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The Securities and Exchange Commission (SEC) is investigating Fisker, the US electric carmaker, and has issued a number of subpoenas to the bankrupt electric carmaker, according to filings filed by the Securities and Exchange Commission on Friday, according to several media reports.

Fisker Automotive was founded in 2007 by Henrik Fisker, when Henrik Fisker founded the Fisker electric car company under his surname and launched the first electric luxury sports car, Karma. Later, due to poor management, Fisker filed for bankruptcy protection with the US government in 2013, went bankrupt in 2014 and was acquired later. Two years later, in 2016, Henrik Fisker regained its strength and announced the establishment of Fisker Inc. The new company will focus on developing and manufacturing pure electric cars with self-driving, beautiful and Internet-connected functions.

There are early signs that Fisker is facing bankruptcy. In March, the New York Stock Exchange began delisting Fisker shares because of its unusually low share price; in May, Fisker said it would have to file for bankruptcy protection within 30 days if it failed to meet its debts, and on May 14, Fisker received $3.5 million in financing, but Fisker was still looking for ways to help it stay afloat; on May 29th, Fisker announced several hundred job cuts. On June 17th, Fisker filed for bankruptcy protection in Delaware, becoming the second electric carmaker to file for Chapter 11 bankruptcy protection since 2023. According to the Chapter 11 announcement of Fisker, Fisker Inc. And other United States subsidiaries and subsidiaries outside the United States are not included in the bankruptcy filing. According to the bankruptcy filing filed by Fisker, its assets are estimated at US $500m to US $1 billion, its liabilities are between US $100m and US $500m, and the number of creditors is expected to be 200,999.

Fisker reported an operating loss of $1.459 billion and a net loss of $1.958 billion over the past three years. Of this total, Fisker realized revenue of $273 million in 2023, compared with $342000 in the same period; an operating loss of $417 million, compared with a loss of $530 million in the same period; and a net loss of $762 million, compared with a loss of $547 million in the same period; as of December 31, 2023, Fisker held cash and cash equivalents of $325 million and restricted cash of $70.45 million.

In addition to facing a shortage of funds, Fisker products also face many recalls after delivery. On June 28 this year, Fisker announced a recall of all 2023 Ocean models produced as of May, with a recall of 12523 vehicles in the United States, Canada and Europe because of the risk that the door handles of the vehicles within the recall could get stuck and passengers could not open the doors to get on and off. In early June, Fisker applied to the National Highway Traffic Safety Administration (NHTSA) for a recall of all 2023 Ocean models (6864) due to software problems in the MCU and vehicle control unit (VCU), which could cause the Ocean to accidentally enter fail-safe mode, resulting in a loss of drive power. In July, Fisker recalled all 2023-2024 Ocean vehicles, a total of 7545, due to a communication failure or loss of driving power caused by an electronic water pump in the cabin. In August, due to brake module software may lead to unexpected reduction of regenerative braking, thereby reducing braking performance and increasing the risk of vehicle collision, Fisker recalled some 2023-2024 Ocean models, a total of 7745 vehicles.

In the auto industry, Fisker is regarded as Tesla's main competitor, but their positions in the auto market are very different. Fisker currently has only one Ocean model on sale, with prices ranging from $37499 to $68999 (274000-504000 yuan). Data show that Fisker produced a total of 10142 new cars in 2023, but only 4929 new cars were delivered due to logistics restrictions. In July, Fisker sold about 3300 Ocean vehicles to car rental company American Lease LLC for up to $46.25 million to secure funding.

As one of the "new car-building forces" in the United States, Fisker also pinned its hopes on the Chinese market. As early as October last year, Fisker announced that it would open its first sales experience store in Shanghai, China, and began to promote its business layout in the Chinese market. It is not easy for Fisker to enter the Chinese market.

According to the latest report, Fisker plans to ask a US bankruptcy judge to approve its liquidation plan at a court hearing in Wilmington, Delaware on Oct. 9. Now that Fisker has reached the moment of life and death, where will it go after it, and "Auto Industry focus" will continue to follow.

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