The manufacturer of electric cars Fisker will no longer recover from the financial situation in which it is cornered. Customers must get used to the idea that they are alone with their Fisker Ocean.
Despite a fierce struggle over the last few months to get the automotive startup back on its feet financially, it is now unlikely that the Fisker brand will be able to recover. The electric car company initiated bankruptcy proceedings on June 17, as reported by Reuters. This marks the second failure of Henrik Fisker, boss of the brand of the same name, in his ambitions to create innovative cars.
However, just under 5,000 customers in Europe and the United States have been won over by the Fisker Ocean. What does the future hold for these buyers?
Software problems that will never be fixed
Deliveries of the first Fisker Ocean began in 2023 when the car was not entirely finalized, particularly on the software part of the vehicle. Updates have corrected certain problems, but several developments have nevertheless remained pending since launch.
The successive layoffs in recent months have certainly not allowed the brand to complete the features promised to buyers, especially regarding driving assistance. Sadly, customers will now have to make do with what they have.
Embedded software is surely what could cause the most problems in the years to come. If bugs or security vulnerabilities are detected on the Fisker Ocean, there will be no more updates to patch the system if there is no buyer. Buyers must hope that the on-board software, even if incomplete and imperfect, does not contain major security flaws or problems that could lead to accidents. There are some doubts on this subject based on the investigations launched by the American Highway Safety Agency (NHTSA).
We must also hope that the car’s connected services cannot be a blocking element in the event of the company’s disappearance. If Fisker were to shut down computer servers after a bankruptcy, services such as the smartphone application attached to the car could stop working. This is one of the downsides of the new generation of vehicles created around software.
A parts shortage that will get worse
Throughout the layoffs of this first half, the tongues of former employees were loosened and allowed them to discover what was hidden beneath the veneer of the brand. If Henrik Fisker’s speeches always gave a positive image of the company, the day-to-day management was not as flamboyant.
The company thus very poorly managed the creation of a stock of spare parts, leading to numerous shortages for customers in the event of accidents with their Ocean or even defective parts to be replaced. If problems appeared in the first months following deliveries, the situation will not improve with a possible bankruptcy of the company.
Cost and inability to make repairs could be issues facing Fisker Ocean buyers in the coming months. Without available parts, the car may be deemed irreparable by the insurance company and sent to the scrapyard.
The Magna factory in Austria has produced just over 10,000 Fisker Oceans on behalf of the brand. Only half of these models found buyers. To temporarily relieve the risk of shortage, the remaining stock of vehicles would need to be bought back for parts. For the moment, Fisker continues to sell off these new models in an attempt to get rid of the stock of vehicles.
In any case, Fisker Ocean buyers will find themselves a little alone in the face of future breakdowns. They will have to find a competent independent garage. In France, solutions like the Revolte e-garage could certainly be of great help. The community of buyers will also be the best solution for finding answers to questions and problems encountered.
The choice of leasing
Having opted for a long-term rental, with or without a buyout option, was probably a wise decision in the case of the Fisker Ocean. The financial risk is then borne by the financing company and not by the end customer, which will allow certain customers to have exit doors at the end of their lease. For financiers, it’s not the same song, it’s a particularly significant deadweight loss for them.
Unfortunately for those who bought their vehicle outright – sometimes at a high price of more than €70,000 for the launch edition – the risk of ending up with a vehicle weighing more than 2 tonnes unusable, within a few years, n is unfortunately not completely excluded.
Henrik Fisker has been invited to India to participate in a conference this June 20, it will be interesting to see what he has to say. The boss of Fisker has been particularly discreet in recent months, so this release is expected.
Times are particularly tough for new electric car brands. A trend to follow in our Watt Else newsletter.
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