A New Fisker Journey

Several have asked for a Fisker update. I’ve hesitated to provide one because the situation kept changing, but now is a good time to do so.

Quick Recap, I bought a Fisker Ocean One. Fisker is the car brand and designer. Ocean is the Model. One is the limited edition launch version (5000 total). The Ocean launched in the US and Europe in late 2023. I got mine in October 2023 for a mere… let’s say full retail. Somewhere around 11K vehicles were produced. Then, the company went bankrupt and as of last month, ceased to exist. See links below for details on my original journey.

I’ve posted about my Ocean several times, mostly on LinkedIn. The car itself is glorious. It’s a wonderful design, built well, and drives nicely. It accomplished quite a few industry firsts. Yes, there were version 1 mistakes, but they were relatively minor. These include stupid AC vents, a ridiculous key fob, and a few more, but as a launch vehicle goes, Fisker got more right than wrong.

(This post originally appeared on LinkedIn — but I am trying out Medium.)

Henrik Fisker is an accomplished designer but an incompetent businessman. On top of that, his experience worked against him (and me). The car industry has changed. I’m not just talking about petrol to EV — he nailed that. We did not appreciate how software has become more critical than physical design. That’s really what buried the brand.

I was confident in the design, and I was confident in the manufacturing. I accepted the risk of buying an unproven car. And, to be fair, those did turn out to be low risks. But I never asked about the software leadership or experience — and neither did Henrik.

The Fisker Ocean is basically a computer on wheels. One of the software updates changed the AWD front-rear ratio from 50–50 to 40–60. Instead of changing the differential, they updated the drive software. The Ocean has had several recalls, and software updates resolved all but one. A defective water pump was recalled. This was just a crappy supplier — not a Fisker design or implementation issue.

Software updates simplify things, but don’t make it easy. Simple updates can go terribly wrong. “Bricked” cars can be unbricked with dealer-like skills and tools, but that’s a problem without dealers (and tools).

The Ocean was supposed to ship early in 2023. Reservation holders were getting anxious and demanding refunds. Fisker decided to ship the cars incomplete (buggy and missing features). The company didn’t have the infrastructure (people, skills, common sense) to update vehicles scattered across two continents. Bad reviews started (and rapidly increased), consistently pointing to the software. This slowed sales, yadda yadda yadda, grave dug.

Other issues screamed incompetence. There were cash mgmt issues, nepotism, and countless stupid decisions. For example, the initial cars were delivered without the ability to receive software OTA updates. There’s also the topic of SPACs — Fisker was a public company without the discipline of a public company. Mr. and Mrs. Fisker were CEO and CFO.

The car (design, features, performance) should have been a hit. The company nailed the invention hard part (design and build) and fumbled on the replicable plays (service, software development, logistics).

There’s much to say about this saga, but let’s skip to the end. Two new players joined the cast during the bankruptcy: AL and FOA.

American Lease (AL) specializes in leasing vehicles to Uber drivers. They are under pressure to increase the NYC fleet to EVs. AL agreed to buy a thousand or so unsold Oceans in a liquidation bulk purchase. AL’s payment essentially funded operations thru bankruptcy. It’s a big win for AL as the Ocean is a great car — seats 5, cargo space, long range.

The owners formed the Fiskers Owners Association (FOA). It was self-funded through voluntary dues, most of which were spent on legal representation. At first, it seemed AL and FOA were in conflict. AL got a liquidation price, which drove down the cars’ value. Though, really, Fisker did that.

The two groups are aligned on many interests, including parts, service, and software updates. AL can’t lease commercial vehicles with active recalls, so they were instrumental in getting updates within the scope of the bankruptcy. They also sent a chopped car overseas to get fenders and other parts that Ubers commonly need. Working with the FOA increases their volume and lowers their prices.

The FOA created and authorized a service network. Another task where Fisker failed. It’s a network of EV specialists and former Fisker techs. The FOA purchased all the parts in the inventory and is also distributing the replacement water pumps for the recall.

Even more importantly, FOA got the keys to FAST. The Fisker After Service Tool is used in the field for upgrades and more. The tool started disappearing early in the bankruptcy because the underlying vendor wasn’t paid. The FOA was able to restore rights to FAST and is distributing access to service centers. FOA also solved the key fob crisis. Fisker only sent one fob with each car — don’t lose it! The FOA got new/improved fobs and NFC wallet cards and is working on phone-as-key that Fisker never delivered.

We learned during the bankruptcy that the Fisker Cloud is necessary for the ongoing operation of the cars. While car manufacturing is a bridge, too far, cloud skill sets were within the FOA. In last-minute Ch 7 negotiations, AL agreed to fund the hosting of the Fisker Cloud for five more years. After five? Either it won’t be needed, or something else will replace it.

AL and FOA also obtained limited rights to the Ocean’s software. I got my car with software 1.8. It currently has 2.1, and it appears 2.2 will be the last update (from Fisker). Most of the bugs have been fixed in 2.1. All are supposedly fixed in 2.2. There are still features missing, but c’est la vie.

As a One owner, I was promised upgrades (like a new set of tires) and ten years of connectivity. Now, I need to pay something like $100/qtr to maintain the car (T-Mobile, cloud hosting, etc.). It’s frustrating, but it’s also interesting to be part of the first owner-controlled connected fleet of EVs. For example, the Ocean came with a TomTom navigation system. They want too much to keep it, so the FOA is instead looking at implementing CarPlay and Android Auto. Adventure yes, but not the one I signed up for.

In September, I went EV shopping with my son. He bought an Ioniq 5, and it’s a wonderful car. But after a weekend of test-driving EVs, I appreciated my Ocean even more. I am still surprised that no one bought the brand out of Chapter 11.

The question now is value. Owners were dumping their cars for peanuts during peak uncertainty. Cars were “totaled” because of a cracked windshield or lost fob. No parts, no dealers, what’s an insurance company to do? But now things are coming together. I expect prices to tick back up, maybe to as high as 50% of what I paid last year. A guy can hope.

It has been a very stressful ride. Fisker Inc basically stopped communicating with owners, so an abundance of speculation and misinformation filled the void. I went from being proud to an embarrassed owner in a matter of weeks. Earlier versions had bugs that shattered owner confidence. For example, people got locked out of and in their cars. As the dust settles, things are becoming more optimistic. The software is stable.

No one signed up for this, and some owners hate their Oceans, but many love the car and a supportive community is rising from the ashes of Fisker Inc.

December Update: I now have 2.2 (the final update) and expect to have my water pump and extra key fob by the end of the year).

My Original Fisker Posts

• Fisker Needs Cash
• Thoughts on Fisker-Nissan
• My Ocean and Drone
• Fisker Ocean, The Good Bad and Ugly
• Thoughts on My Fisker Ocean
• I Finally Drove the Fisker Ocean.