Fisker owners see $70,000 EV as ‘the worst financial decision I ever made’

Hope is waning for owners of Fisker Inc.’s beleaguered electric SUVs. With the company mired in bankruptcy, customers say it’s becoming increasingly difficult to get any help fixing their glitchy or otherwise problematic cars.

One Fisker owner in the Cincinnati area had a dozen unresolved service tickets for his model. Another in Colorado can’t find a local repair shop to fix a crack snaking across his SUV’s solar roof. And a Texas-based customer has a loaner from the company that she has no idea how to return.

“It’s like a bad dream,” said Joseph Murphy, who recently opted to trade in his almost-new $70,000 Fisker Ocean for a mere $23,000.

Murphy had initially overlooked problems such as a key fob that needed frequent battery replacement and the SUV’s constant rattling noise. But his goodwill evaporated after a dozen service tickets went unresolved. His nerves were compounded by the dashboard constantly flashing error messages as well as the lack of communication from Fisker. The final straw came when he saw posts about Oceans selling for just $11,000. He now drives an electric Volvo.

Fisker owners have had a bumpy ride ever since the company’s first vehicles rolled out unfinished in late 2023. About 6,400 customers paid as much as $70,000 for their vehicles, with later deliveries slowed by software glitches. While several early adopters told Bloomberg News there was initially a sense that the issues would be worked out, as Fisker’s prospects have worsened the company has become increasingly difficult to reach.

After a series of setbacks, including halting production of its only model, Fisker last week filed for Chapter 11. The company is exploring financing options to continue reduced operations, but currently only has permission to use its cash through June 28.

The company hasn’t set aside funds for vehicle buybacks from consumers. It could, however, potentially sell off parts of the business to a buyer that would then be able to offer warranties to existing owners and service the vehicles. That’s what happened with Fisker Automotive, founder Henrik Fisker’s previous plug-in hybrid company, which went bankrupt in 2013.

When contacted for comment, the company referred to its most recent statements on bankruptcy proceedings, but didn’t respond to specific questions from Bloomberg about the problems faced by its customers.

Colorado resident Steve Hammer said he was “giddy” when he first received his Fisker Ocean.

“Six months later, I look at it as the worst financial decision I ever made,” Hammer said. “It’s a punch in the gut emotionally.”

A crack snakes through the solar roof of his vehicle. While his insurance company located a replacement part, Hammer has been unable to find a shop close by to repair his vehicle. He may be forced to ship the SUV hundreds of miles to the nearest certified repair shop in Utah. His attempts to contact the company for help have gone unanswered.

Hammer, like many Fisker owners, has turned to social media for workarounds and fixes to issues such as software bugs, internal passenger lights that won’t shut off, unreliable key fobs and windshield cracks. Some owners with vehicles that are mostly working correctly have started taking screenshots and compiling notes for future repair needs.

Legal Requirement

Fisker is legally required to honor warranties on vehicles it has sold, but several owners said company representatives have become increasingly difficult to get in touch with. The automaker has laid off many of the mobile technicians.

The frustration is familiar to Holly Affleck, a Fisker owner in Texas who said her SUV has caused sleepless nights.

Issues with her Ocean started nearly immediately after it was delivered in early November, she said. The air conditioning malfunctioned. The car alarm went off for hours. And then a broken water pump eventually forced the car into “limp mode,” rendering the it inoperable.

Affleck successfully brought a case against Fisker through the National Center for Dispute Settlement, which mediates warranty issues between manufacturers and vehicle owners. But she said she has not heard back from Fisker following a ruling in her favor, despite weekly emails.

Currently, she is driving a different Ocean the company sent her in mid-May as a loaner. But she’s unsure what to do with the vehicle when its tags expire in January or if the company officially goes out of business before that. Her original Fisker remains parked outside her house, still awaiting repairs, while she pays insurance on both vehicles.

‘Orphan’ Vehicles

If Fisker fails, there is a potential lifeline for its former customers: Owners clubs. People who bought other “orphan vehicles,” like the DeLorean Oldsmobile or even the Fisker Karma from Henrik Fisker’s previous venture, now rely on these kinds of groups to keep their cars alive.

One such group has already formed with the aim of giving Fisker customers continued access to parts and service. It’s also looking to support owners, represent their interests and provide a platform for sharing information.

Brandon Jones, the group’s interim president, said it grew out of Facebook groups and other internet forums and gained steam when it was clear the company was headed toward bankruptcy.

The group still may have challenges. Unlike with some older cars, most modern manufacturers don’t keep big stockpiles of parts. And it’s unclear how Fisker’s software will hold up over time.

“Cars today are a lot more complicated than the DeLorean,” said James Espey, who heads a DeLorean-focused specialty repair shop. If nothing else, the Ocean could become a “niche collectible,” he added, much like the Tesla Roadster or the Fisker Karma, and an EV specialty shop could emerge as a result.

Joe Ferrante, a former Fisker Automotive technician, now runs EVolution Autosports near Philadelphia, one of the few Fisker Karma-focused shops in existence. He said he’s waiting to see how the latest bankruptcy plays out but has already started getting inquiries from Ocean owners. In the meantime, he has purchased a Fisker Ocean to drive, take apart and learn its ins and outs.

“I hope they survive and there can be a solution to this,” Ferrante said. “It’s a shame it has happened a second time around.”

– Kara Carlson for Bloomberg