"Fisker cut production targets multiple times, failed to meet sales goals and laid off staff. What's more, its Ocean SUV was beset with software and mechanical issues, rendering it inoperable for some. Add troublesome brakes, sudden power loss and doors that wouldn't open to the list of issues that led to multiple safety investigations and ultimately a pause in production in order to raise new capital."
"July 10 - Fisker announced plans to sell $340 million in convertible debt, expecting the net proceeds to be $296.7 million. The automaker said it planned to use the funds to support its general corporate operations and add an additional battery pack line to "support growth" in 2024 and beyond. The company said funds will also be used for capital expenditures and the development of future products."
Henrik Fisker's EV startup centered on the Ocean SUV experienced repeated operational setbacks after its 2023 launch. Production targets were missed, internal sales goals went unmet, and workforce reductions followed. The Ocean encountered recurring software and mechanical defects, including braking problems, sudden power loss and doors that failed to open, prompting safety investigations and a production pause to secure capital. The company issued convertible debt and cut annual production guidance to conserve cash while planning battery-pack and product development investments. Continued underperformance and unresolved quality issues culminated in a Chapter 11 bankruptcy filing.
Read at TechCrunch
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