The Current State Of FISKER - It's BAD

welcome over to Automotive roll everyone I am your host V my and we are back with our final story tonight um and it is from Fisker and when it's a Fisker story unfortunately in the modern day it's not good and this is a continuation on it we're going to do a little bit of a deep dive and we're going to go in on this we have a great article here from motor 1 from Christ Smith um and we're going to go in on this this is I mean Fisker has been in a lot of trouble recently EES in general from most automakers obviously Tesla is super prominent right now but Eevees from many automakers have been in just trouble you know they've just been declining in sales fisker's got a little bit more than that Fisker not only has you know the decline in sales um but Fisker just as a company as a whole is just a mess from from the top down uh from the leadership to production to just pricing of the vehicles you know $80,000 Vehicles becoming $30 $40,000 vehicles that don't even exist um we've seen many videos from people all over YouTube and even well-known you know celebrities and YouTubers trying to order one um and they weren't able to receive it and just from the top down from the dealers just not giving accurate information to you know corporate not giving dealers accurate information and just being in limbo with different communication you know people being promised their car is going to be there in a certain week and it's not um everything even from just you know support um it's just it Fisker has been a mess and as of right now you know the Fisker Factory we have you know here that there's they're assuming that no further production will take place um we already know that Fisker has been in deep trouble you know they've been looking for a buyout um we talked you know recently there was some news maybe Nissan or Mitsubishi might wanted to come in and scoop them up but Fisker just as a whole just you know from their earnings call last week just being just completely down there was no zero profit um you know although there's no official announcement that you know they're completely shutting down production from what we can see from you know just people buying trying to not even buying one trying to buy one um and just leadership from the top down and just how even you know dealers um from people who are trying to buy one just are not being given the correct information from those up at the corporate offices and just you know how people are going back and forth in limbo and there's really no true support you know it's there is such a mess I mean it takes you know we've seen people take you know weeks to get emails some people aren't even getting phone calls or you know the the whole company is just a mess and you know Fisker has been one of those Brands you know they've always been they they've made cool cars but they've never really been sustainable or profitable um a lot of people still remember Fisker from you could call their superar from the Fisker Karma a lot of enthusiasts still remember Fisker like that but most people and even a lot of enthusiasts don't even know um you know what Fisker is and you know Fisker tried to come out with you know the ocean which is one of their big models right now um you know it was a very expensive premium model when it came out and then they dropped it down in price which for those who bought it you know you if you may have bought a Tesla you may have been in the same situation the way you know vehicle prices and vehicle value for electric cars fluctuate based off the manufacturer it can be one day you buy an $80,000 car and the next day somebody else and goes you know goes and buys the same car brand new and it might be half the price and so obviously a lot of you know consumers were angry at that because you know they were they paid for a car that wasn't worth it um both in a performance and you know value usability wise and also because you know the next day the company just slash the prices which kills so much equity for current owners um and current owners who are having issues or you know wanting to get rid of the vehicle or even those who are trying to become potential owners I mean just you know like I said from the top down there is a countless amount of videos um of people just trying to buy this vehicle and you know dealers giving out information and then corporate not following up with it or giving the wrong information or you know you're giving information and then you you you do the proper channels you email and all that they don't respond to you and then next week you get an email and it's like oh they can't find your inquiry and it's just you know from the top just everything from corporate to the dealers to the communication um everything here is just it's it's going wrong for Fisker um and you know obviously they did do a six- week pause on production for the ocean um that time frame has been relatively loose it was you know idled back in early March um it is not a definitive thing that they've said hey we're going to you know completely stop production um but the way production numbers are and the way that you know you're really not even able to buy this this vehicle it's Fisker isn't a whole just is I mean to say that they're in a pickle in a dilemma is not good at all and we have statement here from the CEO um and you know in their statement here it is important that you know I provide an update on the current status for Fisker for the ocean program um production of the vehicle is currently idle current Outlook issu State assumes no further production consistent with uh disclosure as they provided in the annual Information Form uh which reduces our 2024 sales by about 400 million and impacts the adjusted ebit margin um by about a 25 Point basis so from the CEO um you know from from you know from the top from the leadership you know production is idling it's been idling it's been it's been stopped and they still do not have a current outlook on when they think they can restart and you know you know further that production um and you know they talk about it here I mean that's that adjust for the loss of sales of $400 million which is in addition to what they've already lost before production was halted um and you know like I said this is this is a company that isn't surviving this is a company that's not making it um you know I mean when you have you know from your leadership from the CEO you know regarding your quarter one earnings when you've you know your down 25 Point basis when you're down you know 400 million on top of what you were already down you know when you're when you're saying to your shareholders and just potential buyers that hey we have had production idled it's not going on and unfortunately we just don't know looking into the future from now if and when we can you know restart that production that that's just there's the confidence it's just not there and you know that just shows you know like I said with the leader ship this company is just a mess uh nothing is working fluently nobody is working together and and ultimately you know it was set up for failure um you know and we have you know down here you know talks of partnering with others you know the company already before this having cash flow problems you know just to survive into the end of this year um and you know as we talked about here you know Fisker has been in talks with other automakers to potentially partner up or even buy out um you know but from then I mean it it just hasn't materialized into anything and the stock has continued to drop and then you know we have down here fiskers Death Watch continues and honestly the Death Watch technically continues because they're technically still around but they're Fisker is if you ask me they're dead um everything that I've seen just watching so many other their videos and just contacting and listening to people trying who have been struggling who have this vehicle um or those even trying to become a potential buyer to buy one um and then you know just looking at this now quarter one earnings coming out they were already struggling with cash flow they're going to lose you know another 400 million and then when you have your leadership coming out and saying we don't have you know with our current Outlook we can't assume when further production may continue um this is one of those things where it's you know we say that we're saying the Death Watch continues I think the death has already happened um and I think we're just kind of watching the uh the remains I think you know it's kind of like when a celebrity dies and um you have really big fans and of That Celebrity and they can't necessarily grasp it in that time um I think that's kind of what we're watching because like I said from the top down nobody has any solutions and really there is no way to fix this problem they can't make Vehicles they have no cash flow um they're already now down 400 million with no cash flow you you don't have the cash to make Vehicles you don't have the money to buy material and you know pay for the labor and things like that so this is you know unless a company unless another automaker you know whether it's Nissan or whoever was to come in and swoop in and purchase a very large amount of shares and ownership and stock or completely just buy out this company which at this time would not be a smart move because every other automaker right now has their own EV offerings if not they're coming out with them and they're honestly they have the resources in the tech and they're probably more advanced than the Fisker even though I like the way the Fisker looks I think it's a cool car um it just wouldn't make sense for one of these other companies to buy this company right now especially from a business perspective as this company is going to lose more money it would make sense to wait for it more until it becomes nothing and then rebuild it and whether they take the technology and whatnot it would be up to them um but you know we talk about you know Fisker here I mean if we go you know I think the other thing as well you know just being Fisker you know the dealer Network you know only really being in California um you know I me if we come here to shop inventory let's put in the US why not let's put in Florida I'll put in an old an old zip code so I'm not worried about it because I don't live there um so we have one in stock here at Fisker Jacksonville and this was a 62,000 $63,000 vehicle essentially and they're selling it for about 40 um how you know we've seen the videos with Fisker and how that you know these vehicles aren't actually necessarily you know in stock and the way that you know they have to go from where they are being held into the dealer you know I mean we've got some here but I mean you know we're saying it's in stock but I mean I can't even get any I can't even get any real pictures or anything if we were to go to contact the dealer you know that's that's not a prom a promising sign like you know with a normal noral car you can go in you can go on the Dealer's website and you can see pictures when they post the car and it's actually there on the lot you know just what we've seen with other people trying to buy one of these cars you know how do I know I mean you know I'm a big you know Tech Guy uh one of the videos which I think you guys should really check out Austin Evans he put out a great video on this he was trying to buy this car and the poor guy I mean he was he was given the runaround and it wasn't even necessarily the people who were contacting him wasn't even their fault because they were getting the runaround and they weren't getting the correct information and he ultimately gave up and I don't blame him he waited about a month probably even more I think in this video and he never got the car and he ultimately gave up and they lost a customer because that car didn't actually you know exist and the one that they said so-called existed that you know had his name on it he was never able to receive it they just could never get it and so you know you look at this and it's like obviously these are renders you know if I contact the dealer I want to you know I want to see pictures of it how do I even know and then this is very common we've seen so many people um not just him but so many people experience the same problem how do I even know that these cars exist how do I even know they exist I mean where is the pictures of them it's I mean it's you know this is not really there's not a lot of confidence in this website I mean if you go to the regular ocean and if we go to the pair I mean you know here they talk about you know with a loss of 400 million you know here we talking about an affordable you know agile vehicle I mean sign up today I mean we have no you know starting price would be 29,900 before any incentives they can't even make the ocean and these oceans that they So-Cal have in stock are 34,000 so if they have no cash flow how are they going to make something with a starting price like that we have no other details nothing I mean we go to the Alaska which is their EV pickup truck they're saying it's going to start at 45 before any incentives I mean you know there's absolutely just no information and you know a big thing like I said is their dealer Network they don't have a large dealer Network you know one thing Tesla did was they not only Built out their infrastructure they built out a dealer Network and you know you look here Fisker Jacksonville Fisker Miami uh you know fiser centers in New York you know and that's that's their Us locations these are the Us locations there's there's three here there's three here there's three here dealer Partners so there's nine dealers nine dealers within the United States States and most of them are in about it looks like three states four states being New York California Florida uh Indianapolis and um we got Georgia and South Carolina on the board too but we have 3 six nine we have nine locations nine dealers in the United States and then it goes to the EU locations that's not a lot of confidence either a lot of people don't live in those States you know they want to go and see the car in person they want to test drive they want to talk to a human if they want to go in and ask a dealer a question about where is their car they can't do that and so their dealer network is just not even large enough and obviously with no cash flow and no production on vehicles they're not selling any Vehicles so they don't have the cash flow nor do they have the demands or the means or even just the urgency to build dealers out and so this is just you know from the top down this is just a mess and this is this is one of those things it's kind of like you know it's almost like it was it was doomed it it was like Dead on Arrival and and this sucks I don't ever want to have I don't want to have to say that about them but I mean you look it's like they have more locations in in Germany and France and in the EU than they do have in the United States and so this is just this is a mess from the top down and I mean we're this is a mess from the top down and we talk about it here adding dealers here in La you know this is a mess and you know I just wanted to make this video just kind of going on this little Deep dive but really just talk about this it's because there's a lot of people in this situation looking for you know affordable EVs and just an affordable car looking at this particular car and you know like I said in the recent video I just did you know Kia went up and there EVS but we're seeing just a lot of trouble with EVS across the board from all manufacturers um the demand not being there people not buying them dealers losing money on them um just reliability concerns pricing concerns um you know even the big news I mentioned with Tesla you know just with the super charging Network them going down them not seeing the growth they expected not having those sales and that cash flow um we're just seeing this really across the industry scen it sucks because you have a competitor like this who's trying to bring something new and really nice looking and cool to the market at a great price at a price point that we need those eeve at and you know just to to see this kind of mismanagement and organization just through the company I mean it's just it's Dead on Arrival and so it sucks to make these videos and have to say those kind of things but unfortunately we have seen Fisker come and go before this is not the first time Fisker has done bankruptcy and disappeared from us and had these kind of troubles and unfortunately like I said I don't want to be negative I hope the best for Fisker whether they are able to figure it out on their own or you know somebody else comes in and takes over and is able to figure it out and incorporate it into the Fisker brand or their own brand whether it's Nissan or whoever um but I think just like we've seen in history and just like we have seen with Fisker they come and they go and it looks like Fisker is on the way out in fact it doesn't look like they're on the way out it looks like they're already out but I don't know after this endeavor will we see Fisker again in in what capacity will it be so this was really just a video just to have a conversation and just talk about the state of Fisker um like I said this doesn't help with the current state of Eevees worldwide but especially here in America but you know Fisker is just they have a whole other whole other world of problems so if you are um looking at a Fisker Ocean or you potentially looked at one or had an experience or you owned one and got rid of it um if you do see this video um if you like the video first of all like subscribe means a lot I would love to know your opinions though um please leave a comment down below um my Twitter is on here feel free to even contact me on Twitter I would love to know your experience on just what you may have went through with the vehicle or if you owned it and you know the equity went down due to them you know lowering the price just what was your experience with that I would absolutely love to know but we're looking at Fisker they're already out but I think this time it might be forever so that's going to conclude our video everyone um thanks for joining our little Deep dive our little conversation on just the state of Fisker and it's not looking good for them but um thanks for watching everyone

Channel: Automotive World

Views: 328

Keywords: fisker, Austin evans, fisker ocean, tesla, ev new, ev news, electric car news, electric car market collapse

Id: OySoYLG3kQ0

Length: 19min 54sec (1194 seconds)

Published: Tue May 07 2024