Is The Fisker Price Reduction a Fire Sale?
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- Опубликовано: 27 мар 2024
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I have a massive respect for you. You are so sincere and honest about what you are doing. All the best, and please keep analyzing the current financial crisis of FISKER.
Thank you! Stay tuned
I am in SoCal - I currently see about a dozen vehicles on the site:
- Single One is $69K
- Multiple Extremes are ~$38K
- Multiple Ultras ~ $35K
Thank you for this!
Myself and wife have bailed out from 2x FOO order after they missed September delivery. Got lucky getting CC refund for both orders. Purchased R1S instead. It's such a shame as FO has so much potential.
Wow you are lucky dude
Glad you were able to get out
I just visited the vista location in san diego.
They have a few sports on the lot for sale and they have spare parts available.
I had a broken window from a rock hitting it and they had it in stock and it will take less than a day to replace it.
The 3 employees that I dealt with at Vista we're quite positive considering the circumstances and felt tha fire sale was going to help significantly.
They even said customers were walking up with cash ready to buy a vehicle.
I don't know the accuracy of this next statement, one of the Fisker maintenance workers who was a former tesla maintenance guy said that all new car companies must have a trust fund set aside to honor the warranties even if they go under.
He said all car companies require a trust fund to honor the warranty and parts.
I am an ocean one owner and I love the vehicle.I'm looking to buy an ultra on this discounted fire sale.
Thank you for the details!
Adam musta like to say thanks for the continual updates, its really appreciated in this difficult time for us all.
He is a real trooper with processing and sharing info!
Thank you for this! And thanks Bill!
Yeah thanks Adam and Bill! Fyi…we took the Buick to Pittsburgh. 2.0was throwing more audible alarms (even with it turned off in the safety section) and the key FOB still not working. 😢 couldn’t listen to audible noise for 5 hours! Difficult times ahead.
I just want to thank you for keeping us informed and always being honest. My wife and I have been on this journey with you for a year and have really enjoyed your content. We are moving forward with an R2 when it releases but have no idea what to do in the interim.
R2 won’t be for 2 years At least. I bet it’s closer to 3 years
I am aware
M3 refresh is excellent. Model Y will have good resale value in the interim as well. Ioniq 5 is currently a great lease value.
@@windowman9665 With Rivian's cash burn rate 2-3 years might be a problem. That said, I hope they make it.
That’s a huge slap in the face to loyal fisker supporters who have stuck with the company while their name was being dragged through the mud. Feel bad for people who paid full price only a month ago… to see you could have paid almost half is crazy
Agree. Luckily, the number of units is limited. It’s only the US examples
Hi Adam, it is sad to see that Fisker management continues to make such wrong decisions. I really do not think that giving such price reductions is going to solve the issue. instead it creates more doubts and questions. Is there really nobody in Fisker management (aka family) that has some business acumen? Henrik knows how to design a car, but that is it. This fire sale in not happening in Europe, but of course, potential buyers are watching youtube so also expect these ridiculous rebates. it completely lets all Ocean buyers hanging, knowing we paid too much and will never be able to get a good resale value. Having said this, today I was in Fisker Belgium and this small team is doing a great job selling the Fiskers. They have sold out the current inventory (at normal prices) and asked Germany to send more stock vehicles. Henrik Fisker should reach out to them to see how cars are sold. Thanks for the good work, your realistic views are needed at this moment. Guy
I appreciate you guy! Thank you for the info!
At this point it wouldn’t surprise me if they admit they don’t know where the vehicles are
Unlikely, but it would be funny
‘Fire sale’?! ‘Fire risk, non-sale’! There, I fixed it!
Appreciate it
Hi Adam, same days ago it was published taht they have 4700 vehicles in stock. Not told what the split between US & Europe was. As I saw Yesterday the announcement in LinkedIn, i was also on the way to name it fire sale or even closing sale. Because when give a rebate of 40-50% and do not produce at once for me it exact this. As I saw the last Balance sheet of Fisker inhad calculated that the vehicles are in the books with an averagenof 41k$. I do not know if this is realistic. But at least the prices are very close to manufacturing cost. So at the end Fisker will not earn money, they will "only" switch one balance position - Inventory - to another one - cash. The simply rule is when you not earn money, you burn money, even if you receive money. That may help to survive the next 2-6 weeks, maybe. We are waiting as Ocean owners for the white knight.
Correct. Cars to cash. Cash is easier to steal.
I've been to Vista CA location recently. They have 30-40 Oceans for sale. Mostly Ones and Extremes. There were a few Ultras. Had some colors not normally seen -- Red Planet and Sea Grass.
Thank you for this!
Driving my 22 year old honda and renting for past 15 years. Within last 15 years, we have offered to buy three different homes in 3 different states and we were outbid on all of them. Past two years have been brutal with two much uncertainities at job. My daily commute is three hours both way and i would love to have an ev to save on gas but even with 25k at 8% interest rate it is a lot of money and you will be another 100 more for insurance.
Fair point
Just left showroom in LA, tryed to buy one for 37k and left with nothing. They said price is not live yet. Waiting on a call. I think they're just collecting data.
Thank you for this!
It's a brilliant strategy. Get as many 2.0 updated vehicles to customers that are super happy with the price cut as well. They will love the vehilce and Fisker will survive another month while shopping for an investor.
Except 2.0 still has problems. Hill hold is the only significant feature. Key Fob functionality did not improve, despite the claim in the release notes. (It's still a far cry from the key fob functionality as described in the user manual). Several people including myself are getting locked out of their vehicle (NFC won't work either). User interface seems slightly more sluggish. Trip screen energy consumption disappeared (it was supposed to become more accurate, per the release notes).
Hardware-wise, the car is phenomenal (always has been). Software-wise, it's still a head-scratcher. Maybe with 3.0 (and 4.0?), when all the ADAS features arrive, will the Fisker Ocean finally become the exceptional vehicle it was promised to be.
I don't think this is a strategy to stay afloat, the car currently is worth more now than after bankruptcy and they're selling them at a massive loss. It doesn't make sense as a survival strategy, more as a strategy to liquidate their assets before declining even further.
So what are they trying to do?@@Matthew-xy1hj
Take the L and move on. Thinking people would buy cars from a company that is shutting down is wishful overthinking aka “copium”. No institution is dumb enough to double down on this dumpster fire.
Lost 12K myself owning $FSR. The CEO and leadership are snake oil salesmen. The car looks great, and I’m sure some of the features will show up in a Kia or Toyota someday.
Let’s move on lol. Wasted opportunity on making money elsewhere.
For early adopters who bought the car, hope a tree falls on it to write of the car with insurance. Or better still the designs get acquired for cents on the dollar and the parts become available in the aftermarket.
Toyota hopefully.
Thanks Adam. Hard to know what HF is doing, but I have to believe he is in survival mode. It is just a shame he couldn’t put his ego aside and get the Nissan deal done. Enjoy your vacation!!
The Nissan deal wasn't done because the company's books weren't audit proof.
It’s likely the books looked too risky. Thanks for watching!
@@SingaporeFriedrice Ah hah. That makes sense.
Thanks Adam!
Thank you for watching!
I viisted the Fisker website in Canada several weeks ago and they had inventory but now it's gone. I suppose the Canadian cars might be exactly the same as the American build except for the speedos.
Agree
Central Coast region of CA, 1 Ocean One, 12 Extremes, 2 Ultras ready to ship in 2 days, location of vehicles not given, but could be anywhere in CA or Arizona. Prices vary.
Thank you for this!
I would immediate love to buy a Fisker Sport for 25K usd. But sounds impossible to get in Denmark, which hardly is long away from the Magna Steyr factory /and just wonder where is the inventory stored?
You are buying a car from a company that is shutting down, after this fire sale?
What if you need a replacement part that would never be available?
Why would anyone still want to buy this car? Even with a big discount. Is there not a big risk that in 1-2 years it will be impossible to get new parts and then repair the car? And then you would have a near worthless car. The Fisker company is shutting down.....
I’ll report on the locations soon. I Agree on the risk.
A bunch are in MD. Owings Mills has literally tons.
Thank you for this!
@@Aslash304 I should clarify- I know I saw at least 10 model 1s and the rest I am not fully certain of
I'm still wondering what is going on with the Sport I have a confirmed order and have had a VIN for months.... Not sure I want it now, especially at the original price. Thanks for taking time from vacation.
If you really want one, look for a discounted one. Same price.
There is a physical dealership in vista California In northern san Diego
Thanks for this!
At the time I was laid off from the company, there were less than 3,000 Oceans in the US. At the two locations I was managing (ADESA DC and Owings Mills MD) there were a total of 320 Oceans. Most are One, Extreme, and Ultra models. There were only a handful of Sport models available nationwide. I do not recommend purchasing an Ocean at any price (sorry Adam), as parts availability during the "good" times was limited. Other than HVAC vents and control modules for those vents, and accessories, it was next to impossible to get replacement parts. If you love the Ocean and want to own it, buy two. One to drive and one for parts.
Thank you for sharing these details!
If you're among the crazy people who still want to buy a car that will probably never have spare parts available at normal prices, or if you want a Fisker Powerwall with wheels, pay in front of the vehicle you're about to buy!
Might be how it goes.
i would follow through with my ultra order if I would be guaranteed software updates but I doubt that is going to happen
That’s a no
The app takes me to their website. Once I enter my country, state, & zip code, I see 15 Oceans: 1 - One at full price, 2 - Ultra, & 12 -Extremes all discounted by $24k. They all indicate that they are “ready to ship in as few as 2 days”. 🤔
Thank you for this!
There was an article linked in to Reddit - same thing - no sports for sale in the US. Also mentioned that he spoke to a rep at Classic in GA. Many of the cars that are in inventory have upgrades which won't be discounted.
I appreciate you sharing this information!
How will Fisker realistically keep their software updated?
They wont
Any Canadians in the comments? How were you able to purchase your Ocean? Did you import from NY?
I’ll feature this in a video for you
No one wants them even at a fire sale. To much risk if their are issues, very risky for people spending 20-40k for a viechle that might not get updates or warranty.
Based on rumors they sold them all.
The Oceans are off the Ocean, but Fisker is struggling to borrow money to pay for the import duties.
Any evidence is appreciated. Thanks in advance
Inventory has been seized in Northern California at Adessa/Brashers in Rio Linda
Wow. Feel free to Share any details you can about this
@@Aslash304 Sorry for the late response. I was working with my technician (same guy who did the Reddit AMA) and that day Fisker was kicked out of Adessa and he had to pillage all the available parts inventory that they kept at the Rio Linda facility and pile them in into a demo Ocean. This was the end of March. I don't want to completely out him as you owners need all the available technicians to service your vehicles. That technician is sticking it out until the end as he's completely aware of the doom and gloom of the company.
It would only be a fire sale if the inventory didn’t meet cost of production. A fire sale would be another 50% cut or a public auction of the inventory under liquidation. There wasn’t a chap. 7, though I fully expect a chap 11. There are too many legal liabilities, what with the lawsuits for share price declines hounding them.
Agree. What would the chapter 11 accomplish? We know they can't pay the debt. If the loaners want to see a fraction of their money back, they need to restructure the debt and get this business running properly.
I’m starting to think chapter 11 won’t be possible because there won’t be anything left except an inaccurate record of where the money is
Nothing’s been declared outright, they will first have a change-of-control, meaning the resignation of all board members. This is normal.
I believe it is more about liquidation than survival. The 2.0 update came too late. The bad rep is there and their pockets are empty.
What do they accomplish by liquidating now though? Usually a liquidation happens at BK. Why care about paying your loans when you can't pay them later anyway?
Should have been delivered with 4.0
65ish vehicles on the lot at the Vista center North San Diego county.
Thank you!
I cant find where the inventory is... how to see it etc.
The Fisker website is supposed to have it. Won’t load for me in any state with inventory
Why would anyone still want to buy this car? Even with a big discount. Is there not a big risk that in 1-2 years it will be impossible to get new parts and then repair the car? And then you would have a near worthless car.
Absolutely correct
I'm still curious why Adam went through with the purchase. He seems to be an intelligent person.
The red flags were everywhere with this company.
I cancelled my Ocean order last year and went ahead and purchased a Model Y and love it.
Anyone thinking of purchasing a discounted Ocean should have their head examined.
I saw 25 to 30 Oceans at owings mills MD
Thank you for this!
There’s a ton in vista
Thank you for this!
right now i wouldn't take one for free , because this is done deal. and who's gonna service or fix when things go bad. no one, you're left with $50k nothing, i lost my $250 order fee better than whole car.
Correct
Once the inventory drops let us know. I might pickup one. I mean sport not one. Lol
Supposed to be today
@@Aslash304 will keep my eyes open. I saw a 2018 model X for 36k on cars and bids with FSD. Prices are really low these days.
Check the 8K. I think it listed where the 4700 cars were and it said there were several thousand in US storage, but don't quote me on it.
There are 3000 in storage.
Time will tell
Do you have the only Sport? That thing might become a very rare collectors item in 50 years...only Fisker Ocean Sport ever delivered in the Eastern USA😂
I think there were a dozen or so based on feedback. The only “silver lining” (an ocean color, hilariously) I can think of.
This is going to a lot of upstart EV brands...
It already has. Fortunately for a lot of potential customers, most of the cars never made it to market.
Enjoy your stuff, I’m sad for all the owners. Did the one or extreme ever really exist? Considering people paid 12k for ADAS features that will never be, and 7k form cracked solar roof that is as gimmicky as the taco tray.
Well said.
There are probably ones that are awaiting entry into the Port of Baltimore. That's going to take a while.
Lol😂. Why would you say this. Fisker can't be this unlucky.
@@BremboT Baltimore is a major port for cars on the East Coast. Also, Fisker has 2 distribution points in Maryland. Chances are very high. Most car manufacturers use Baltimore's port. You do realize that this is where the cargo ship knocked down the bridge, right?
Thanks for this!
I think that's called " the last leg sale". Even Nissan doesn't want to buy Fisker. Don't believe me? Look up Fisker's stock for the past 5 years.
I know, right.
Do you miss your clarity?
I’m sure you don’t want to hear this, but The Clarity’s replacement, my Tesla Model Y, is superior in every way. I loved the Clarity. I had a warranty on the entire car the whole time I owned it. And also, because I knew this exact scenario was likely, have no regrets.
Yep, fire sale, buy your place in the line of creditors at the bankruptcy court now! No more than one or two buyers will take delivery and get titles and registrations, if any do.
The registration will be a “going concern” just like the company
You buy the car now at a deep discount only if you think Fisker will continue to exist in some form. Its a gamble. Just like buying stocks.
I believe there are multiple entities waiting to pounce on bankruptcy filing and take over the company. Could get a great car at a great price if willing to take the bet.
Hahaha no
I agree with the risk part
If Fisker wanted to survive... They would give away every last car they have for free, cut every employee except for Henry and the service teams including executives... Wait a year for people to start responding to good service and then once again gain credibility and the possibility of production in the future if they can restore their name. Oh and Henry would need to work 24/7 without pay during this period to actually say he gave blood sweat and tears to make this company survive beyond the billions he was given and blew.
Well said
@@Aslash304 unfortunately like many, arrogance and pride is their destruction. Humility and honesty are qualities that great men possess. Maybe this is a wake up call. Maybe it's not.
Lol, the guy is a scammer. Big European scam.
A valid accusation