The fall of EV startup Fisker: A comprehensive timeline

Fisker, an electric vehicle startup founded by Henrik Fisker, faced significant challenges shortly after launching its Ocean SUV in 2023. Despite initial ambitions for rapid growth, the company struggled with production shortfalls, delivering only 1,022 vehicles in Q2 2023 against a target of 1,400 to 1,700. Fisker attempted to raise capital through a $340 million convertible debt sale to fund operations and future growth but later cut its 2023 production target drastically to about 10,000 vehicles, a quarter of its original forecast. Sales also lagged behind internal goals, with daily sales in North America often falling far below the targeted 100 to 200 vehicles. Compounding Fisker’s difficulties were numerous safety and quality issues with the Ocean SUV, including brake failures, sudden power loss, malfunctioning doors, and unexpected hood openings at highway speeds. These problems prompted investigations by the National Highway Traffic Safety Administration (NHTSA), including probes into braking issues