Electric vehicle builder Fisker, releasing its first-quarter earnings late last week, said there is “substantial doubt about its ability to continue as a going concern.” But another company may ride to the rescue. Reports say Fisker and Nissan are discussing a rescue plan that could see Nissan keep the company afloat in exchange for borrowing some of its technology.
A Possible Second Failure
If the idea of a Fisker failure sounds familiar, it should. Automotive designer Henrik Fisker is the man behind the look of many modern Aston Martin cars and the BMW Z8 roadster. This is his second attempt to launch an automaker in his own name.
The first (2007-2013) built a sleek hybrid sport sedan called the Fisker Karma. The company sold about 2,000 units before collapsing.
Big Plans, But Just One Current Model
Today, it sells the Ocean SUV – an all-electric 5-seat SUV with an optional solar roof to help extend its range. The Ocean is in some customer driveways. Fisker said it had delivered about 4,700 worldwide by the end of last year.
But the company plans at least three more models, all revealed together last summer.
The Ronin ultra-luxury convertible, Fisker says, will offer more than 1,000 horsepower and acceleration to compete with the Lucid Air Sapphire’s sub-2-second 0-to-60 mph time. The Pear subcompact would compete for the title of most affordable EV. The Alaska pickup would battle with the Rivian R1T in the nascent all-electric midsize truck market.
The Alaska might also save Fisker from a second embarrassment.
Nissan as a Lifeboat?
Reuters, quoting two anonymous sources close to the negotiations, says Nissan and Fisker are in “advanced talks” on “a deal that could provide the Japanese automaker with access to an electric pickup truck while giving the struggling startup a financial lifeline.”
Terms of the deal could include a bailout for Fisker and a Nissan factory to build the Alaska in exchange for an agreement that Nissan could sell its own truck on the same platform.
Nissan has factories in Mississippi and Tennessee, Reuters notes. Building the trucks in the U.S. could help them qualify for a $7,500 federal EV tax credit. Only rival startup Rivian sells a midsize electric truck in the U.S. Rivian’s R1T qualifies for just half the rebate.
