Fisker Ocean Factory Anticipates No More Production Happening

Is the Fisker Ocean’s future already bleak?

Fisker’s future appears bleak, with signs pointing to the possible end of the road. In a recent first-quarter earnings call by Magna International, it was revealed that Fisker Ocean production remains halted, with the assumption that there will be no further production. While this isn’t an official confirmation from Fisker, the use of the word “assume” by Magna doesn’t bode well for the company’s prospects. Given the current state of affairs, the situation looks dire for Fisker.

Magna International manufactures the Ocean vehicle for Fisker. The production is carried out by Magna Steyr, a subsidiary of the company, at its production plant in Austria. In early March, production of the Ocean was temporarily halted for what was planned to be a six-week break. However, that timeline has now passed.

Here is the exact statement made by Swamy Kotagiri, the CEO of Magna International, in relation to Fisker during the Q1 earnings call of the company.

In a later part of the conversation, Pat McCann, Chief Financial Officer of Magna International, also stated that the company is working under the assumption that there will be “no more production of the Fisker Ocean.”

We reached out to Fisker concerning the present and upcoming Ocean production status. A representative chose not to provide a comment.

It is widely known that Fisker is facing significant challenges. Discussions about collaborating with a car manufacturer to improve the company’s financial situation broke down in March. Fisker admitted it lacked the necessary funds to stay afloat until the end of the year and subsequently greatly reduced prices on its 2023 Oceans. Recently, rumors have emerged of potential partnerships with other automakers. Nevertheless, the company’s stock value has plummeted, and there are increasing reports of customers having negative experiences with their Oceans.

The monitoring of Fisker’s decline persists…

Source: Yahoo Finance via InsideEVs