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And Down Goes Fisker

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Posted By: Hazymac, 6/19/2024 7:05:58 AM

The EV retail market just lost another one of its marquee, OG play-yahs: Fisker. "Fisker filed for bankruptcy protection late on Monday, as the U.S. electric-vehicle maker looks to salvage its operations by selling assets and restructuring its debt after burning through cash in an attempt to ramp up production of its Ocean SUVs. The hyper-competitive EV market has seen several companies, including Proterra, Lordstown and Electric Last Mile Solutions, file for bankruptcy in the past two years as they grappled with weakening demand, fundraising hurdles and operational challenges from global supply chain issues. The company, founded by automotive designer Henrik Fisker,

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Reply 1 - Posted by: franq 6/19/2024 7:25:46 AM (No. 1739782)
Billions tooling up for vehicles no one wants or can afford. Even current ICE vehicles are so hamstrung with EPA regulations, they have become pricey and unserviceable by DIY. The next 10 years will be interesting.
43 people like this.

Reply 2 - Posted by: padiva 6/19/2024 8:12:24 AM (No. 1739820)
I guess the EV car carcasses will make good chicken coops just like old cars in West Virginia.
26 people like this.

Reply 3 - Posted by: Hazymac 6/19/2024 8:21:16 AM (No. 1739827)
When my best friend saw his first Kia Soul, he said that the proper use for such a vehicle would be to fill it with seawater and stock it with colorful marine fish. If there's enough glass on a Fisker, turn those things into marine aquariums. It's the best use for them. Electric car manufacturers that want to stay in business have to ditch the electric, and move to gasoline or diesel. Electric doesn't work well enough for transportation. It has to go. What a waste.
40 people like this.

Reply 4 - Posted by: wilarrbie 6/19/2024 9:03:19 AM (No. 1739839)
Maybe can use them for homeless shelter pods.
26 people like this.

Reply 5 - Posted by: Californian 6/19/2024 9:18:04 AM (No. 1739844)
The Fisker Karma from his earlier failed car company was nice looking and got well reviewed. Too bad this guy can't run a business. More competition is better for consumers.
7 people like this.

Reply 6 - Posted by: stablemoney 6/19/2024 9:32:23 AM (No. 1739860)
Why do I suspect the only investors in these EV companies was us?
21 people like this.

Reply 7 - Posted by: cor-vet 6/19/2024 9:36:21 AM (No. 1739864)
Hey, this scam worked for Solendra (sp) so it should work for EV's. Just send the big guy his 10%.
23 people like this.

Reply 8 - Posted by: Kafka2 6/19/2024 9:43:43 AM (No. 1739871)
If EVs were not heavily subsidized, only the very rich could buy one. The customer base would be tiny.
17 people like this.

Reply 9 - Posted by: red1066 6/19/2024 9:45:21 AM (No. 1739872)
If electric cars sales are tanking so much, why is there so much worry about Chinese electric cars flooding the market? They may be less expensive, but they're still electric cars. When Japanese cars started to gain traction in the U.S. back in the 70's, they were less expensive, but they were still gas-powered cars. The attraction was they got better mileage.
14 people like this.

Reply 10 - Posted by: Mcscow sailor 6/19/2024 10:05:00 AM (No. 1739891)
Baker Electric produced high performing electric vehicles in the early 1900’s. It was a quite heavy car, an expensive car for the time. And Baker became the largest Ev manu in the world. At that time gas engines were temperamental , and gasoline was sold in small cans in hardware stores (quite inconvenient). Gasoline filling stations began to appear in 1905, engines improved, the rapid assembly lines devised by Ransome Olds brought down ice vehicle pruction cost, and electric Ev business could not compete. Today, EV are high performing, quite heavy, charging is generally inconvenient, prices (if unsubsidized) remain high. Same as 1905. Expect the same results.
27 people like this.

Reply 11 - Posted by: Northcross 6/19/2024 10:22:30 AM (No. 1739902)
Imagine how bad it would be if they hadn't been receiving massive subsidies courtesy of the US taxpayer.
19 people like this.

Reply 12 - Posted by: sw penn 6/19/2024 10:48:55 AM (No. 1739915)
All the champagne bottles are empty and clinking around on the carpet. All the blow has been snorted and the "finest columbian" is now ash. And all the hot chicks have been seen with their morning after bed hair... Time to declare bankruptcy and pull the trigger on the next pump and dump... Queue up for the carousel ride!
16 people like this.

Reply 13 - Posted by: DVC 6/19/2024 10:54:41 AM (No. 1739920)
Electric cars, "The car of the future".....for the last 140 years. And still true. Until someone invents the "Mr. Fusion" mini-fusion generator for a low cost, electric vehicles will remain, extremely expensive, very heavy, and very short range. And these morons are wasting millions and millions on electric aircraft....and discovering that they are extremely expensive, very heavy and very short range. What a shocker!!
22 people like this.

Reply 14 - Posted by: Birddog 6/19/2024 12:11:25 PM (No. 1739976)
Biden was the key to the $525Million US Govt "Investment" in Fisker, he was the lead on the announcement, DOE later auctioned the "Loan" during the company's 1st Bankruptcy, only received $25 million from the Chinese Company bidder, Biden again was the lead, and filmed the media event/photo op as that Chinese company took over an assembly plant in Biden's "Hometown" of Wilmington Delaware, announcing it would be their new "Home" as well(more Govt funds and tax breaks were granted to seal that deal). Also...some media has been mentioning the Hunter Biden received a "Gift" car from Chinese "Investor", a porsche, in fact the Gift Car was a Fisker, but after a week or so Hunter demanded it be swapped for a Porsche..(Hunter then filmed himself smoking crack cocaine while driving over 100mph in that prosche on a drug dueled binge/roadtrip from the east coast to the west, with a several day Vegas crack and hooker stopover)
16 people like this.

Reply 15 - Posted by: DVC 6/19/2024 1:49:51 PM (No. 1740036)
Excellent comment, #10. I'd add one key enabling technical breakthrough. The Bendix electric starter. This eliminated the difficult and dangerous hand cranking, which broke thumbs and arms, and most women couldn't do. Hand cranking, by a strong man, who is trained and very careful, was fine. But people grabbed the handle wrong (all fingers on ONE SIDE, including thumb) and set up to PULL up on compression stroke. Electric starter motors were a critical breakthrough and Mr. Bendix got rich off of that. And he quickly created the first effective four wheel braking systems, too. Both were huge breakthroughs which made gas cars just blow out the electrics, and the steamers, too.
21 people like this.

Reply 16 - Posted by: Strike3 6/20/2024 5:05:57 AM (No. 1740321)
How can you get weakening demand from no demand? The people who bought EVs do not have the capacity to think things through nor did the companies that accepted the government subsidies to build them. Ford and GM also lost billions, it's not just the small startup companies.
9 people like this.

Reply 17 - Posted by: privateer 6/20/2024 6:51:03 AM (No. 1740358)
If only the minions of our government were as smart and knowledgeable as our brilliant posters, we'd be way better off than we are now. But politics is 'show business for ugly people'. And I'd add: politics is organized crime for stupid people.
10 people like this.

Reply 18 - Posted by: Clinger 6/20/2024 8:00:02 AM (No. 1740403)
Major points for #10's accurate attribution to Olds for the assembly line. Ford gets the credit but he got the idea from Olds. But in the process, just as with Solyndra, fortunes were made and campaign contributions flowed freely.
7 people like this.

Reply 19 - Posted by: MakingSense 6/20/2024 9:54:56 AM (No. 1740486)
Drill Baby, Drill! Let’s more of these super ugly EV’s like Fisker off the road!
6 people like this.

Reply 20 - Posted by: MakingSense 6/20/2024 9:57:39 AM (No. 1740487)
Let’s hope Rivian is next. It is the very definition of UGLY!
5 people like this.

Reply 21 - Posted by: Msquared112 6/20/2024 10:44:38 AM (No. 1740518)
We can always hollow out the EVs and use them as BBQ smokers.
6 people like this.

Reply 22 - Posted by: Zigrid 6/20/2024 10:52:15 AM (No. 1740524)
Hears a message for the electric car folks...WE the people don't want them...and soon WE will be drilling drilling for oil to power our cars...so move your posteriors over to the sideline...and watch US take off....
6 people like this.

Reply 23 - Posted by: Schnapps 6/20/2024 12:06:03 PM (No. 1740566)
It wasn't only cash that Fisker burned through. The Fisker Karma was notorious for spontaneous combustion. https://carbuzz.com/news/famous-for-catching-fire-fisker-karma/
5 people like this.

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