Will Fisker Ocean Production Ever Start Again?
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During our first drive of the Fisker Ocean, Henrik Fisker's second round attempt at building a sustainable and dynamic electric vehicle, Contributing Editor Jamie Kitman contended that the battery-electric crossover just wasn't ready. Flimsy materials, middling range, and a general fit-and-finish that lacked refinement were the leading characteristics of the Ocean. And now it seems like Fisker's production process is showing its weaknesses, too.
According to an earnings call transcript from Magna International Inc.—the contracted manufacturer that Fisker uses for Ocean production—company CEO Swami Kotagiri said that production of the all-electric crossover is currently idled and isn't expected to restart soon. This confirmation comes after Fisker's initial announcement that it would idle production for six weeks on March 18th.
"We have assumed no future production for the Fisker Ocean," said Pat McCann, Magna International's Executive Vice-President and Chief Financial Officer, in a transcript of the company's earnings call.
This news comes after a tough start of the year for Fisker, as the company cut Ocean prices in March by up to $24,000 in some trims. Additionally, Henrik Fisker has admitted that the company is in talks with other automakers to be saved, essentially. While talks with Nissan fell through in March according to Reuters, Fisker said that the company was in talks with at least four companies.
Over 10,000 Fisker Ocean units were built by the end of 2023, in large part thanks to Fisker's contracted-out, Austrian manufacturer. Produced in the same plant in Graz, Austria as models from Mercedes-Benz, Toyota, BMW, and Jaguar, the plant's track record encouraged customers and Fisker alike, according to a report from Automotive News. However, as we found in our first drive, the Fisker Ocean has been plagued by quality control issues.
Strapped for cash and with the production of its only model idled, Fisker stands on shaky ground, even in its own words. Fisker himself said that the company didn't have enough cash reserves or financing sources to satisfy its notes for the next two years.
Representatives for Fisker declined to provide additional commentary after a request from Road & Track.
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