Fisker Failed. Now Owners Are Finishing The Car Themselves.
[music] This is the ocean by the artist formerly known as Fisker Incorporated. And we were so excited about this car at Everything Electric when it arrived a couple of years ago. We were so excited about this brand and its promise to build interesting, beautiful, hyper sustainable electric cars. And then with just a few thousand models of this, their first car built, it all went bang. Today we're picking through the rubble of Fisker Incorporated to try to answer a few questions. Number one, what happened? Number two, what is life now like for Fiska Ocean owners? What with the parent company being bankrupt? And number three, subject to the answer of number two. Now that these cars have fallen off a cliff in terms of value, might this thing be the bargain of the century? All that and more on this edition of the Everything Electric Show. Our three free YouTube channels on EVs and clean energy tech are funded by our fun-packed Test Drivetastic events in the North, West, and Greater London and events down under. Next up, Everythingele Electric Sydney 2026. Plus, check out everythingleeelectric.store for merch and much more. Back to the episode. Now, we need to start with a quick history lesson. And actually, we need to go all the way back to 2008 to have the full picture because this is not the first time that a Henrik [music] Fiska fronted car brand has gone bankrupt. So, in 2008, Fiser V1, Fiska Automotive, unveils something called the Karma. It's a premium range extender EV and it is completely groundbreaking. This is premodel S. It was the first attempt to do a really high-end, luxurious, desirable electric car. Finally, Hollywood A-listers don't have to slum it in a Prius if they want to virtue signal. [music] 2012, deliveries begin. Leonardo DiCaprio is famously one of the first customers to receive his car, which presumably he promptly sells as soon as it hits 21,000 miles. 2012, Trouble Town. Major recalls are issued due to a dodgy hose clamp within the battery pack, which is a fire risk, and a dodgy cooling fan, which can overheat and become a fire risk. The battery manufacturer promptly goes bankrupt, leaving Fisca high and dry. The US Department of Energy, who are major financial backers, pull their funding due to missed milestones. And to top it all off, 300 brand new karmas get wiped out by Hurricane Sandy while sat at the port in New Jersey. awaiting delivery to customers, adding an extra $30 million hole to Fisker's wos. 2013, production halts, major layoffs at the factory. 2014, bankruptcy. [music] Cut to 2019 and from the ashes of Fiska Automotive, the new and improved Fiser Incorporated unveils this, the ocean. They secure huge amounts of funding, a manufacturing contract with Magna, who've built cars for Mercedes and BMW, a battery deal with Cattle, the Chinese battery behemoths, and boast a new lowasset outsourcing business model to avoid previous mistakes. 2023, after significant delays, the first production cars arrive and mugs like me are invited to have a drive-in one at the press launch in Austria. We are explicitly warned that the software is not quite finished and a little buggy, but assured that a major over-the-air update is coming in the next couple of days. That sort of thing isn't especially unusual among first batches of production cars, and janky infotainment aside, reviews are broadly positive. Months pass and customer deliveries begin, delayed and in smaller numbers than projected, and they go badly. Software issues remain and span everything from Bluetooth connectivity and temperamental reversing cameras all the way to losing power at motorway speed and defective regenerative brakes. There are hardware issues, too. Some cars have faulty door handles. All of them have a faulty water pump, which can also cause loss of power. With production numbers way behind projections and swaves of customers rushing to cancel their orders, FISA hemorrhages money. In Q4 of 2023 alone, they report a loss of $463 million. 2024, it all hits the fan. More recalls, layoffs, production halts, bankruptcy. I think if old Henrik tries launching a car brand a third time, he's going to have to do it under a different name. So, that's what happened to Fiser. As for why it happened, well, that's a little bit trickier. My personal opinion based on having read lots of reports from former employees and met Henrik Fisker myself on multiple occasions is that he is a legendary designer, a charismatic frontman, and a big ideas guy, but not necessarily someone especially suited to or seemingly massively interested in running a business. particularly the less glamorous aspects of running a business like running the business. Ex employees describe a chaotic working environment with a staggering lack of policy and procedure, almost no internal communication, and a wildly underqualified senior management team. Henrik's own wife, for example, was appointed COO and allegedly made decisions on everything from software strategy to quality control and production despite her own background being in wealth management. All in all, it strikes me as a tale of good intentions, poor execution. And the sad thing is that so much of this car and this brand was so good. But the really sad thing is that the people who bought this car new spent a lot of money on them. Put their faith in a fledgling company and they got stung badly. >> [music] >> So, I um pre-ordered the car early 2023 um and took delivery December 2023, paying the full list price at the time of £66,000 um which at the time seemed like quite a good idea. >> And what drew you to the Fiska brand? So, I was looking quite specifically for something with big range and towing capability because I've got a big twin axle caravan and this was about the only thing that fit the bill to be honest at the time. There's a few more these days. Um, but that that was the primary driver for me. >> Yeah. Because when this arrived, this extreme model was one of the biggest battery longest ranges of EV that were available, wasn't it? >> Yeah. Only thing that came close was the Mercedes EQS SUV, which was twice the money. >> Yeah. >> So, there was very limited options >> and half as good-looking as well. >> Absolutely. >> So, you've been in the eye of the storm. You've owned a Fiska from the very beginning. Tell me about that ownership experience in late 2023, early 2024. >> Yeah, that that was that was the honeymoon period. Uh it was it was great when the car was first delivered. it was clear the software wasn't quite finished, but that was kind of okay because they were bringing software updates fairly regularly. So, you felt okay about it. Uh you were getting the fixes that were being asked for. Um and you felt fairly confident that in a year's time it was going to be, you know, a really great all round car. And then um yeah, once you started getting into the April May of 2024 period and Fisca suddenly discounting their cars to just to get money in the door, it started to look a little bit scary at that point. Um until eventually they they actually declared bankruptcy in uh June or July. >> And that was the period where the value of these cars really started to drop, wasn't it? It was from when they started offering big discounts all the way to the bankruptcy. >> Yeah. A lot of people were obviously quite upset that they you know in the last 2 3 months paid full whack and then suddenly you could get a car for 2/3 the money uh directly from Fiscar. Um and of course post bankruptcy they fell even further um to a third of their original price um where they've just about plateaued um and I'd like to think maybe even come up a bit since. You'll have spoken to countless former employees of the company in your role as part of the owners association. What's your thoughts on what went wrong for Fiser? >> I think the obvious one is Henrik amazing car designer um but possibly not the man for CEO um and obviously kept it in the family with both his wife and his daughter having prominent roles. And I think maybe if if if he's got some well seasoned individuals to to take up those positions instead, they might have steered the ship uh slightly different direction and maybe Fisker would still be here today. I don't think that's all of it. I think actually the design of the car has something to do with it. Having spoken with various automotive experts over the last couple of years, um they've all said, well, the incredible design and uh refusal to compromise has ended up making this vehicle quite special because it's unlikely to have anything built like [music] it again because to reach this level of design and the engineering needed for that design technically makes it financially unviable. So, it was always doomed to failure, but that failure is what made it what it is. [music] You know, it's been 2 years since I first drove this car at the International Press Launch in Austria. And now that I'm reunited with it, it's not difficult to remember why I was so excited about it in the first place. I mean, what a piece of design. It is such a greatlooking thing. so chunky and stansancy and mean and muscular. And I was talking to Jose, the owner. We agreed that the roof is quite a nice analogy for the car as a whole because it is an enormous piece of glass. It goes right out to the edges and it's got solar panels in it and it opens. And that must have been a nightmare for the engineers. It must have been a headache for the finance department, but Henrik Fisker wanted it so because design. And that about sums this car up. It is inherently flawed. The thing that makes it so special is maybe the thing that doomed it as well. But it's not just that. The space inside is unbelievable. There's so much room in the back. I love the fact that they had such a broad variety of battery options, meaning there was an entry- level one with decent range that rivals an ID4 on price all the way up to a monster range version for people that do super long-distance driving or tow a caravan. I loved the sustainability ethos of the company. The fact that Fiska said this car was 20% greener than a Polestar 2, the then greenest EV that you could buy. And then there were the little bonus features like the solar roof, like California mode, which Jose said his dog loves. By the way, just little extra bonus things to surprise and delight you. When you think about the fact that all of that used to be 60 something,000 and is now yours for 17, it is quite tempting. [music] So, Jose, tell me about the Fisker Owners Association. Who are they? What was the original purpose of the group and what did it morphed into? So when it became apparent that Fiser was likely to go bankrupt back in May 24, um there were three or four individuals initially in the states that got together and created the organization and they quickly banded together a group of 10 maybe 15 people from across the US and Europe and I was one of the people that they asked to be involved very early on to help navigate owners through the bankruptcy that was pending uh and make sure that owner's voices would be heard through that process. Um since then we've had uh let's say a roller coaster of of of a ride uh with some big wins but also some disappointment along the way. Um but overall um we've come out the other side of that legal process uh having had ourselves heard loudly and we now have got a lot more control over our our destiny. So the the owners association has gone from purely that advocacy goal to now having uh parts distribution network set up, service centers set up, getting the diagnostic tools into those service centers they need to to help repair and and fix these cars, as well as developing our own software to continue to to take these cars forward to where originally Fisker wanted them to be. We're taking on that man mantle. So, it's although it's still formally uh uh a nonprofit uh organization and will remain as that, our goal is always going to be to advocate for owners and make sure that that they get the best they can and these cars stay on the road as long as they can. Um in practice, we run a shop which is similar to any other automotive manufacturer. We just don't do the building of the cars bit, just we do everything else. It's a pretty staggering organization. When you think about owners groups, you picture a sort of Facebook group and people asking if anyone's selling a gear knob, but you guys are way beyond that. As you mentioned, initially it was about advocating for owners, ensuring they continue to have the right to repair and maintain their cars, but also ensuring that Fiser make good on their promises to pay for recalls. But it's morphed into basically a car brand. So, you have subsidiaries that are bulk buying parts from the third party manufacturers that built them. You're working on your own software. Is there another owners club like this? >> I'm not aware of one quite like what we do. Certainly not with the breadth of what we do because it's a modern vehicle. That whole software part is new. I mean, you could maybe compare it to Delorean and the parts supply that that happened there. But that was a long time ago and it really just was getting metal stamped. >> Whereas now it's a slightly different story. you know, yes, you need to get some metal stamped for certain bits, but there's a whole lot more that goes into it. Um, as you say, on the software side, um, we develop, we've developed our own mobile app to replace the Fisco one, which has significantly more features than the Fisco one ever did. Uh, so now you can have your phone as your your own digital key. Um, which is pretty cool. Not many cars have that still today. Um, and we've made that happen through a community delivered, you know, project. Um, as well as actual software for the car. Um, again, as you mentioned, working with the OEMs that built some of the parts, we're working with those same OEMs to continue to develop the software that goes on those parts. So, we recently, just just this weekend, delivered the world's first community develop software update for a mass-produced car. Tell me about a few other big wins from the last 18 months that the owners association are especially proud of. >> I think on the part side, you know, a lot of um work has gone into that. So, we've got a subsidiary in the US called Tsunami and a subsidiary in in Europe called Tidal Wave. It's all ocean related unsurprisingly. Um and the work that's gone in there to develop relationships with these OEM suppliers and not just the original ones. We've gone to new suppliers where the original ones couldn't help, didn't want to help. We've had to find alternatives to produce all sorts of different parts. >> So, you're commissioning the manufacturer of of of replacement parts, not just buying up dead stock. >> Absolutely. And and in many cases, the new parts that that we are having commissioned are better than what they're replacing. Um, so it's not it's not it's part of the improvement thing, right? It's not just, oh, this thing broke, replace it. Um, a great one is the door handles. Um, they have a a UV strip on the front that lights up. >> Yeah. >> And they did. >> Well, they did. Yeah. Um, that that's degraded over time. >> Um, and we've worked with the manufacturer to produce a a generation 2 handle um that fixes that problem, but it also has seven or eight other improvements to the door handle. Um, which is maybe hard to believe you can improve a door handle that much, but you can. Um, and if you're going to produce a generation two of a part, why not get as much improvement in it as you can? You mentioned Apple CarPlay compatibility being one of your big goals for the coming months, which I imagine involves a pretty significant overhaul of the infotainment system. Tell me about that and then tell me about other big goals that you've got for the next few months and years. So yeah, the infotainment has always struggled in this car and it became apparent as we researched that the the actual processor that they used was basically underpowered. So originally our plan was to try and upgrade what was there. Um but eventually we decided actually it's probably going to be more cost effective and have a lot more longevity if we just replace it. So, we've been working with a couple of different partners to develop a little hardware accessory that you uh install in the central tunnel. So, it's it's 30 minutes to install it. You pop a couple of panels off, couple of screws, unplug a few cables, replug them back in in series with this accessory, and that gives it control then over the infotainment screen as well as control over the internet connectivity of the vehicle, which is really key. Um, so that box does two things. It it does that connectivity piece and then it it it takes over the infotainment role, gives you an Android interface, so you can install your own apps. >> Nice. >> So, literally any app, Netflix, etc., etc., which um is a feature that's been missing from these cars for a while now because of the bankruptcy. That all got turned off. We lost what was called Hollywood mode. Um, so we're restoring that, but it's even better now because you get the choice of apps, not just the ones Fisker installed. And as part of that, of course, you can add CarPlay and and Android Auto on there, um, as well, which is a big big quality of life thing. So, in terms of where we're at now, these cars, I feel like, are more appealing purchase proposition than they were 6 months ago, 12 months ago, thanks to the work that you guys have done, thanks also to the fact that they're a lot cheaper than they were new. What's your buying guide for a Fiska Ocean potential customer? What are the things you absolutely must make sure have been addressed? And who do these cars suit and not suit? So, the great thing is because we've spun up these number of service providers, and I'd like to caveat that there's not a lot, but there are some. um they can now take a car that maybe has been sat for 6 months because it got you know handed back as part of the bankruptcy and owner didn't want to take the risk and they can restore that car to it, you know, what it should be. So they'll give it a full health check, install all the latest software updates, do any recall work, replacing door handles, things like that, and they'll sell you then a fully working Fisker Ocean. Now, that's not to say that when you buy that car, you're you're getting the same relationship with that service provider as you maybe would from another manufacturer. There's still it's still a community supported vehicle. So, what I tell people is you you get out what you put in. If you engage with the community, if you go on our forums and chat with people, search for solutions, don't mind buying parts from third party suppliers, then you'll be absolutely fine. If you buy this vehicle and expect that the moment the tiniest thing goes wrong, you take it back to the dealer and they're just going to fix it and jobs are good, you're not going to have a good time. But it's a lot of fun if you get engaged because you can control your own destiny. As an owners association, we talk [music] to our members and we asked them, "What do you want next?" So, you can be part of that. You can vote. The reason we're doing CarPlay [music] is because our members said, "We want CarPlay." So, you know, there's a there's a big benefit to that community side as well in that you can control where you want the the the future of this vehicle to go. So, the eagle-eyed viewer might recognize the building that we're parked in front of. It's Ath House, and we came here and filmed a video not long ago because it's a magnificent piece of construction, which against all the odds has not only survived, but been upgraded and modernized in the name of sustainability. I think it's quite a nice analogy for the car that we've come to film today. What happened with Fiser sucked. A lot of people put a lot of faith into a new company and lost a lot of money. And if you're wondering if I feel at all bad about the fact that I was positive when I reviewed it and that maybe that informed people's purchase decision, you bet I do. But from this crushing disappointment, a really inspiring story materializes. What the owners club have done with this car to ensure it not only lives on, but maybe one day gets to achieve its full potential is nothing short of astonishing, inspirational. It's less a car club. It's more a car brand at this point. And I bet there's a bunch of owners of other EVs who are thinking, "God, maybe we should start doing that. That sounds good." Taking matters into our own hands. This car still isn't for everyone. It's still got its little issues and well, there's work still to do, but thanks to the Fiskar owners association, these things will continue to be a sight on the road for a very long time and [music] they're going to get better. I think that's pretty cool. Tell you what, I think we might have to come back and do an in-depth drive of this thing in a few updates time. But in the meantime, do let us know what you think. Would you be tempted by a bargain Fiska Ocean? Please make sure to like and subscribe. But if you have been, thanks for watching.
Jack visits the Fisker Ocean Owner’s Association to learn about the extraordinary afterlife the car is having in the wake of its creator’s bankruptcy.
00:00 Introduction
1:19 Fisker’s downfall: a timeline
4:48 Why did it go so wrong?
6:14 An Ocean owner’s experience
10:05 The stuff they got right
11:50 The owners take over
17:20 Plans for further improvement
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