You just bought a Fisker and then you see this!

[Dakis]

Feb 29 (Reuters) - EV startup Fisker warned on Thursday it might not be able to continue as a going concern and its shares tumbled 35% after the stock market closed.

https://www.reuters.com/business/au...isker-raises-going-concern-doubts-2024-02-29/

I do not like how the author bundles in Rivian with Lucid in this story. Fisker was doomed from the beginning with an arrogant CEO making excuses for poor execution.

“Without additional financing, the company said it might be forced to reduce production of Ocean, decrease investments, scale back operations and cut jobs further.”

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[NY_Rob]

Demand didn't drop due to "an increase in interest rates" demand slowed because so many Oceans have problems and the Customer Support and Service Dept is non-existent.

 

[dleepnw]

damn... id prefer if all EVs, especially startups, succeeded so its disheartening to hear they might go under. id be pissed if i was an Ocean owner.

 

[Dakis]

Demand didn't drop due to "an increase in interest rates" demand slowed because so many Oceans have problems and the Customer Support and Service Dept is non-existent.

I truly believe the “interest rate” excuse is being over used, especially when it comes to failure to meet delivery metrics (many high end auto manufacturers have used it this past earnings season). Rivian used that on their earnings call, but, to your point, if a product is in great demand, people will not look at the interest rate as a deciding factor.

 

[TexasBob]

As someone who walked away from a $5k non refundable Ocean One deposit last year, I can attest that at least in my case this had zero to do with interest rates and everything to do with 1) crappy software 2) a deceptive and untrustworthy CEO/COO/ CFO/Chairman /controlling shareholder (all of whom are two people named Fisker), 3) no plan or program for service, 4) corner cutting on basic features, 5) a steady refusal to provide the vehicle to any real third party reviewers. At the time it felt like a painful loss of $5k. Now it feels like a low cost way to dodge a $70k bullet. Sucks for people who did not walk away.

 

[Dark-Fx]

Fisker is basically obligated to state these things. I don't think the situation is as immediately dire as it sounds, ramping an auto company is incredibly expensive because your cash flow remains quite a bit behind your expenses. Once production and delivery has hit strides then it becomes less of a going concern.

Rivian is not very far away from being in this same position today. They do need to eventually turn a net profit on every vehicle sold.

Complaints about service responsiveness haven't been my experience either. Their communication isn't great in general but what budding auto company has been?

 

[Electrified Outdoors]

Don't believe everything you read. There is usually more to it. News outlets play on FUD.

I do expect there to be some casualties though if the EV market continues to be in a slump.

 

[eskudo12791]

House in my neighborhood recently got solar and a tesla charger installed, was excited to see what EV joined the neighborhood, couldn't walk past not in judgement the other day when I saw he bought an ocean.

 

[IGR]

Fisker? Didn’t they go under like 10 years ago with Fisker Karma

I guess MKBHD was onto something.

 

[Tim-in-CA]

https://electrek.co/2024/03/01/fisk...t-it-can-continue-seeks-investment-automaker/

 

[LetsgoRIVN]

Fisker is basically obligated to state these things. I don't think the situation is as immediately dire as it sounds, ramping an auto company is incredibly expensive because your cash flow remains quite a bit behind your expenses. Once production and delivery has hit strides then it becomes less of a going concern.

Rivian is not very far away from being in this same position today. They do need to eventually turn a net profit on every vehicle sold.

Complaints about service responsiveness haven't been my experience either. Their communication isn't great in general but what budding auto company has been?

Rivian Not very far away ?

 

[UnsungZero_OldTimeAdMan]

Rivian Not very far away ?

 

[beyondgravity]

I truly believe the “interest rate” excuse is being over used, especially when it comes to failure to meet delivery metrics (many high end auto manufacturers have used it this past earnings season). Rivian used that on their earnings call, but, to your point, if a product is in great demand, people will not look at the interest rate as a deciding factor.

If it is a house or expensive car or anything expensive, wouldn’t the total monthly payment be an important factor? I do think for Rivian and Lucid those are the factors. Tesla - it is Elon! Fisker - may be the problems; but I would have guessed the same if it were to happen to Rivian without owning one, seeing all the problems posted in this forum and other forums. Since I have R1S, I know better; haven’t had any problem so far with 8m behind me with close to 10k miles.

 

[Dark-Fx]

Rivian Not very far away ?

I know you're an anti-Rivian troll so I won't bother explaining at all. I am not worried about Rivian's future, I am strictly talking about what's written down on paper here.

 

[R.I.P.]

Wait... There were actually people out there that expected Fisker to succeed? Weird. Must not have done much research into who's running that "company".....

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