While a few startup automakers have broken through with appealing vehicles and somewhat sound business practices, Fisker never really had solid ground under its feet. The automaker has recently warned that bankruptcy could be imminent if an investor or buyer doesn’t step in, and we’re now hearing reports that the company is shuttering its California headquarters.
Business Insider reported that Fisker is in the early stages of closing its location in Manhattan Beach, CA, citing sources within the company. The publication noted that workers will be moved to the company’s other location in La Palma, and some have been told to collect their things from the headquarters site to facilitate the move.
Fisker’s most recent regulatory report to the Securities and Exchange Commission stated that its $54 million in cash reserves “will not be sufficient to meet its current obligations.” The company has flirted with potential buyers and investors, with Nissan reportedly showing interest, but nothing has materialized, leaving it high and dry.
The automaker’s only EV has seen dramatic price drops in recent times, falling to less than half of its initial sales price. That move may seem appealing for some, but the risks of buying into a flailing startup that hasn’t shown a strong ability to fix problems or respond to customers should be enough to cause anyone concern.
It’s easy to poke fun at founder Henrik Fisker for yet another failed automotive startup, but the reality is that more choices are better for buyers. Besides, the Fisker Ocean is a compelling-looking EV, and many of its problems could likely be resolved with a careful software update. That said, I’m not eager to jump in line to buy one, and it appears few others are, either.
[Image: Fisker]
Become a TTAC insider. Get the latest news, features, TTAC takes, and everything else that gets to the truth about cars first by subscribing to our newsletter.
