03.27.2024
FSR (Fisker) - The second coming of Henrik Fisker is expected to go bankrupt after it hired bankruptcy consultants earlier this month, Stock was down to $0.02 today, 99.9% since ATH in 2021 at $28.50.
The stock has been bouncing around since the company responded with Half denial that they are still hopeful to get an automotive buyer and was in talks with Nissan which failed a few days ago...
Trading was halted Monday and the stock was delisted from the NasdaQ. It is now trading OTC as FSRN.
Today Fisker announced a huge slash down on Inventory.
The entry-level Sport sees its starting price drop by $14K, from $41,437 to $27,734. The mid-tier Ultra's starting price is cut $18K, from $55,437 to $37,437. Finally, the Extreme's previous base price has gone from $63,937 all the way down to $39,937, which amounts to a substantial $24,000 discount. All of these figures include the $2438 destination fee.
Fisker used to make the Ocean Compact SUV in Europe and US.
They delivered in 2023, 4700 cars.
They had some other models planned such as Pear, Alaska Pickup and Runin sports car.
In 2023 Fiskers Revenue was $273m, $58k ASP per car.
The highest trim is $63k with 360 EPA miles, Not qualified for the rebate.
Fisker only designed the car by founder Henrik Fisker who also was hired and quickly fired by Tesla 15 years ago or so.
Fisker also founded the First Fisker which made the Karma luxury hybrid sports car, which went bankrupt in 2012, leaving the Government hanging for $171m in unpaid loans.
Years later, the name Karma was sold to a Chinese company for pennies, which refreshed the Karma as a Luxury Hybrid for around $100k+ in the US.
The current Fisker Ocean is actually built by "Magna Steyr" in Austria, a company that builds other cars for other European manufacturers.
This is similar to Nikola's unsustainable "Arrangement" with Iveco and Bosch.
Fisker has No IP, No Vertical integration, No chance for markup in the Supply chain.
The car might be a fine car, but the Company can not profit from selling it, ever, IMO, unless it was a very high-end Luxury brand, which it is not.
Same as Nikola only without the blatant fraud. Both companies have around 1000 employees each.
Lucid for proportion, owns amazing IP on Battery, motors and more, has 6500 employees, Delivered 6000 cars in 2023 at $600m revenue, $100k ASP per car.
Lucid is in deep financial losses, but they have the Saudi 60% ownership backup and some great IP.
ICE companies are struggling to reduce huge losses in BEV. The way they currently decided to deal with that is to delay the struggle.
With quite some help from Federal and State governments, ICE is doubling down on Hybrid with 7Kwh Battery which easily qualifies for the full rebate. Qualifying for the full rebate on 7Kwh is 12 times easier than qualifying for a 82Kwh battery on a full EV.
Governments are also in the process of backing off Zero Emmision requirements.
I have little doubt that The Government, Unions and ICE agreed to do so in order to end the Strikes, Raise pay and save the Industry from Collapse if the EV race against ICE had to continue.
I am sure the Shit will eventually hit the fan, and the ICE companies will be forced to painfully transition or die, However, they did practically get a few short years Hybrid extention.
Promising BEV producers packed with IP like Lucid and Rivian are struggling to reduce losses though are mostly vertically integrated.
Third party OEM deals can not survive in this industry.
Their stock might bounce around, but the companies cannot eventually compete with other in house manufacturers.
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