Power Failure: Electric Car Manufacturer Fisker Delisted from the NYSE

[Bill]

https://justthenews.com/politics-pol...startup-fisker

Fisker removed from NY Stock Stock Exchange, latest bad sign for financially troubled EV startup

In 2023, Fisker produced 10,142 units of its Ocean EV, of which only 4,700 were delivered, according to Market Insider.





The New York Stock Exchange (NYSE) said Monday electric vehicle-startup Fisker would be delisted as a result of its “abnormally low” price levels.

Markets Insider reported the exchange typically delists stocks that go below $1 per share for more than a month. The company’s stock fell by 9% to a record low of less than 9 cents per share before trading was halted.

In 2023, Fisker produced 10,142 units of its Ocean EV, of which only 4,700 were delivered, according to Market Insider.

Fisker reported in February losing $762 million in 2023 on $273 million in sales, with more than $1 billion debt. The company said it was pausing production as its future remained uncertain.

“We are aware that the industry has entered a turbulent, and unpredictable period. With that understanding and taking the lessons learned from 2023,” the company stated in its fourth quarter 2023 earnings statement.

So what happened to the 5,400 cars that didn't sell? Surely if you lower the price enough, people will buy them. What it sounds like is, the early adopters, the people that wanted to be first......those 4,700 people were the entire potential customer base for these cars, and that's it.

Just like with the solar panel companies, the chances that the businesses will be OUT of business in the near to mid future makes buying this stuff the risky purchase of the day. If (when) Fisker goes belly up, who will service these cars? Where will the parts come from? I guess they can cannibalize all those cars that didn't sell for parts.

[SurfnSun]

Their cars are complete crap. Not surprised by this at all.

[Onebadcad]

The ev market is destroying the American Economy, the ICE legacy, the capitalist market and the American taxpayers.
If you support evS, you are also a fjb supporter!!

[Aerovette]

I think they look good. I know nothing about their quality.

They will be the next DeLorean in the collector world one day.

[SurfnSun]

Originally Posted by Aerovette

I think they look good. I know nothing about their quality.

I looked at a Karma, then started reading about them. I can see why they were so cheap given their original MSRPs. Good looking junk.

[Bill]

There are 71 Fisker "Ocean" cars on Autotrader at the moment, all less than 6,000 miles, many with less than 1,000 and 2,000 miles on them, all 2023 models, quite a few with just a few hundred miles, all being sold as used. People that bought them new apparently dumped them quickly for some reason.

https://www.autotrader.com/cars-for-...By=mileageDESC


Here's a really nice Ocean One (the highest trim level) for $ 44K, from a BMW dealer, so you know they bought it for MUCH less. Less than 1,000 miles. Comes with the solar panel roof.

https://www.autotrader.com/cars-for-...ckType=listing


https://www.caranddriver.com/fisker/ocean-2023

[Aerovette]

Originally Posted by bill_daniels

There are 71 Fisker "Ocean" cars on Autotrader at the moment, all less than 6,000 miles, many with less than 1,000 and 2,000 miles on them, all 2023 models, quite a few with just a few hundred miles, all being sold as used. People that bought them new apparently dumped them quickly for some reason.

https://www.autotrader.com/cars-for-...By=mileageDESC


Here's a really nice Ocean One (the highest trim level) for $ 44K, from a BMW dealer, so you know they bought it for MUCH less. Less than 1,000 miles. Comes with the solar panel roof.

https://www.autotrader.com/cars-for-...ckType=listing


https://www.caranddriver.com/fisker/ocean-2023

I don't call anything selling at $50k being dumped. I know what you are saying but "dumped" to me is like $8,000.00 and I never want to see this turd again.

[Bill]

Originally Posted by SurfnSun

I looked at a Karma, then started reading about them. I can see why they were so cheap given their original MSRPs. Good looking junk.

It looks like they were made only in 2012, so yes, possible collector car appeal. I'd worry about parts availability and then what about replacing the batteries?

[SurfnSun]

Even my current ELR has parts availability concerns due to low production numbers. The battery is from a Volt so those are east get, its everything else.

[KenHorse]

Originally Posted by Onebadcad

The ev market is destroying the American Economy, the ICE legacy, the capitalist market and the American taxpayers.
If you support evS, you are also a fjb supporter!!

You forgot to include "by design"