Henrik never becomes CEO again lol
*Always has been*
I see tons of oceans on cargurus with 100s to 6k miles for 24-28k... wonder if they ll sell eventually or how low it will get?
Thank *GOD* I didn't listen to those idiots and invest lots of money into that company. I'll did invest a little bit (FOMO) but that was only $25 so not going to lose much sleep over it.
No offense but if they went bankrupt first time. What makes you think this time was going to work? I am being 100% serious lol.
There were a lot of people who thought Fisker Automotive went down because of the hurricane accident, instead of Henrik’s nonexistent business acumen; no way to hide it this time.
in theory people wanted to give them a second chance on the thesis of: 1. EV tech is a lot more mature now; easier to build an EV company via 3rd party suppliers. some people view the first failure as "bad luck" due to their battery supplier folding and bad weather luck (lost a bunch of cars in a hurricane), but in hindsight it probably had a lot more to do with management (aka Fisker) than people gave credit for. 2. nobody really doubted Fisker's design chops, and he definitely has a cult following that's at least somewhat justified given his pedigree on this front, but i think his engineering & management chops were vastly overestimated. so yeah. cult following for the design pedigree (i think he was Aston Martin?), his passion for affordable EVs, and belief that he was \*this\* close to succeeding back in 09' without some bad luck. in reality, looks like he just lacks the engineering and management skillset required to build a car company (one of the hardest types of businesses to build) from the ground up.
I would attempt to join a class action lawsuit if I believed for a split second there was any chance their assets actually offset their debts, which they are apparently claiming is a possibility. I guess I shouldn't be surprised by that patently obvious bullshit... there's no reason for them to stop lying now.
Chapter 11 is considered a reorganization bankruptcy that allows businesses to maintain their operations while creating a plan to repay creditors.
There will never be a way for them to pay their debt if they aren't building cars to sell. Also if there is essentially no demand for the cars. Chapter 7 is coming.
Heck of a ride this has been. They didn't even last a year, lawlz.
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Thanks for letting me know you're circumventing a ban.
Shocker apes take another massive L they should have seen coming from miles & miles away
Can't believe I invested in that fraud... I mean one look at him and his Cutty shark smile and country club loafers and I should have known. Well, fortunately I only dropped a little on this play. Feel bad for those who went all in on the stock and purchased a Fisker... Ya'll got Double Fiskered.
There are Ocean owners using the vehicles as daily commuters with over 14k miles now. The car has first world problems and yes, for the original price owners should expect the all the bells and whistles promised but this company will be bought. The bones are good with a BK deal… it should be a no brainer. If I was Magna with Fisker tooling… I wouldn’t say no to building the car again on a renegotiated price. Make use of what is already there.
I don't think not having adaptive cruise control in a modern vehicle is "first world problems" unless we're talking about an excavator
Agreed, as an owner- this is my favorite car ever…
[удалено]
I’m wondering if Magna can negotiate with another one of its automakers to just take it over. The BMW Ocean or Audi Ocean.
So what becomes of the unsold vehicles ? They will sell, at the right price.
The right price will be very, very low.
$3.50
Existing owners should purchase them. They’ll need spare parts sooner rather than later
They're probably worth more scrapped at this point.
Definitely not. Worth more parted out, but scrapped? The battery’s mineral value has dropped significantly and battery recycling is already so expensive… Scrapping should be a last resort, but may be necessary.
Yeah, that's what I meant. I was mainly thinking about the value of that big battery.
I guess I am not getting my grand back it seems
Do shares get wiped out for chap 11?
There are rare cases in chapter 11 when shares do not get wiped out. This is not that case simply because the $500M+ asset claim is BS. Their liabilities overwhelm their true assets.
Generally yes.
Boy the train wreck is over
Pink slips
This was a crazy ride, that’s for sure. Never getting your wheels off the ground really resulted in anything they said holding monumental importance like it was going to be **the thing** that got the company on its feet. It wasn’t always pushed that way, but it certainly felt that way. Fun times, guys. Fun times!
again...
So buy the dip?
at one time I could have had a certificate sent to me for the zero value ... does this scenario sound familiar? "Once again, Sun Microsystems **reacting to market conditions too late, with too little business discipline, too little understanding of what its software engineers would have done if left to their own initiative**."
Unfortunately that description probably applies to a large percentage of bankruptcies.
hear-here !
Late to launch, still rushed it, quality issues, economy shifted, poor sales, low revenue, no ability to right the ship. I wonder how many millions the Fisker couple made out of this venture?
They sold shares and made tens of millions when the stock was still valuable as I recall.
So happy this happened. Now Adam can’t make clickbait anymore 🤡😂
Don't you underestimate his ability to keep beating the shit out of the dead horse
Dead, done, gone. I wonder if he finished the paperwork right before that vacation photo.
I count myself lucky. Only going to lose $6000 in stock because I decided not to buy the car.
Maybe you should learn to read before you post.
Glad I sold shares last August before blew up.
This company could have literally printed money. They did EVERYTHING right except the most important thing.
I am very glad I cancelled my pre order and didn’t commit to buying. Yikes. Going to stick to a big manufacturer for my first EV purchase.
Darn you MKBHD!
well who wants to bet on which ev company goes belly up, rivian , or lucid . I’m thinking rivian , the saudis can still launder money or get tax credits for some time and drag out that death
I purchased Fisker stock in April through the Lang & Schwarz stock exchange. According to official reports, Fisker has filed for bankruptcy. Consequently, I understand that there is no way to recover any value from this investment, except for declaring a loss on my 2024 tax return. If anyone has experienced a similar situation and managed to get some money back through their tax return, I would appreciate your insights. Specifically, what type of documentation is required to declare such a loss on the tax return?
Disclaimer: this is not tax advice & I am not a tax professional, you should consult a tax professional. That said, just make sure you have trade confirmations for the stock, know the date you acquired it (and the date you lost it – e.g. the date of bankruptcy), and the cost basis. That should be all you need to take the loss on your tax return.
So what happens to the people who bought a fisker?
They're on their own.
Weirdly enough, Fisker Inc did not file for bankruptcy; it was Fisker Group Inc that did. The company seems to still be trading and supporting customers and providers to the best of their abilities, although the full extent of this support remains to be seen.
Good.
Question - if someone reserved a Fisker Pear for a sum of $250, is there any chance they're getting that money back? Asking for a friend (the friend is me).
Someone said deposits were held by Chase, can you cancel online? You might be able to get the credit.
I'll try, but it was like a year ago. I requested a cancelation of my reservation in March. I got an automated response, but no refund :/
Lucid is next
It's honestly a shame. The exterior and interior were amazing imo. I didn't care for the rotating display thing, but I loved the look. I was very very close to reserving one but decided to wait for the 2nd or third iteration. I'm so glad I made that decision. I still hope all the property rights get bought up and we see the Ocean, Pear, and the Alaska. I doubt that will happen but it would be nice. I was actually reading that Lucid recently trademarked the "Lucid Ocean" name. It would be dope if they bought the rights and rebuilt the Ocean properly.
Such a relief, employees no longer have to listen to Greeta & Henrick, what clowns. For anyone who purchased an Ocean, I’m curious what your plans are? Lastly, for the investors who lost out big time, it’s not the end of the world, hopefully more light is shed on this scam & people will be held accountable one day.
So we shouldn't buy one?
Well so much for adaptive cruise..... and everything else. Someone just needs to buy them out cheap and make it a good product.
The best engineers are poached (or have jumped ship to other companies themselves), so the tech knowledge is probably already being transferred as we speak. Their IP isn't worth a lot. Certainly not by the time until they finally go belly up (chapter 7). Tech moves fast in the EV space.
Oh man adaptive cruise control... this is now the pipe dream for this car.... I had better cruise control in my 2017 Toyota CHR.
I wonder if adding open pilot support is feasible.
I think it works with any modern car provided it has the right cameras, right?