The fall of EV startup Fisker: A comprehensive timeline
How did Fisker Inc. plan to use the $296.7 million net proceeds from the sale of $340 million in convertible debt announced on July 10, 2023?
Fisker Inc. planned to use the $296.7 million net proceeds from the sale of $340 million in convertible debt for several purposes. These included supporting general corporate operations, adding an additional battery pack line to support growth in 2024 and beyond, funding capital expenditures, and developing future products. The company aimed to increase production of its first EV, the Ocean SUV, amid a tightening capital environment for startups.
What were the main findings from the federal safety investigations into the Fisker Ocean SUV's braking and power loss issues?
The federal safety investigations into the Fisker Ocean SUV's braking and power loss issues found multiple complaints of sudden loss of braking power and inadvertent activation of the Automatic Emergency Braking system26. The National Highway Traffic Safety Administration (NHTSA) received eight complaints about these braking incidents, three of which reported injuries. The investigation also revealed problems with the vehicle's hood flying up at high speeds, doors failing to open, and issues with shifting into or out of park.
What were the reasons behind Fisker Inc. reducing its annual production guidance in December 2023?
Fisker Inc. reduced its annual production guidance in December 2023 to free up $300 million in working capital. The company expected to produce about 10,000 vehicles in 2023, a quarter of its previous forecast. This decision was made due to supplier constraints and challenges in meeting the required components for production.