I Read the Fisker 10-K | Here's What I Learned
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- Опубликовано: 23 апр 2024
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Can I review your EV? Any Make/Model/Year Let me know at this Email
Contact email: adamsevreviews@yahoo.com 
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Man, you are such a great reader/public speaker. Off hand, what do you do for a living? Thanks for the insight and Fisker coverage. They should hire you for public relations @ Fisker.
I have experience in radio. That could contribute to it. I appreciate the kind words very much
Outstanding work to get that out so quickly Adam. It certainly makes Hendrik and Geta Fisker look very amateur when it comes to operating a company……………… makes them look unfit to even operate a corner shop with their admitted poor financial record keeping and documentation procedures.
BTW are you aware that Norwegian EV reviewer TeslaBjorn is testing the Ocean Extreme this week and has put a heap of videos up on his channel and there are more to come too
Yes, I have seen a couple of the videos put out by TeslaBjorn where he is reviewing the FOE. As an FOO owner since September I am disappointed at the lack of pre-review preparation on how to operate the vehicle, the language used (20 times shit …) and many sloppy comments in his videos - mixing in German with his English is a bit odd from a Norwegian reducing the precision of the communication. (Inspired by CarWow sloppyness?) The video on lights during night time driving comes with a lot of random comments - not reflecting the expected degree of competence/specifics about what makes lights good, mediocre or bad
Great insights! Thanks for the info as well
You rock - from reading every page of the user manual to now this. You are the most trusted source for my Fisker news fix.
I appreciate this!
Great information!! Thank you so much for combing throught this document. Interesting that PwC has been Fisker's auditor since 2021... ugh.... going to visit EV OG to see if his symptoms of "Ocean [Sea] Sickness" are the same as mine. Thank you, again, for your time and dedication to keeping us informed!!!
Tell the EVOG I said hello! I’m glad you found value in this one!
Appreciate all of your efforts! Liked and Subscribed. Cheers!
Thanks so much!
Adam, as always great info.
Thank you for watching and thank you for your support.
This was an excellent job. I’ll subscribe 👍
I appreciate you!
Thank you for this rundown Adam. Subscribed. I'm expecting to take delivery of my FOE in the coming days. Excited and scared. I will be back here often.
I appreciate you! Thanks for watching!
Honestly everything about their plan to actually become lean as a company and transition to dealer model sounds like it would be great for them, should've done that from the beginning. Focus on delivering a good car and not becoming a distributor. Curious to see if they get a chance to pull off the pivot
Me too.
Thank you for the analysis
I appreciate you watching
Thank you again Adam!
Thanks for watching
Thx Adam. It’s like watching a slow moving train wreck. Though you already know the results, but it still sucks when it happened.
Excellent summary.
You continue doing an outstanding job on your videos! Thanks for keeping me and all of us Ocean people up to date, you explained it all very well….
I appreciate this very much
Sounds like any strategy to save the company will be held hostage and contingent on placating Henrik's ego and his importance as designer
I believe you are correct.
The ego is the limiting factor. Well said
thanx for doing this for us adam......"hell of a job"👍👍👍👍👍
Thanks so much for watching!
Adam - great job! Thank you!!! There are a lot of question marks on that company. But we will know just in a few days! For me, many things were not so clear before (eg. that Magna doesn't hold shares of the company, but an option on shares or that the 2025 Note holder converted more than a bln shares in the last months - maybe the selling pressure on the stock price didn't come from the bad short traders, it came from the investor selling his converted shares.....). All in all the hope for a good outcome remains....
Great comment!
I enjoy your presentation skills and thorough explanation of your Fisker experience. I can't say I'm rooting for Fisker, but hope you're able to keep driving your car as long as you like. Thanks for all your insights. Too bad you didn't wait for the new Model 3 Performance, it seems to be getting rave reviews and might have cost you less than your Ocean.
I know. It’s the best EV available right now. M3P FTW
Wow, great job! Thank you! That was long report lol.
So much to read
Very nice job!!
Thanks for watching
Thank you Adam.
Thanks for watching!
Think about this: What car buying consumer is going to even be considering the financial health of the company when they start the process of buying a new car? Right up front i knew it could be risky to buy a Fisker, but all of the sophisticated marketing hid that risk we are all seeing now, and very evident in the report you so adequately revealed.
@Musings-From-Mike That was well said!!! I would add, that the Government should require companies to create a Warranty Reserve fund/insurance this would help to protect the value of the vehicles. More importantly, to provide that safety-related issues could be addressed. If NTSHA finds a serious safety issue and the company is bankrupt, it would prevent Vehicles from being allowed on the road. Braking and unintended movements are serious safety related issues and Insurance companies would void coverage in a heart beat.
Thank you for this perspective. Very well said
Well hey maybe not ever hearing the name or seeing one car on the road should have been enough of a red flag
As soon as we saw the Ocean on the road it interested us. The first thing I did was make sure the company wasn't going to go under again. Both my wife and I remember the karma drama and didn't want to be stuck. It's sad as the ocean hits all of my Wife's wants and needs for an EV. Hopefully they Ch11 instead of 7 or get bought and make a comeback.
@@reahreic7698 So there is nothing else on the market that would be a suitable choice?
Is there warranty coverage? I'm hostage to the ability of a technician to update my Extreme software. I am stuck at version 1.11. My service ticket sits in limbo along with a broken sunroof and no California functionality.
Service is understaffed. All owners of the Ocean depend on service continuing under the warranty.
While there was a paragraph that states that reserves are in place for warranty coverage IF a company seeks bankruptcy protection that protection protects them from liability to perform warranty claims. At least that's my take on it. So, bankruptcy protection eliminates that warranty protection.
Warranty cost is expensed regularly, however, if the company has no cash, or declares bankruptcy, it will be hard to honor these claims eventually.
@@Aslash304They already have trouble honoring simple service requests.
Hats off,
great work even though many will not recognice that it is a lot of work to get through that pile of paper and find the important parts worth to share.
I wonder about 20:03 and the warranties or the money they have put aside and if that money is still there and protected.
It’s a great question about the Warranties. I found a good reference in my upcoming video. Check it out if you’d like, and let me know if it helps.
Henrik Fisker should read the book Ego is the Enemy!
A solid suggestion
For the Newbies: "What Is a 10-K?
A 10-K is a comprehensive report filed annually by a publicly-traded company about its financial performance and is required by the U.S. Securities and Exchange Commission (SEC).
The report contains much more detail than a company's annual report, which is sent to its shareholders before an annual meeting to elect company directors.
1. Some of the information a company is required to document in the 10-K includes its history, organizational structure, financial statements, earnings per share, subsidiaries, executive compensation, and any other relevant data.
2. The SEC requires this report to keep investors aware of a company's financial condition and to allow them to have enough information before they buy or sell shares in the corporation, or before investing in the firm’s corporate bonds."
Nice work
You're talking points were the same as mine. One thing I think you missed regards the 2024 notes is that "Through the date of this report no amounts have yet been funded for the 2024 Notes." (Page 111). My understanding was the release of the first payment (and subsequent tranches) was subject to certain conditions pertaining to the OEM negotiations that fell through, and so the notes were never activated.
Thanks for the feedback
I think we are missing your opinion or feeling after digesting this material. There seems to be a lot more Fisker IP than you previously thought. Does this change your view on chapter 7 vs 11 or the appetite of an OEM picking up Fisker IP post bankuptcy?
I’ll address this in an upcoming video. Great question
Thanks for this Adam.
I also want to add that Magna employees assigned to the fisker project have been let go on Monday.
And FISKER employees at the magna facility are tasked with updating all remaining vehicles and then they will be let go.
I personally think it's a wrap.
the Vehicle Maintenance part is an absolute lie.
The entire cloud mechanism for alerting engineers of critical DTC's doesn't work.
FAST is entirely relied upon as a physical diagnostic methodology.
THERE IS NO PREDICTIVE DIAGNOSTICS or PREVENTATIVE AUTOMOTION IN DIAGNOSTICS at fisker.
how the hell are they gonna hire more employees as they are laying off even more employees next week?
I sincerely appreciate this information
If they are being let go after 2.0 updates... Does that also already spell the end of 3.0 and 4.0?
@@K9Trixx 3.0 and 4.0 release timelines were removed from Fiskers press kit. Everything else is a rumor. So, Fisker, themselves are no longer confirming 3.0 or 4.0
I looked at the first couple of check marks. Fisker isn’t a shell corporation? 🤔
Nope, they are a combined company with the Special Purpose Acquisition Company they merged with to get listed on the NYSE
Fisker is just a shell corporation in practise but not in securities’ law. I think Fisker = Tata.
How much do we want to bet the wording about Geeta is probably why it got delayed with her yelling at staff that she doesn't want that wording in there? 🤣
None of that stuff had to be in there if they would have filed on time because then they wouldn’t be in default.
You bought a car
and got a course of what to learn up to 10-K announcements.
I prefer the Ocean content cause at the end Fisker will vanish or not and then there is the big difference, that there is still the real manufacturer running his operations which means the knowledge and parts are still there.
And that is the key for every fisker owner to get things sorted out and find or develope a way to support the existing owner group. Within 6 to 12 months since the production has been shut down these will be gone cause the manufacturers will get rid of the remains of tools and molds needed for Ocean production. For them they are useless and space in a plant in europe is money so they clear old stuff and sell it or throw it into scrap if Magna has not paid for all the costs to keep these.
Correct. It could be possible for part created to be sold. Happened with the DeLorean and also with the Fisker Karma where a Chinese company was able to go forward with the Karma Revero. However, I do not know if molds to continually create parts will be secured. And, it seems that parts were created to fully assemble Oceans and not for a backlog of parts. Therefore if all Oceans are sold, there might be no or very limited parts available. Also any fully produced Oceans that might be bought in a bankruptcy buyout would require the buyer to disassemble Oceans to provide any inventory of parts for customers needing specific parts. So the buying company might have to decide to sell the Oceans vs. taking the time, effort, and cost, of taking Oceans apart for a part by parts sale. That seems unlikely and less profitable than just selling the fully assembled Oceans.
Great points.
@@DaveDarin Key question here is a bit different: it all depends on the contract usually magna has made with the manufacturer which means they can be paid in advance or by rate with the productionn which is bad for suppliers. And this contract then covers who owns the mold.
My point is you need a strong unified group of owners that are willing to act in advance and to get in contact with magna to talk about a post FISKER era suppy chain over MAGNA cause they are the only one that can completely overview all parts and contracts with those suppliers Fisker Ocean had been built. AGAIN: they feel an obligation to Magna, cause this is a magna platform car. They can not act alone and stop what ever without asking magna and to stay inside that platform program.
I mention you as US customers cause you are the by far biggest owner group, here in Europe close to no one except Influencers have bought this car cause we in germany had the same 12 month earlier when the german solar car start up SION by SONO MOTORS busted which had been a crowd funded car with solar panels on the hood and fenders, doors and what not. But they had high goals and were students not listening to guys from the car industry with a lifetime experience. They ran out of money and did not refund the money as promised . They had planned to prodcue the car in sweden in the former saab plant but did not get there.
I had been at Daimler HQ for 2 decades since the Berlin wall had fallen and I am quite familiar with the austrian car and car supplier industry and what happens if things go wrong. Again: it will be much easier if there is 1 group and maybe 2 masterminds seeking the contact with magna cause when Fisker will be done Magna might be out of all obligations regarding this particular car OCEAN and therefore they will find themselve responsible for the owners left behind by Fisker and they woould for sure like to establish a stable connection over the pond to the USA cause do not forget: you have bought a european car from european suppliers and got your car in 1 piece. Imagine the amount of shipplings and logistics involved if Ocean owner start calling magna and order a mirror here and window there. Will not happen, But Magna is a canadian austrian company and they have established a logistic system at least between the canadian and austrian plants and that would be the point to connect to and start conversations.
If Fisker is gone or bought then everything is out of control, therefore I would try to establishh an american owner group and that president writes a handwritten letter to Magna austria send via snake mail by someone who is going to european vacations. Develope a simple letterhead and then write the message handwritten cause this impresses people here the most.
There is only 1 first impression and this is Europe, you want to achieve something from a european leader and decision maker.
Everyone will know that his guy means it serious cause he had written it on a paper by hand where every mistake can not made undone. And the effort that goes into such letter represents the seriousness of the writer. Simple and easy cause the handwritten letter is a 1 in a million excellence with the highest chance to get recogniced and an answer esepcially if you write in that letter a footnote with the email adress.
Do not forget : you need to be recogniced among 4000 whining fisker owners complaining about bad Hendrik and poor built quality or missing feature while you or your letter should end up on the desktop of the austrian CEO and responsible OCEAN manager.
This is how I would do it to achieve at least something more then to end up in the row of 4000 complaining owners that write an email or send a fax (which is here taking very serious cause usually only legal stuff takes this route cause the sender gets a protocol that it has reached the recipient), but for sure not handwritten.
I hope the best for you and wish you good luck with the whole nightmare, but at the end it is still a business and Magna still has something to loose more from their reputation which has already been damaged by the production quality of the OCEAN which is you biggest pound as we like to say you should be using very carefully if you get in touch with them but it could help at some point in negotiations about usual spare part prices if you order them via a magna USA shop for example.
Good luck - it will be a tough time and hard work but someone has to start to unify a group and find 1 voice - like that unified command that is fixing the bridge that the dally had destroyed in the chespeake bay entrance (sorry, forgot the name) - Baltimore, one of the early immigrant ports with its own register where a lot germans had arrive before 1860.
Unified speaker Fisker USA owner group is needed to get things done and most likely a guy with a buisness understanding and instinct cause it might end up in discussing different solutions.
Did you see Henrik
Listed his house for $35m?
Sure did. Covered it in this video ruclips.net/video/YyZjb4XCD1w/видео.htmlsi=A3R53Veo8DmE7ikZ thanks for the info, Cheers!
Let me save you 27 minutes - Fisker is filing for bankruptcy within 30 days.
I should have just posted a 10 second video.
so youre saying i couldve just read the 10-k myself and get through it alot quicker than watching your video about it?
A poor showing on my part. What a waste of human flesh I am.
@@Aslash304 lol
So fisker is dead ?
They are out of money, out of compliance, and in default with around $800 Million in debt. But, technically, not yet.