Henrik Fisker’s grand vision for an EV empire at his namesake startup, Fisker Inc., centered around the Ocean SUV, but problems arose almost immediately after its launch in 2023.
Facing production cuts, missed sales targets, layoffs, and numerous issues with the Ocean SUV, including software glitches and mechanical failures, Fisker struggled to stay afloat. Safety investigations prompted a pause in production to secure new funding.
Ultimately, Fisker had to file for Chapter 11 bankruptcy, marking a downfall for the company. The timeline below highlights the events leading up to this critical point.
2023
Fisker fell short of its Q2 production target
July 7 — Fisker only produced 1,022 Ocean SUVs in the second quarter of 2023, well below the expected 1,400-1,700 units.
Fisker sold convertible notes to fund operations
July 10 — Fisker announced plans to raise $340 million through convertible debt to support operations and expansion.
Production target cut
December 1 — Fisker reduced its annual production forecast significantly to save $300 million in working capital.
