Fisker Ocean Factory Halts Production Indefinitely

Is the Fisker Ocean doomed?

Fisker’s future is looking bleak, with signs pointing to a possible end. In a recent first-quarter earnings call by Magna International, it was revealed that Fisker Ocean production remains halted, with the assumption that no further production will occur. While this isn’t an official statement from Fisker and the use of “assume” by Magna leaves room for interpretation, the situation appears 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 plant in Austria. Production of the Ocean was halted at the beginning of March with the intention of pausing for six weeks. However, that timeline has passed and production remains on hold.

Here is the direct statement from Swamy Kotagiri, CEO of Magna International, in relation to Fisker during the Q1 financial report conference call.

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

We reached out to Fisker about the present and upcoming Ocean production status. A representative refused to provide any comments.

It’s not a secret that Fisker is facing difficulties. Discussions about collaborating with an automotive company to improve the company’s financial situation broke down in March. Fisker admitted it lacked the funds to stay afloat until the end of the year and subsequently reduced prices significantly for the 2023 Ocean models. Lately, there have been rumors of Fisker engaging in discussions with other automakers for a potential partnership. Nevertheless, the stock value has plummeted, and stories about unpleasant experiences of owning an Ocean are increasingly circulating.

The scrutiny on Fisker’s future persists…Despite facing challenges, the once-promising electric vehicle company seems to be struggling to stay afloat.

Source: Yahoo Finance via InsideEVs