Fisker – Undisclosed Bank Guarantees Show the Cash is Pledged; Fisker’s History of Lies Revealed – Fuzzy Panda Research
Fisker Inc. exposed: EV maker faces critical financial challenges, alleged deception by CEO Henrik Fisker, hidden bank guarantees, and potential regulatory risks in electric vehicle production and startup governance.
Fuzzy Panda Research reveals that EV maker Fisker Inc. is hiding critical financial arrangements while burning through cash, with CEO Henrik Fisker accused of "pathological lying" by former executives as history appears set to repeat itself.
Stock info:
- Ticker: FSR (NYSE)
- Position: Fuzzy Panda Research is SHORT Fisker Inc. stock
Why it matters:
- Nearly $800M of Fisker's reported cash is locked in undisclosed bank guarantees to Magna Steyr, effectively rendering the company cash-poor despite public claims of strong liquidity
- Fisker's "asset-light" business model is actually "liability-heavy," with contractual obligations to produce 42,000+ vehicles annually and cover €140-175M in tooling costs
- CEO Henrik Fisker has established a pattern of deception including altered DOE presentations, exaggerated order numbers, and fabricated meetings with the Pope
- The company is aggressively using ATM stock offerings to raise emergency cash ($118M in Q3 alone) while insiders have sold approximately $20M in shares
- Fisker's leadership team is dominated by family members, including Henrik's wife as CFO/COO and daughter as Senior Marketing Manager, raising governance concerns
- Production vehicles are being built with prototype tooling and lack critical government certifications, mirroring fatal mistakes from "Old Fisker" that led to bankruptcy
State of play:
- Former employees describe a toxic work environment with verbal abuse and homophobic remarks from management
- Fisker's IP portfolio is primarily weak design patents, with most valuable technology sold during previous bankruptcy
- The Fisker Ocean is built on a Chinese platform (Magna-BAIC) with approximately 80% parts carry-over, contradicting claims of proprietary technology
- Vehicles are being prepared to ship without completed software, which experts say is illegal
- About 31.5% of Fisker's Twitter engagement comes from suspected bot accounts, suggesting artificial promotion
- Social media claims of "sold out" models contradict financial statements showing only $4.81M in order deposits
- Judge declared CFO Dr. Geeta Fisker "less than credible" in a related arbitration case
FAQs:
What is the main concern about Fisker's financial situation?
Fuzzy Panda Research alleges that approximately $790-825 million of Fisker's reported cash is pledged as bank guarantees to its contract manufacturer Magna Steyr, severely restricting the company's actual liquidity despite public claims of a strong cash position.
How is Fisker raising money if its cash is tied up?
The company has been aggressively using an At-The-Market (ATM) stock offering facility, raising approximately $118 million in Q3 2023 alone, while simultaneously insiders have sold roughly $20 million in shares.
What similarities exist between current Fisker Inc. and the previous "Old Fisker" that went bankrupt?
Both iterations share concerning patterns including exaggerated order numbers, production delays, incomplete software at launch, supplier mismanagement, and claims of breakthrough technology that failed to materialize. The previous Fisker Automotive ended in bankruptcy and congressional investigations over unpaid government loans.
Who runs Fisker Inc. and what governance concerns exist?
Henrik Fisker serves as CEO while his wife, Dr. Geeta Gupta Fisker, holds dual roles as CFO and COO. Their daughter Natasha Fisker works as Senior Marketing Manager. Former employees and executives have described Henrik as a "pathological liar," and a judge declared Dr. Gupta Fisker "less than credible" in legal proceedings.
What production issues does Fisker face with the Ocean SUV?
According to the report, Fisker is building vehicles using prototype tooling rather than production tooling, lacks critical government certifications in the US and EU, and is planning to ship vehicles with incomplete software—which experts say is illegal.
What is Fisker's contractual obligation to Magna Steyr?
Fisker has reportedly committed to producing approximately 42,000 vehicles in the first year, increasing to 50,000 annually in years 2-5. The company must also cover tooling costs of approximately €140-175 million and guarantee manufacturing margins of around €2,700 per vehicle at peak volume.
How credible are Fisker's order numbers?
The report questions the authenticity of Fisker's order book, noting discrepancies between claimed reservations and financial statements. Recorded order deposits amount to only $4.81 million, which doesn't align with claims of 5,000+ firm orders. Some fleet reservations may come from cash-strapped tech companies or represent non-binding agreements.
Disclaimer
This summary is based on a report by Fuzzy Panda Research. For the full, detailed analysis, please refer to the original source material: https://fuzzypandaresearch.com/fisker-inc/
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