Fisker, the electric vehicle startup, is facing significant challenges as it attempts to launch its first battery-electric vehicle (BEV). The company is currently under federal investigation and is at risk of being delisted from the stock exchange.
The National Highway Traffic Safety Administration (NHTSA) has initiated probes into two separate issues with the 2023 Fisker Ocean. The first probe, initiated last month, addresses complaints of partial loss of braking. The second probe, opened recently, focuses on complaints of unintended vehicle movement and an inability to shift into park or other intended gears.
See also: Fisker’s Ocean SUV Under NHTSA Investigation for Rollaway Concerns Following Reported Injuries
The Office of Defects Investigation (ODI) has received four complaints related to unintended vehicle movement, one of which resulted in an injury. The ODI is conducting a Preliminary Evaluation (PE) involving around 4,000 Fisker Ocean units to investigate these issues.
In addition to the federal probes, Fisker is also facing potential delisting from the New York Stock Exchange (NYSE). The company received a non-compliance notice from the NYSE after its stock price fell below $1 on average for 30 consecutive days. Fisker has six months to regain compliance or face delisting.
Despite these challenges, Fisker produced over 10,000 electric Ocean SUVs last year, although this was below its initial production forecast. However, the company only delivered around 4,700 vehicles, indicating a significant gap between production and delivery.
Fisker plans to sell the excess vehicles in the first quarter of this year and has shifted its sales model to work with dealerships instead of selling directly to consumers.
