Fisker is Reportedly Closing its California Headquarters

by Chris Teague

Published: May 7th, 2024

fisker is reportedly closing its california headquarters

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]

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Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

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2 of 27 comments

SCE to AUX on May 08, 2024

Fisker filed for reorganization in Austria - the end is near.

https://insideevs.com/news/718875/fisker-reorganization-austria/

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3SpeedAutomatic on May 09, 2024

A great opportunity for an auto maker (Toyota) who’s behind the curve in EV development. Fisker would be the Leading Edge division with trickle down technology to the other divisions as EVs eventually become mandatory.

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