WHAT IS GOING ON AT FISKER? New 8k and Austria Bankruptcy Deep Dive
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- Опубликовано: 1 июн 2024
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Thanks for keeping updated Adam!
You’re continuing to provide by far the best coverage of the Fisker situation.
It is noteworthy that Fisker seems to have transferred their $1B+ of debt to their Austrian subsidiary & filed what seems to be the equivalent of chapter 11. Thereby making Fisker, Inc significantly more attractive for acquisition…🤔
Looking forward to seeing/hearing all about your “major moves”.
@EV_OG I must disagree. The Noteholder is basically running the company to squeeze more juice ($$) out of this lemon. There is nothing for most companies with a brain, to acquire. Fisker was an asset-light company, I would be surprised if there is any IP that is worth acquiring. If they where trying to sell the company, they would want the assets (vehicles) on the books, because you can set an inflated value for them. Note Holder is doing the smart thing by selling the vehicles before bankruptcy, where they would only get pennies on the dollar at best. This is the time when Insiders raid the company for the best bits. If the company files for bankruptcy, then Court / Adminstrator controls everything. It should be noted that everyone who owns a Fisker Vehicle (not the Karma) is a creditor (Warranty claim), so that would reduce the amount of money the Note Holder could recover. The Court would want to reserve some funds for Warranty claims.
@@tonespeaks but without available part or anyone making parts and no knowledge transfer to service techs to provide warranty service, even if there is warranty money available how and where can it be used to fix a broken Ocean?
OG, I think you're dreaming if you believe any firm wants to acquire Fisker. You're in love with the styling but there is little IP worth bothering with. Apple could easily acquire Fisker (debt or no debt) but they want nothing to do with this tarnished brand. Instead, they are reportedly in talks with Rivian. The Fat Lady has entered the showroom and is headed for the stage.
Looks to me like the Note Holder has told Henrik to shut up and sit down. Everything points to the noteholder looking out for their interest and selling lemons to anyone that's hungry enough. Not a single word on how they plan to turn them into lemonade by providing something basic as service.
You call the service number, they refer you to a regional person that "will call you back". If you ask for the regional person's number. They chuckle and decline. Same experience trying the dealers that were supposed to have had training in progress to start servicing the vehicles this month.
Currently there's nothing in this for the consumers. This is all about the note holders and not spending a dime on anyone or anything else.
@@K9Trixx That was well said, but in fairness the Business is basically over. The Note holder has a right and responsibility to recover as much as they can. What would have been fair for the owners, is that the company declare bankruptcy, so the Court could ensure some funds are available for Warranty claims.
On the other hand this was designed to be an asset-light company.
Always liked your coverage, thoroughness, and style. I hope you'll keep covering EVs in the future regardless of Fiskers future.
I definitely will, many fun adventures on the horizon. Stay tuned.
You’re much better than Fiskerati! Always have been! Thanks for your objective honesty! Other channels were very deceiving.
Fiskerati is just boring ... talks too much and says nothing
Thanks for watching!
You’re so quick to analyze all relevant breaking news. And you always do a good job. Fingers crossed.
I appreciate this! Thanks for watching
Great job chronicling the rise and fall of Fisker, Adam. We all flock to your channel for the real, unvarnished truth.
@@Pinkfloyd86 he actually bought the ocean so clearly he is supporting the company more than you. but i mean fisker is dead, the absolute one thing you can do to support the company is buying a fucking ocean, so go do it instead of throwing money away on fucking otc pink slips
Great job, Adam! Unbiased truth in reporting even for those who have a hard time accepting the truth and are in the denial or anger phases of grief. Great videos!
I try to bring it as real as I can, and I sincerely appreciate you tuning in to watch!
The sad thing is, one the 'note holder' sucks all the cash out of car sales, what cash flow will Fisker have to continue to run the company with no production?
Why would you continue to run the company with no production?
exactly. yet its insane how people are still buying FSRN shares on the otc
Once the noteholder sucks out all
The cash, they turn out the lights and file chapter 7 and walk away
This reminds me my classmates in highschool trying to expose a topic by reading everything we can read on our own.
Extremely well said. I barely made it through high school.
Lol
🤔 It looks as if they’re being prepared for a buyout. Fisker absolutely cannot file for another bankruptcy, because that means liquidation. It’s very possible that the asset/liability mismatch(plainly obvious here) is due to private corporate backing, and I presume that the object would be entry into the U.S. auto market.
They also have to keep the share price as low as possible.
Keep dreaming. There is no buyout. This company is TOAST 🍞.
I am curious as to what Fisker has left to offer a potential buyer. But, as of right now, a buyout is still possible.
@@Aslash304 🤔 Or maybe a take-private transaction. Some sort of disposition has to take place because of the lack of an auditor. That means the auditor is with a third party. Over to you.
@@Aslash304 Fisker has a certified vehicle that has received homologation in multiple countries. That is $1-2b from start to finish to develop and two years time. Anyone who buys Fisker get the Ocean ready to sell instantly plus the Alaska and PEAR that have a lot of time in money already in their development. Time is money
@@Aslash304They can offer a long list of potentially stranded Ocean Owners.
I am a Fisker owner and always hope for some miracle. I see the social media presence and they act like things are great and at first that made me feel a little optimistic, but after watching this, I wonder if they are just presenting themselves as best they can to get people to buy the inventory. People not flocking to Reddit or RUclips don't know all this so if they see active accounts pushing happy vibes, they may get all that inventory sold and after that....delete accounts?
Thanks for breaking down the hieroglyphics
It's probably the firm trying to keep positive outlook so they can sell the inventory and get their money before allowing them to go bankrupt.
Feel free to share with anyone about to buy, I got a video coming soon about the reasons not to
Does anyone know if fire-sale Oceans come with any warranty? I'm guessing these reduced prices might come with no warranty in the contract fine print. May be a moot point soon but potential purchasers should know before heading to the dealers.
From what I can find it’s a no on the warranty
At this point the warranty is a farce and means nothing. 90% of vehicle.issues aren't even being serviced. A handful of people get techs to respond and with the layoffs its now even worse.
When Henrik said he set out the create the worlds most emotional vehicle... He was right... The consumers have gone through every emotion imaginable from excitement, happiness, suspense, disappointment fear and anger.
Well said
Y’all don’t realize the genius behind the restructure filing in Austria?
Fisker was just able to alleviate their entire 1.3 billion debt load by shifting the debt load by filing in Austria only affecting the Austrian Fisker subsidiary.
In essence, they have shifted the entire Debt of 1.3 Billion to the Austrian subsidiary.
Fisker Inc. will now continue to exist without debt. ZERO DEBT! The Debt is parked in the Austrian Fisker GmbH and this company will be the one to restructure.
Just wait till the market realizes what’s actually occurred here. or am I wrong here?
Thank you for your feedback.
So nice of them to sell all the cars knowing and not telling new buyers that don't research that they may be buying as is. Larry Fink's way of business.
Not a fun reality for lots of folks
Great content. Thanks! Let's hope for a miracle. Love my car...sad that this death has been so slow.
There are no miracles on the horizon. The sooner you realize, this the sooner you'll come to grips with Fisker....in past tense.
@@melvinholland9656 oh I realize this. Like I said, let's hope. It is what if is. Just rooting for a company to but the post bankruptcy
The slow part hurts a little bit more than the bankruptcy itself, because there are so many that have not realized it yet
Very helpful
Thanks for watching!
Your a fool if you think the money from Ocean sales is being is being used to pay the 2025 noteholder. They are using that money to pay for operations.
Fool here.
Lol
I think another automobile manufacturer will buy Fisker and build the Fiskers in their own factory, Pear and Alaska as well
Wishful thinking.
I would not wager this in Vegas
The debt goes to Fisker Austria? Fisker US has no Debt and isolated from Austria. That part needs revisited…
It also has no means of profiting.
@@Aslash304 a large handicap may be gone. Much easier to be profitable…
I know its hard to see you are losing your investment!Investing in startups should never make more then maybe 3% of your savings!Most car startups going bankrupt,Tesla is a extrem outliner,and they just were lucky with their timeing and governent help!Dont forget Tesla mad around 30 billion profits since beginning of 2020 but they got around 50 billion in goverment money!
No they didn't get 50 billion of government money - that's just a lie.
Thanks for your comment
But why even get a 8-9 day extension till the 17th unless you’re close to a cash infusion deal or a buyout. It’s not like they’re gonna sell all the cars in a week’s span.
Because they owe the note holder, who, by threat of collection, runs the company $180 Million+. And if they file bankruptcy, the Noteholder has to stand in line and wait for money, instead of pocketing the cash from the remaining units
@@Aslash304 So 10 days extensions till every vehicle is off the lots.
@@shivpalvansadia9152 bingo
Sounds like the majority of the note holders are within the Austrian company. Fisker is compelled to sell the remaining inventory of ? units. What happens after that is a guessing game.
Thanks Adam.
Good points. Thanks for your feedback!
Since Fisker isn't getting the money, they could at least lower the next level inventory, the $35k version down to $25k. I guess Fisker thinks the longer they take to sell the existing inventory, the longer they stay in business.
I think they still have to pay for operations, and that’s why they are 35K
How many cars do you think are left to be sold? Maybe 1000? Selling for about $25K after dealer fees. So, do we really think they would prolong this, and go through all of these steps for $25 million?
Yes. Thats a lot of money.
Not a lot if your burnrate is 25 MUSD per month, however as per the production «pause» 8 weeks ago 11.500 vehicles had been produced and 6.500 sold - not sure they only have 1000 vehicles left to sell - in Germany they sold 30 vehicles in April - there are probably still several thousands left in their inventory …
Dang skippy.
I remember when I spilled a roast in the oven too. Took forever to grow my hair back
The toes took longer.
Reports of Magna Styer ramping hiring at Mesa Plant…
Send the link
So they just wait for the car to sell out
It's very interesting buying at that price, but who will buy them in this situation? It could be long
Yep. A short waiting game will take place between now and the end of the inventory
Styria is Steyern which is like a US county and it is pronounced as you said Magna Steyer Group with an "i" like in Mike.
You must know that for sure if I write that one man has been born every american might know: the "asta la vista" guy Arnold Schwarzenegger born in Thal near Graz.
Thanks for this!
10k cars produced, let's say 50K median price that is half a billion potential income.
Just the Austrian wing has 1.3B depths, forget it they are not coming back.
Quick maths. Also correct on the not coming back.
Pumpy Dumpy sat on the Ocean.
Love it!
Well, seems like you'll be able to go out and buy a Fisker Ocean for about a third the price----then hope it doesn't break. There's no way they survive much longer unless someone buys them. And there's almost no possibility that they'll be able to get any meaningful financing. That would have already happened. To me it seems that the most fundamental and strategic error that Fisker made was when they went the direct sales route early on. They really had no place to sell their cars. A few months ago I took a trip to my local outlet mall just outside Raleigh, NC and stumbled upon a Fisker meet and greet. This was the first time I had seen an Ocean. I had a test drive with a vehicle that had a price tag of about 68k. My first thought was, hey, nice looking car. But the interior sort of had a plastic feel to it. And when I drove it I liked it. But I wasn't particularly impressed. It was just sort of okay. I went away thinking that the car should be priced at about 35K.
But back to their direct sales model. They simply didn't have locations where people could adequately evaluate their cars. Instead, they've relied on meet and greets around the country that just don't work. It's altogether obvious that they are going to fail in the next two to three months. It's a shame, but the electric car space is getting crowded. Everybody has an electric vehicle now. Fisker isn't going to be missed. There are just too many other choices.
I spent about 1 hr test driving an Ocean. The last time I went I took my old 1992 Jeep Wrangler Renegade. When I got back in my Jeep I thought, "Hey my Jeep is way more fun". I had the same thought about the Ocean, however, I did feel it worth more than $35k, I'd say $48-50k but NOT $65k+. At $35k it's well worth it BUT service is a question. Someone said that service will do to the dealers that are now selling them. There will be some that will service them. The Fisker King in PA services the Karma and I can think of 4 others that service the Karma but not as thoroughly as the PA guy. So, you break down and then you have to have it towed 100s of miles, OR MORE, and you will have to wait for parts, if you can get parts, wait for those parts to be fabricated, pay some price that will not be restricted to labor cost calculations that you get when you go to a legacy dealer or shop you trust. I decided not to buy, even though I found an amazing deal.
@@DaveDarin funny you mention Jeep. I'm also a Jeep owner. I liked the Fisker. I just felt it was overpriced. Look, it's altogether obvious that Fisker's days are numbered. It really boils down to capital. Fisker is a new company and they've been trying to figure out how to make things work. They have to tweak the car, work out all the bugs. They've had to figure out their approach to selling the car. And given enough time I'm sure they would improve at every level. But they simply don't have the money to buy themselves the time they need to survive.
It’s not a good choice at any price because of the risks. Video on this soon. Thanks for sharing your experience!
@@Aslash304 Agreed which is why I said no to a truly great deal.
And the death clock continues to count down...tick..tick..tick.
Very close
We need more Fisker!
I appreciate the enthusiasm
@@Aslash304Its realy a great car,the problem is that there is so much overcapacity in the carindustry,so its difficult to make it for a newcomer!Even Tesla will find that out soon!
So this time next year, Fisker will just be a memory and so will be my 20k shares smh
Unfortunately, for those who bought the shares, I agree with this wholeheartedly
I couldn’t agree more. The main note holder wants Fisker to sell the remaining cars. They don’t want to sell them! Let Fisker sell them and then take the cash. It’s a 3 week lifeline. Let’s see if they get another 3 week extension.
I think they will extend it until the cars are gone. Good points here
And AGAIN ...nothing about how they will support the people that buy the vehicles. This should be freakin illegal!!
Thanks for the feedback
Just makes me sick.
Instead of waiting to squeeze every penny from those models made just get a buyer who will repay the debt. Otherwise, this will become a stalemate and be even more of a turn off to a future buyer.
@@EM.1. With EV sales slowing, why would any buyer want to assume the debt?
@@melvinholland9656 Great point.
@@melvinholland9656 up 31% yoy&ytd in China is slowing? Up slightly in the U.S. and up double digits in the eu&uk yoy&ytd is slowing?
I feel that
Speak about some nice classic cars too!
Let me know which ones
@@Aslash304Classic Ford Mustangs,maybe with little tuning like new modern transmittion!
This is Asset stripping in real time. Nice.
Correct
one word for you : Minoxidil , thank me later
I love the enthusiasm
Home run video once again.
I appreciate you! Thanks for watching!
does the world need fisker? does it need another low quality car brand? i dont think so
Low quality is accurate
Ocean1 was quite perplexed by the 8K. He kept trying to turn it into good news but couldn't pull it off. The people are asleep on that channel. All this is, the noteholder wants to collect all they can, liquidate whatever is left and bedone with Fisker. All stockholders will get nothing and I hope many learn a valuable lesson to not invest in a guy who continually fails.
Very well said. There are some who have motives other than simply covering the company.
Why the constant bashing of only Fisker? Considering you are probably making $5 a video with your low view counts, I don't understand the obsession? Things are bad, but carry on to others like Marques, someone you'll never be btw.
Agreed. You are way better at bashing me than I am at bashing Fisker. Might be time to start a low view count channel like this one.
That's weird I haven't watched all this guys vids yet alone all of his current vids but over last couple weeks I have watch many of them and he actually seems to be a Fisker fan not Fisker basher. He seems to just help people who want Fisker news without searching for written articles and instead summarize them here for anybody to enjoy. If anybody is bashing it's you bashing him
I think Adams focus is because he actually owns an Ocean so it's personal to him. I think Adam has been, mostly, fair. At times I disagreed but I think he's done a pretty good and "mostly" unbiased job. I think a lot of people come to his channel because, clearly, they are Ocean owners. And, how much time does Adam have to spend focusing on other products? Creating content is time consuming and his time is probably focused elsewhere and he does this due to his specific connection to owning his Ocean.
He’s doing a fantastic job covering them. I understand why someone would want to double down on what brings in the most interest. That’s how I discovered this channel
At least choose a good trolling username…pathetic, Marco.