Fisker Executives Confirm Family Mismanagement | New US Magna Facility
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- Опубликовано: 12 май 2024
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Thank you Adam. That makes tremendous sense to explain what actually happened. The foundation of all problems lies with the terrible funding contract and desire to push the cars out to unfortunate consumers as quickly as possible while ignoring obvious problems. Henrik and Greta were two very slimy people that truly deserve to be in prison for fraud.
This is true Henrik wanted to pump out cars to the public. At Buena Park we received about 5-7 cars a day which had software and interior/exterior issues. In my first technician huddle we were told that fisker wanted most issues to be fixed over the air so customers won’t come in for service.
I appreciate you sharing this. It’s a neat idea. But the hardware and software need to be fixed before people won’t need service.
I was talked into not cancelling. It's horrifying paying on this car when it's not functional and still has many issues. I've placed tickets and no response. Regenerative brakes did not work and I burned through my brake pads in lightning speed. On top of a very high payment I'm buying new brakes and tires. Henrick boasted that us One owners who paid top dollar would receive a set of brakes and tires...lies after lies. My key fob eats through batteries, my seat sensor was supposed to be fixed but still acts up and goes into park when I reposition. My climate control is possessed. Zero communication. I could write a book.
It’s a bad look all around.
I feel that
Magna Steyr is a subsidiary of Canadian-based Magna, a Canadian corporate multi-national. Listed on both the the Toronto and New York stock exchanges.
Thanks for this
Yep. And zero testing. Oh, Henrik claimed that they were testing cars in Sweden, but there were never any photos of cars being tested. Days before starting deliveries, their publicity cars still had screens that simply said Fisker.
The vast amount of changes is hilarious, as it is so like the Tesla Roadster story, and also unbelievably ignorant of Henrik. Why did he think Chinese EV companies could make way less expensive cars for local consumers, and why did he think they struggled to export and had much higher prices when they did?
But while huge amounts of the blame belongs to the Fiskers, everyone else working there was hired in a huge rush when Henrik got SPAC money and are far from being the elite talent of the automotive industry. There are usually good reasons no one else hired them first.
Finally, the whole arc of the company was obvious from the start. They claimed they could make, in the same factory that made the Jaguar I-Pace, a significantly bigger car, with a much larger battery pack, solar roof, much larger and rotating screen, three more windows that open, bespoke recycled materials interior, and sell it for two thousand less, at a profit. I pointed out many times many places that this could not add up, and on top of that, no one had ever suggested that the I-Pace might be profitable for Jaguar. Clearly this drove their attempts to cut costs however they could, but even if all of those cheap parts had worked brilliantly, Fisker would still have lost many thousands on every car sold.
Also, the whole plan to rush to get to the next round of funding was delusional. Henrik Fisker was dead to the venture capital and financial industry after his last company, that is why they could only raise capital via SPAC. Something about doing a capital funding round of over $400 million without disclosing that the feds cut off your loan money ticked people off, and setting a world record for burning venture capital did not help either. There never was a potential scenario where Fisker Inc raised more investment money and then launched those fantasy future models, there was a zero percent chance of that happening.
Good feedback, thanks for sharing
What a disaster...
Old lesson on display: Fast, Cheap, Quality: You can have 2.
Agree. I believe in the Good Fast Cheap triangle
In this case, the Ocean was neither quality nor cheap so not sure where the other point fell.
Did Henrik learn nothing from the last time Fisker failed?
I don’t think so
sure he did. go public, pocket investor money, file bankruptcy wash his hands clean, live the life, rinse and repeat. he was successful in finding loopholes in the system and all he did was capitalize on it. if anyone did not learn anything from the last time fisker failed, it's the customers and the retail investors who enabled him
As a Polestar 2 owner and with the new proposed 100% tariffs on China built cars, I'm hoping Polestar can take advantage of the newfound excess capacity at Magna, both in Austria and that US plant. At least in the short-term until they can finish their own facility here in the US. With that said, I can't see how that Fisker family can escape some sort of lawsuit here, or at the very least ever be trusted again. Seems as if their team, despite it all, put together a very compelling product only to be utterly wiped out by epic mismangent and greed.
Well said. I also think the employees worked hard to make the best of a bad situation
It's extremely difficult to pierce the corporate veil so I don't see anything happening to them sadly. The Ocean was the perfect car for my wife and we were looking at getting one when things really started going south and I called the purchase off as even at 30K it's outside my risk tolerance.
With regards to the Polestar 2, you can try to pry my P2 key fob from my cold dead fingers, but you won't succeed!
It's extremely difficult to pierce the corporate veil so I don't see anything happening to them sadly. The Ocean was the perfect car for my wife and we were looking at getting one when things really started going south and I called the purchase off as even at 30K it's outside my risk tolerance.
With regards to the Polestar 2, you can try to pry my P2 key fob from my cold dead fingers, but you won't succeed!
Magna in Arizona is not building a car factory- it's building a supplier assembly line for magna electronics components
Thanks for this
Too bad, this dude had a rare second or third chance to deliver a stylish car to the consumer with HIS Name on it. Why did they even hire and PAY for qualified staff just to ignore their input. Makes the whole excersie feel like a show for the investors.
A show is a good way to sum it up
Appreciate your carrying on reporting the truth no matter how hard it is to hear. Great channel as ever.
Thank you for your continued support. I can’t thank you enough!
Thanks for all your hard and detailed information
Thanks for watching!
BAIC ArcFox platform modified to become a Fisker Ocean amazes me what Magna has done and what Henrik did to the design but everything else fell flat.
Very flat indeed
Henrik wanted to start/run/own an EV car company for all the wrong reasons. His ego and inexperience directly led to this, and now his career is over.
Thanks Adam, I am not surprised. I have to fault myself. When I looked in to the Fisker, I looked past red flag of Henrik's wife. The two of them should have never been in charge of a public company. This whole thing just sickens me.
I have definitely felt sick more than once
@@Aslash304 I hear you!!!
Do we still get our free 2nd set of tires?🤞🏼
After reading the article in entirety... I have to conclude that sale of these vehicles should have been illegal.
Right
@@Aslash304 I love my FOO more than any other SUV I've had...(except my H2) but this would not have been a purchase decision I would have made if I knew the contents of this article 2 months ago.
If you have more details about the Magna Phoenix facility let me know. I live in the suburb of Phoenix, 18 miles away, in fact 8 miles away from Mesa, and I can help with info. I'll have to check out their website and see what I can find out. Maybe I'll get an interview there and work on the Oceans.
A quick google search for “mesa Az Magna hiring” should answer a lot of questions. Thanks for your comment
@@Aslash304 I did that google search and found that Magna is hiring in a new facility in Mesa Arizona, which is 7, or so, miles from my home. I have been up and down, recently mostly down, on potentially buying an Ocean and I have found 4 locally. Not good times at all and I hear owners LOVING their Oceans and some with regrets, some in arbitration, etc. I am, actually, going to apply for work at Magna. Now that does not mean I will get inside scoops on what's going on but, who know, maybe I'll get to work on the Ocean. AND I used to be a software developer, now a Project Manager. SO, I would absolutely be the guy to make sure quality in software and TESTING is accomplished. Anyway, nice video. I am not sure what to make of today's events, 3 dealerships and small $3mil. From what I have watched, attempted to learn, it seems the note holder is relentless and just wants their cash. That small $3mil might be what is provided to dealerships as incentives to get every possible penny out of inventory sales and then the Ocean is done. STILL I hear my favorite Simon and Garfunkel song sung by Henrik "The Sound of Silence". We have heard ZERO from Fisker and that really creates a complete and total lack of trust and it's what has kept me on the sidelines for about 6-8 weeks undecided on making a purchase or not.
I think they will Survive as publicly traded company. Shorts might fuel the first stage of lift off
sorry for your loss bro. better to let go now and collect a few cents
I do not recommend Fisker as an investment.
@@Aslash304 I don’t believe anyone asked for financial advice. But opinions and conversations are great
@GammaBlack but you decided to put your 2cents in the comments. Pot and kettle!
@@Turbomgzt but it’s not 🤦🏾♂️. Giving a recommendation to invest or not invest is financial advice. Saying they will survive isn’t telling anyone to buy or not buy, but a potential outcome….☕️ Carry on
Mmh I had worked almost 10 years in automotive, that comments meet every german car brands...great part validation but horrible enviroment and timing.
And yes, there were also family from the original founder. Not a problem then for making food cars are those.
Fisker I supuse that leaks in the first point and that's all about here: the product experience cannot get make up of any kind.
Thanks for your comment
I‘m sure there will be groundbreaking work done at Magnas Black Mesa Research Facility. I hear they are hiring in the Anomalous Materials Lab.
Thanks for your comment
So I was 100% correct re Arcfox platform - just as I commented long ago
Correct
Wow. My mind immediately goes to Fisker but also to the Magna-built Jaguar I-Pace that Waymo use here in PHX. Does Magna work with Geely? Waymo has a new vehicle coming soon and the sourcing/timeline is unclear.
Magna manufacturers a bunch of different parts for vehicles. It is likely Magna works with almost every manufacturer in one way or another.
What's crazy is there are people still making it isn't so bad fisker videos. Even with all the red flags and news coming people are like, "everything is fine over here. Like what?
Agree. It’s not fine.
What happens to the shareholder if Fisker is sold?
New $3M loan prevents sale until loan is paid in full. Video momentarily
Thanks for the video Adam. As always- right on point. Maybe you can help me underatand something... why is it that any "criticism" of the Ocean's many many many flaws is automatically met with an almost defensive response. WELL TESLA'S HAVE X PROBLEM, etc. That's not the point! Anyways, always love your factual videos. Hope you don't have to crawl through the trunk to drive yous like another owner I saw...
I’m also hoping I don’t have to crawl through the trunk. Thanks a lot for the feedback
Adam thanks for everything for being truthful. But yet there's a certain guy called Ocean 1 and another out there the EVOG who attacked a certain RUclipsr because of his review. I wonder if they are going to eat those words considering the former Fisker employers who they fired said that this car had horrible software. For some reason I don't hear them no more.
I respect anyone making content. I try my hardest to be objective.
I was one in line, now glad I didn’t buy. Played the stock well though. Husband and wife failure, but maybe in the right hands can be a successful option in an EV market.
I wonder what the buyer gets when all the inventory is gone
Spicy Fiskers owners who decided to shorts 😂
Thanks for your comment
WHAT HAPPENS TO THE STOCK PRICE?????
Check the historical performance
Yet none of us got our deposits back
I’m sorry about your experience
I don't even need to hear from executives. Every time I heard Fisker speak, it dripped of arrogance. Those aren't the type of people that are going to get a company up and started in the right direction.
I agree
If the car company survives, the Fisker name plate should have no business on the car.
Correct
Magna Styer probably had the blueprint for quality product manufacturing. So it teamed up to build a Fisker in partnership with suppliers, engineers and software designers. Fisker had the design and the bankroll. Magna with its history for manufacturing high-end, quality automobiles would build a new, exciting electric vehicle called the Fisker Ocean. For reasons I can only speculate about, the Fisker team and Magna team had differences on build quality, which was controlled by Henrik and Geeta-Gupta Fisker. They wanted to sell the embryo while Magna had the ability to incubate a mature concept. What would have been a company with the best new EV is now in shambles. Poor engineering, cheap suppliers and a business plan put together in haste has floundered and sinking. The only company that could resurrect this EV is Magna. Could Phoenix be the place of the rebirth?
The car that ppl want with all the features they are being enticed with will cost at least $100k or more. The average person would be bankrupted if they paid the equivalent of a medical degree or heart surgery for an automobile, had to borrow the money, and insure the vehicle.
Not likely unless Magna Steyr buys the intellectual property in bankruptcy court and decides to invest hundreds of millions of dollars with a partner.
@@paharding Hi, I think the as-yet unnamed corporate interest is Tata Motors, Magna is like Foxconn, but they manufacture autos.
Good feedback. I hope we can find out the reality of what happened eventually
@@Aslash304 The story of Fisker Automotive sounds very familiar, even Karma Automotive(still extant) is proposing more models while they have no sales. ruclips.net/video/PTqhhkuGqsQ/видео.htmlsi=CDAc25jWWHWsUxe5
If I owned a Fisker car I would want them to survive unless I decided to hedge and take a huge short bet. Survival would be best for an owner unless you’re ridiculous sour and want to burn everything around you. Carry on…
Knowledge is power. Truth can hurt. I am a fan of both.
They used cheap parts and it still is better quality than a Tesla. Mind blowing. Wish the software was done.
Plastic interior door handles is better quality than Tesla?
Trade you my Ocean for your Y any day, any time. Then you'll understand the bullshit of which you speak.
@@victormdp Tesla uses a plastic button for their interior door handle. Not the best comparison lol
Look at the exterior door handle of the tesla...many issues of it snapping off@@victormdp
Thanks for your feedback
Seems like a bit Financing went through 🥳
A bit is a perfect way to describe $3M for a multinational company. It’s a pay day loan.
How about Tata?
I haven’t seen any confirmed news regarding Tata
hasnt magna steyr learned its lesson?
I am fairly certain the new factory is a different project
Was this a fraud in plain site?
Good question
I think purposely selling people a product with known hidden safety issues at a premium 70K price, promising future features and fixes that don't come to fruition, all while withholding service on same said unsafe product does constitute fraud.
well no duh
Thanks for your comment
Great news : Fisker Secures $3.5M in Gross Proceeds, Eyes Further Funding Up To $7.5 Million
oh boy! they might just last another week with that!
Short term good news.
@@ugaladigala I believe this is just a “ Bridge loan. “ for seeking multiple loans from different investors.
@@abaza.ibrahim oh i see, then is it gonna be able to afford geetta some curry at least?
@@ugaladigala 😂😂😂👉
Only good news is on the horizon…..
We shall see
Disgusting
Definitely not ideal
This channel has a culture of fear… well, time will tell but I really hope the bias will be more neutral should an OEM step in now that Biden is being more supportive of US based EV manufacturing over its Chinese counterparts. However, should your prognosis be correct, then more power to you.
I started the video with the only potentially good news.
What culture of fear and bias is here??
And your proof it shouldn't be, is?
Lucid facility
Thanks for the feedback
Breaking news: Kiss of life for FISKER : Biden announces 100% tariff on Chinese-made electric vehicle
Umm... Your statement makes no sense at all. Fisker basically destroyed himself with his lack of knowledge, leadership, hiring professionals to do or install the many things that HF has no clue whatsoever! HF wants ONLY his way. A "taco tray" really?? Cheap plastic "storage" under the seats that is so hard to get into?? The dumb ideas is endless. HF has ONLY himself to blame for everything that is going on with this company.
@@Littlebittyrose ocean is made in Austria and it is a US brand this is will support FISKER
This is a very long stretch. And would require one completely ignoring everything else that’s going on
@@abaza.ibrahim WHAT??? That makes no sense at all. But hey...keep telling yourself that I guess. ¯\_(ツ)_/¯
@@Littlebittyrose Austria is not the US for sure, FISKER Can shift the production to the US easily. In case of survival. But the new tariff is only for Chinese EVs not for Austria made
Great news : Fisker Adds Three New U.S. Dealer Partners, in California and New Jersey; Waives $2,438 D&H Fee in U.S. on MY2023 Extremes and Ultras , Source : wallstreet
Thanks for the info
Yeah