17 October, 2024
Tesla Superchargers: All the EV brands that have access
Eighteen months ago, Ford triggered a transformation when the U.S. automaker locked in a deal to give owners of its EVs access to the Tesla Supercharger network.
In a stunning shift, automaker after automaker — from GM and Hyundai to Rivian and Mercedes — followed suit. By the end of 2023, nearly every major automaker had agreed to adopt Tesla’s North American Charging Standard (NACS) and promised EV owners that adapters would soon be on their way.
Most non-Tesla customers are still waiting. However, GM’s announcement earlier this week may provide an electric lining of optimism.
EV owners of GM vehicles like the Chevrolet Silverado EV and Cadillac Lyriq will now officially have access to Tesla’s Superchargers. All GM EV owners need to do is purchase, and wait for, the GM-approved adapters that will allow their cars to charge on Tesla’s ports.
More may soon follow. TechCrunch is tracking which brands have access to the Tesla Supercharging Network and will be updating this list.
The shift to the Tesla EV charging standard
In November 2022, Tesla shared its EV charging connector design in an effort to encourage network operators and automakers to adopt the technology and help make it the new standard in North America. At the time, every other automaker was using the Combined Charging Standard (CCS) in North America.
Mass adoption seemed unlikely at the time even though Tesla’s charging network was considered far superior thanks to its robust and user-friendly design and the ease of paying for the EV juice.
Six months later, Ford became the first to announce it would work with Tesla in a deal that would give its customers access to more than 12,000 Superchargers across the U.S. and Canada. But it wasn’t just about giving Ford EV owners access to a special adapter. Ford also committed to integrating its future EVs with NACS ports instead of CCS.
Rivian, GM, BMW, Honda, Hyundai, Volkwagen, Porsche, Audi, Hyundai, Kia, Lucid, and Stellantis followed.
Tesla charging FAQs
In the U.S. today, there are 36,499 NACS ports available publicly (although some of those might be from other EV charging companies that have adapted Tesla’s standard), compared to around 16,925 CCS ports. That’s despite federal dollars that have gone explicitly to the buildout of CCS chargers.
For EV owners stuck with a CCS port, they’ll have to hold out for manufacturer-approved adapters. While there are some third-party adapters that claim to be compliant with certain safety and performance standards, like Lectron’s Vortex Plug for $199, Tesla’s website says such adapters are prohibited.
A GM spokesperson told TechCrunch its adapters have been specifically designed to protect GM EV batteries while charging and that its vehicle warranty doesn’t cover damage to vehicle parts resulting from the use of non-GM approved adapters.
In late August, Tesla posted on X that it had ramped up production of adapters. That statement, combined with GM’s announcement, could mean that even more non-Tesla EVs will be pulling up to Supercharger stations soon. They’ll all have to download the Tesla app so they can pay for charging.
Tesla supercharging access checklist
General Motors
As of September 2024, GM has finally updated the software on its Chevy, Cadillac, and GMC EVs so customers can use Tesla’s Superchargers. If they want access soon, they need to purchase a “GM approved” adapter through their app for $225.
GM wouldn’t say how long shipping would take. A GM spokesperson said the company already has an inventory of the adapters and that it’s worked with multiple suppliers to manufacture the approved NACS DC fast-charging adapters.
From 2025 onward, GM’s EVs will be built with the NACS charge port.
Ford
Certain Ford customers officially gained access to Tesla Superchargers in February, but ongoing supply constraints have delayed the delivery of free fast-charging adapters for most customers (although Ford says the delays have affected “some” customers).
Current owners of the Mustang Mach-E and Ford F-150 Lightning who have yet to order their adapter can do so through their Ford Pass app. The deadline to apply for a free adapter is September 30.
Rivian
EV startup Rivian officially got access to 15,000 Superchargers across North America on March 18, 2024. At the time, Rivian promised to begin sending adapters to customers starting in April. A Rivian spokesperson told TechCrunch the automaker began delivery this spring and continues to ship adapters as quickly as it receives them.
TechCrunch will update the list as automakers gain official access.
Tesla Superchargers: All the EV brands that have access
Eighteen months ago, Ford triggered a transformation when the U.S. automaker locked in a deal to give owners of its EVs access to the Tesla Supercharger network.
In a stunning shift, automaker after automaker — from GM and Hyundai to Rivian and Mercedes — followed suit. By the end of 2023, nearly every major automaker had agreed to adopt Tesla’s North American Charging Standard (NACS) and promised EV owners that adapters would soon be on their way.
Most non-Tesla customers are still waiting. However, GM’s announcement earlier this week may provide an electric lining of optimism.
EV owners of GM vehicles like the Chevrolet Silverado EV and Cadillac Lyriq will now officially have access to Tesla’s Superchargers. All GM EV owners need to do is purchase, and wait for, the GM-approved adapters that will allow their cars to charge on Tesla’s ports.
More may soon follow. TechCrunch is tracking which brands have access to the Tesla Supercharging Network and will be updating this list.
The shift to the Tesla EV charging standard
In November 2022, Tesla shared its EV charging connector design in an effort to encourage network operators and automakers to adopt the technology and help make it the new standard in North America. At the time, every other automaker was using the Combined Charging Standard (CCS) in North America.
Mass adoption seemed unlikely at the time even though Tesla’s charging network was considered far superior thanks to its robust and user-friendly design and the ease of paying for the EV juice.
Six months later, Ford became the first to announce it would work with Tesla in a deal that would give its customers access to more than 12,000 Superchargers across the U.S. and Canada. But it wasn’t just about giving Ford EV owners access to a special adapter. Ford also committed to integrating its future EVs with NACS ports instead of CCS.
Rivian, GM, BMW, Honda, Hyundai, Volkwagen, Porsche, Audi, Hyundai, Kia, Lucid, and Stellantis followed.
Tesla charging FAQs
In the U.S. today, there are 36,499 NACS ports available publicly (although some of those might be from other EV charging companies that have adapted Tesla’s standard), compared to around 16,925 CCS ports. That’s despite federal dollars that have gone explicitly to the buildout of CCS chargers.
For EV owners stuck with a CCS port, they’ll have to hold out for manufacturer-approved adapters. While there are some third-party adapters that claim to be compliant with certain safety and performance standards, like Lectron’s Vortex Plug for $199, Tesla’s website says such adapters are prohibited.
A GM spokesperson told TechCrunch its adapters have been specifically designed to protect GM EV batteries while charging and that its vehicle warranty doesn’t cover damage to vehicle parts resulting from the use of non-GM approved adapters.
In late August, Tesla posted on X that it had ramped up production of adapters. That statement, combined with GM’s announcement, could mean that even more non-Tesla EVs will be pulling up to Supercharger stations soon. They’ll all have to download the Tesla app so they can pay for charging.
Tesla supercharging access checklist
General Motors
As of September 2024, GM has finally updated the software on its Chevy, Cadillac, and GMC EVs so customers can use Tesla’s Superchargers. If they want access soon, they need to purchase a “GM approved” adapter through their app for $225.
GM wouldn’t say how long shipping would take. A GM spokesperson said the company already has an inventory of the adapters and that it’s worked with multiple suppliers to manufacture the approved NACS DC fast-charging adapters.
From 2025 onward, GM’s EVs will be built with the NACS charge port.
Ford
Certain Ford customers officially gained access to Tesla Superchargers in February, but ongoing supply constraints have delayed the delivery of free fast-charging adapters for most customers (although Ford says the delays have affected “some” customers).
Current owners of the Mustang Mach-E and Ford F-150 Lightning who have yet to order their adapter can do so through their Ford Pass app. The deadline to apply for a free adapter is September 30.
Rivian
EV startup Rivian officially got access to 15,000 Superchargers across North America on March 18, 2024. At the time, Rivian promised to begin sending adapters to customers starting in April. A Rivian spokesperson told TechCrunch the automaker began delivery this spring and continues to ship adapters as quickly as it receives them.
TechCrunch will update the list as automakers gain official access.
EV startup Fisker files for bankruptcy
Fisker Group Inc., the EV startup founded by famed designer Henrik Fisker, filed for Chapter 11 bankruptcy protection — a capstone to months of problems with its Ocean SUV that included recalls and dozens of lemon law lawsuits.
The California-based company, which filed for bankruptcy in Delaware District Court, had been seeking a deal with another automaker in a last-ditch effort to rescue the enterprise. The company estimated assets of $500 million to $1 billion and liabilities of between $100 million and $500 million, according to the filing.
Fisker reported between 200 and 999 creditors, including SAP, Adobe, Salesforce and Ansys, according to the court document that was filed late Monday. The filing comes just a year after Fisker delivered its all-electric vehicle, the Ocean SUV, to customers.
The much-hyped EV was troubled from the start, with customers reporting an array of software and mechanical problems shortly after taking delivery. Internally, the company struggled to stand up sufficient customer service and maintenance efforts, and even had trouble keeping track of its money, according TechCrunch’s previous reporting.
Fisker, which used contract manufacturer Magna, would end up delivering just a few thousand vehicles worldwide. The plan when it went public in 2020 in a special purpose acquisition company merger was to leverage Magna’s vehicle-building skills to create a relationship akin to Apple and Foxconn, according to Henrik Fisker. The EV startup even engaged with Foxconn on plans to build a cheaper compact EV, but that deal ultimately fell apart.
Fisker attempted to preserve cash in the last few months through several rounds of layoffs and other cost-cutting measures. It also changed its business model. Earlier this year, the company shifted away from selling directly to customers — a system Tesla has popularized — and instead tried to partner with established dealers. Ultimately, the efforts weren’t enough to save the company from bankruptcy.
This is the second vehicle company Henrik Fisker named after himself that has wound up in bankruptcy. His first effort, Fisker Automotive, was started in 2007 and filed for bankruptcy protection in 2013. That company similarly got its vehicle — a hybrid electric sports car — into production on the road before running into quality problems and other external factors that proved fatal. (Fisker Automotive’s assets were bought out of bankruptcy and by what would become current EV startup Karma.)
Lucid Motors sets new record for EV deliveries as it seeks 'escape velocity'
Lucid Motors delivered 2,394 EVs in the second quarter of 2024, a new record for the company and a positive sign amid its struggle to establish a foothold in the still-growing market for electric vehicles.
That number easily clears Lucid’s prior record, which it set in the first quarter of the year when it shipped 1,967 of its luxury sedans. The Saudi-backed, California-based company has been looking to expand the number of buyers for its Lucid Air sedan by slashing prices and offering more affordable trims.
The starting price of Lucid’s different versions of the Air have hovered close to — or exceeded — $100,000 since the company started shipping the sedan in 2021. But recent cuts have moved those prices down significantly, with the base model now starting at $69,900.
“For the first time, I feel we’re on the cusp of escape velocity. We have sales momentum, a compounding efficiency advantage, [and] unprecedented interest from consumers and corporate partners,” CEO Peter Rawlinson said in May when discussing Lucid’s first-quarter financial results.
These efforts have come as Lucid is looking to start building its Gravity SUV by the end of this year, a model the company says it expects will catch even more buyers in the U.S. market. The company announced the second-quarter delivery figures in a Monday morning press release, adding that it also built 2,110 in the same period.
Lucid’s sales growth comes on the heels of quarterly delivery reports from peers like Rivian and Tesla, which were released last week. Rivian’s sales remained roughly flat both compared to the first quarter and year-over-year. Tesla’s sales moved up from the first quarter, but were down compared to the same period in 2023.
Exclusive: UK's Zapp EV plans to expand globally, with early start in India
Zapp Electric Vehicles wants to turn its London-based electric two-wheeler brand into a global EV company. And India will be one of its launchpads, TechCrunch has exclusively learned.
The company will launch its first product — an urban electric two-wheeler called the i300 — in the U.K. as early as next month, followed by Thailand. The company is now adding India into the mix, a massive market that will provide a true test to its international global expansion strategy, Zapp founder and CEO Swin Chatsuwan told TechCrunch in an interview.
The Nasdaq-listed company advanced its plans for India after Chatsuwan noted the country’s potential. The world’s most populous country not only witnesses millions of two-wheeler sales annually, but it’s also the second-biggest two-wheeler manufacturer worldwide after China.
“We thought India would be phase two for us when we did our research a few years ago, but we made a decision earlier this year that it can’t wait,” Chatsuwan said.
Zapp has named Indian electric two-wheeler maker Bounce Electric 1 as its contract manufacturer to produce and sell the i300 locally in the country. After completing the homologation process, sales are expected to begin in 2025. The British company aims to have a minimum capacity of 5,000 units per year in India as part of its broader global goal of 25,000 units by 2026.
Of the 17 million two-wheelers sold in India last year, Chatsuwan told TechCrunch that 2.8 million were high-speed vehicles and 36% of those high-speed vehicles were heavy-weight cruiser motorcycles from the Chennai-based brand Royal Enfield. Zapp wants to duplicate Royal Enfield’s success with its step-through model, which was unveiled first in 2018.
“We’re not trying to conquer the world. We’re not trying to take half Royal Enfield’s market share and sell 500,000 bikes in India. We’re not. We would see that our quality and performance peer is BMW, particularly their CE 02 and CE 04 step-through electric scooters,” the executive told TechCrunch.
The India launch of Zapp’s i300 will help the company expand its total addressable market (TAM) of 60 million units annually by 25%. By adding India to the map, the TAM of its first phase of market debut has reached 30 million annually, the company said.
The early launch in India will help Zapp understand the “breadth, depth and quality” of the country’s supply chain, Chatsuwan stated. This may help export vehicles from India to global markets over time.
Unlike electric two-wheelers by key Indian manufacturers Ola Electric, TVS Motor and Ather Energy that sell between $1,000 and $1,800, Zapp’s i300 will be a pricey option. The two-wheeler will debut in Europe with a base price of $7,590, excluding taxes.
The India pricing is yet to be decided, though Chatsuwan said it wouldn’t be “more than a million rupees, but I doubt it will be lower than 500,000 rupees.”
The i300 is hitting the streets soon
Zapp unveiled the i300 as its first two-wheeler in 2018. The vehicle comes with an aerospace-grade alloy load-bearing exoskeleton and a chrome-moly steel underbone design. It also carries an air-cooled electric motor with a peak power of 14kW and packs two portable batteries, each with 720Wh capacity.
The company started taking pre-orders for the i300 soon after its unveiling, charging a reservation fee of 100 euros. It promised to begin deliveries in the fourth quarter of 2019. However, the COVID-19 pandemic halted production and deliveries.
Nonetheless, Zapp is set to start delivering the i300 in the U.K. in the next few weeks. It also plans to begin selling in Thailand this year through a facility in Bangkok.
Zapp set to become “complete motorcycle company”
“We’re not a one-hit wonder. We want to show the world that we’re a complete motorcycle company, but let’s begin with executing the first product first,” Chatsuwan told TechCrunch when asked whether Zapp looks to expand its product lineup.
The company also plans to stack up the i300 with “loads of” personalization options and accessories. It already offers the two-wheeler in four distinct versions and lets consumers customize its color and wheel design based on their preference and add accessories, including a hidden storage and fast charger.
Zapp plans to expand its market by entering Spain, Italy, Vietnam and Indonesia in phase two and expand to countries in the Middle East and South America over time.
“We want to be the 21st-century version of Triumph and Royal Enfield and Norton,” Chatsuwan said.
The fall of EV startup Fisker: A comprehensive timeline
Henrik Fisker once envisioned a burgeoning EV empire at the startup he named after himself, which was to be led by the Ocean SUV. But cracks started showing in that vision almost as soon as the Ocean hit the road in 2023.
Fisker cut production targets multiple times, failed to meet sales goals and laid off staff. What’s more, its Ocean SUV was beset with software and mechanical issues, rendering it inoperable for some. Add troublesome brakes, sudden power loss and doors that wouldn’t open to the list of issues that led to multiple safety investigations and ultimately a pause in production in order to raise new capital.
All of this and more has forced Fisker to file for Chapter 11 bankruptcy protection, marking the beginning of an inauspicious period for the eponymous startup. Below is a timeline of the events that led the automaker to this point.
2023
Fisker fell short of its Q2 production target
July 7 — The automaker produced 1,022 Ocean SUVs in the second quarter of 2023, several hundred vehicles short of its expectation of producing between 1,400 and 1,700 EVs.
Fisker sold convertible notes to fund operations
July 10 — Fisker announced plans to sell $340 million in convertible debt, expecting the net proceeds to be $296.7 million. The automaker said it planned to use the funds to support its general corporate operations and add an additional battery pack line to “support growth” in 2024 and beyond. The company said funds will also be used for capital expenditures and the development of future products.
Production target cut
December 1 — Fisker cut its annual production guidance in an effort to free up $300 million in working capital. The company said it expected to produce about 10,000 vehicles in 2023. The production guidance is just a quarter of Fisker’s bullish forecast from a year ago.
2024
Fisker struggled to meet internal sales goals
January 1 — Fisker remained far from meeting its publicly stated goal of delivering 300 electric SUVs per day globally. The EV startup spent much of December aiming to meet an internal sales goal of between 100 and 200 vehicles a day in North America, where the bulk of its inventory and sales efforts are. Fisker fell well below that target, often selling just one to two dozen of its Ocean SUVs a day here.
Ocean SUV investigated over braking loss complaints
January 15 — Federal safety regulators have opened an investigation into Fisker’s first electric vehicle over braking problems. Owners had lodged 19 complaints with the National Highway Traffic Safety Administration (NHTSA) on issues ranging from brake loss to problems with the gear shifter to a driver door failing to open from the interior and two instances of the vehicle’s hood suddenly flying up on the highway.
Owners had flagged sudden power loss and brake problems for months
February 9 — Since the initial fleet of Fisker Ocean SUVs were delivered, customers have reported more than 100 separate loss-of-power incidents. The company told TechCrunch it believes these problems are rare and that it has resolved “almost all the issues” with software updates. Customers have also reported sudden loss of braking power, problematic key fobs causing them to get locked inside or outside of the vehicle, seat sensors that don’t detect the driver’s presence and the SUV’s front hood suddenly flying up at high speeds.
Feds opened second probe into the Ocean SUV after rollaway complaints
February 16 — The NHTSA opened a second investigation into Fisker’s Ocean SUV after the agency received four complaints about the vehicle rolling away unexpectedly, resulting in one injury. The company told TechCrunch it is “fully cooperating” with the safety agency.
Fisker laid off 15% of staff
February 29 — Fisker announced its plan to lay off 15% of its workforce and says it likely does not have enough cash on hand to survive the next 12 months. The company says it is trying to find a way to raise that money as it works through a pivot from direct sales to a dealership model.
Pause in production with just $121 million in the bank
March 18 — Fisker announced it would pause production of its electric Ocean SUV for six weeks as it scrambles for a cash infusion. The company said in a regulatory filing that it had just $121 million in cash and cash equivalents as of March 15, $32 million of which is restricted or not immediately accessible. Fisker also said that its accounts payable balance is up to $182 million and that there is “substantial doubt” that it can continue operations without raising new capital.
Fisker lost Nissan deal, putting rescue funds at risk
March 25 — The negotiations between Fisker and a large automaker — reported to be Nissan — over a potential investment and collaboration were terminated, a development that puts a separate near-term rescue funding effort in danger. Fisker revealed in a regulatory filing that the automaker terminated the negotiations March 22. It did not explain why. But the company had to keep the negotiations going as part of one of the closing conditions for a potential $150 million convertible note.
Trading suspended by NYSE
March 25 — The New York Stock Exchange suspended trading shares of Fisker and moved to take the company off its stock exchange, because it is “no longer suitable for listing” because of “abnormally low” price levels.
Fisker lost track of millions of dollars in customer payments for months
March 27 — Fisker temporarily lost track of millions of dollars in customer payments as it scaled up deliveries, leading to an internal audit that started in December and took months to complete. Fisker struggled to keep tabs on these transactions, which included down payments and in some cases, the full price of the vehicles, because of lax internal procedures for keeping track of them, according to three people familiar with the internal payment crisis. In a few cases, it delivered vehicles without collecting any form of payment at all, they said.
New round of layoffs to ‘preserve cash’
April 29 — Fisker laid off more employees to “preserve cash,” making good on a plan announced one week before, according to an internal email viewed by TechCrunch. Fisker expects to seek bankruptcy protection within the next 30 days if it can’t come up with that money, according to a U.S. Securities and Exchange Commission regulatory filing.
Fisker stiffed engineering firm
May 3 — Fisker stopped paying the engineering firm that helped develop the Pear, a low-cost EV meant for the masses, and the Alaska, Fisker’s entry into the red-hot pickup truck market. The firm also accuses Fisker of wrongfully holding on to IP associated with those vehicles.
Fisker Ocean faced fourth federal safety probe
May 10 — The NHTSA opened a fourth investigation into the Fisker Ocean SUV to probe multiple claims of “inadvertent Automatic Emergency Braking.” The eight complaints allege that owners experienced sudden activation of the Automatic Emergency Braking system in moments where there were no other vehicles or obstructions in the path of their cars.
Hundreds of workers cut to keep EV startup alive
May 29 — Hundreds more employees were laid off during the final week of May in a bid to stay alive, as the automaker continues to search for funding, a buyout or prepare for bankruptcy. One current and one laid off employee estimated that only about 150 people remained at the company.
Inside Fisker’s collapse
May 31 — The road to Fisker’s ultimate ruin may have started and ended with its flawed Ocean SUV, which was riddled with mechanical and software problems. But it was paved with hubris, power struggles, and the repeated failure to set up basic processes that are foundational for any automaker.
Ocean SUV issued first recall
June 12 — Fisker issued the first recall for the Ocean SUV because of problems with the warning lights, according to new information published by the NHTSA. The instrument panel displays the brake, park and antilock brake system warning lights in the wrong font size and, at times, in the wrong color, making them noncompliant with Federal Motor Vehicle Safety Standards. The agency also says “multiple warning lights fail to illuminate during the ignition cycle.”
Fisker filed for bankruptcy
June 18 — After a year of struggling to stay afloat, Fisker filed for Chapter 11 bankruptcy protection. The California-based company had been seeking a deal with another automaker in a last-ditch effort to rescue the enterprise. The company estimated assets of $500 million to $1 billion and liabilities of between $100 million and $500 million, according to the filing.
Fisker failed because it wasn’t ready to be a car company
June 18 — In the wake of its bankruptcy, Fisker said it will continue “reduced operations,” including “preserving customer programs, and compensating needed vendors on a go-forward basis.” In other words, it will continue to manage a bare-bones operation in case there is a willing buyer of the assets it’s putting up for sale in the Chapter 11 case.
Fisker faced financial distress as early as August 2023
June 21 — According to a new filing in its Chapter 11 bankruptcy proceeding, Fisker was facing “potential financial distress” as early as August 2023. That looming financial distress drove Fisker to solicit a partnership or investment from another automaker, according to the filing.
The fight over Fisker’s assets is already heating up
June 21 — The fight over Fisker’s assets is already charged just days into its bankruptcy filing, with one lawyer claiming the startup has been liquidating assets “outside the court’s supervision.” At issue is the relationship between Fisker and its largest secured lender, which loaned Fisker more than $500 million in 2023 at a time when the company’s financial distress was looming behind the scenes.
Fisker asks bankruptcy court to sell EVs for about $14K each
July 3 — If a judge in the Delaware Bankruptcy Court approves Fisker’s request to sell its remaining inventory to a New York-based vehicle leasing company, the automaker would be able to offload 3,231 finished EVs for $46.25 million, or around $14,000 per vehicle.
Henrik Fisker, Geeta Gupta-Fisker drop salaries to $1
July 9 — Henrik Fisker and his wife, Fisker co-founder Geeta Gupta-Fisker, are lowering their salaries to $1 in order to keep their failed EV startup’s bankruptcy proceedings funded. In addition to the salary reductions, Fisker’s restructuring officer, John DiDonato, said in Tuesday’s filing that Fisker will defer “certain severance payments, certain employee healthcare benefits, and vehicle sale incentive bonuses” that have not yet been paid.
Fisker has one major objector to its Ocean SUV firesale
July 15 — The office of the U.S. Trustee, an arm of the Department of Justice that oversees the administration of bankruptcy, is objecting to a deal that would keep Fisker’s bankruptcy proceeding alive and pave the way for paying back creditors some of what they’re owed.
Fisker cleared to sell North American EVs for $46.25 million
July 16 — A bankruptcy judge gave Fisker the green light to sell more than 3,000 of its Ocean SUVs to a vehicle leasing company, which will net the defunct EV startup a maximum of $46.25 million. The approval of the sale clears the way for the rest of Fisker’s bankruptcy process to play out as it continues to liquidate what’s left of its failed business.
The question haunting Fisker’s bankruptcy
July 29 — The question folks are asking: does the automaker’s loan secured lender Heights Capital Management deserve to be at the front of the line to reap the proceeds of a liquidation? The entities reached an agreement to hammer out a settlement in the coming weeks on how to liquidate its assets. If successful, the case could remain in Chapter 11. If not, it would convert to Chapter 7, which would effectively dissolve Fisker forever.
The fall of EV startup Fisker: A comprehensive timeline
Henrik Fisker once envisioned a burgeoning EV empire at the startup he named after himself, which was to be led by the Ocean SUV. But cracks started showing in that vision almost as soon as the Ocean hit the road in 2023.
Fisker cut production targets multiple times, failed to meet sales goals and laid off staff. What’s more, its Ocean SUV was beset with software and mechanical issues, rendering it inoperable for some. Add troublesome brakes, sudden power loss and doors that wouldn’t open to the list of issues that led to multiple safety investigations and ultimately a pause in production in order to raise new capital.
All of this and more has forced Fisker to file for Chapter 11 bankruptcy protection, marking the beginning of an inauspicious period for the eponymous startup. Below is a timeline of the events that led the automaker to this point.
2023
Fisker fell short of its Q2 production target
July 7 — The automaker produced 1,022 Ocean SUVs in the second quarter of 2023, several hundred vehicles short of its expectation of producing between 1,400 and 1,700 EVs.
Fisker sold convertible notes to fund operations
July 10 — Fisker announced plans to sell $340 million in convertible debt, expecting the net proceeds to be $296.7 million. The automaker said it planned to use the funds to support its general corporate operations and add an additional battery pack line to “support growth” in 2024 and beyond. The company said funds will also be used for capital expenditures and the development of future products.
Production target cut
December 1 — Fisker cut its annual production guidance in an effort to free up $300 million in working capital. The company said it expected to produce about 10,000 vehicles in 2023. The production guidance is just a quarter of Fisker’s bullish forecast from a year ago.
2024
Fisker struggled to meet internal sales goals
January 1 — Fisker remained far from meeting its publicly stated goal of delivering 300 electric SUVs per day globally. The EV startup spent much of December aiming to meet an internal sales goal of between 100 and 200 vehicles a day in North America, where the bulk of its inventory and sales efforts are. Fisker fell well below that target, often selling just one to two dozen of its Ocean SUVs a day here.
Ocean SUV investigated over braking loss complaints
January 15 — Federal safety regulators have opened an investigation into Fisker’s first electric vehicle over braking problems. Owners had lodged 19 complaints with the National Highway Traffic Safety Administration (NHTSA) on issues ranging from brake loss to problems with the gear shifter to a driver door failing to open from the interior and two instances of the vehicle’s hood suddenly flying up on the highway.
Owners had flagged sudden power loss and brake problems for months
February 9 — Since the initial fleet of Fisker Ocean SUVs were delivered, customers have reported more than 100 separate loss-of-power incidents. The company told TechCrunch it believes these problems are rare and that it has resolved “almost all the issues” with software updates. Customers have also reported sudden loss of braking power, problematic key fobs causing them to get locked inside or outside of the vehicle, seat sensors that don’t detect the driver’s presence and the SUV’s front hood suddenly flying up at high speeds.
Feds opened second probe into the Ocean SUV after rollaway complaints
February 16 — The NHTSA opened a second investigation into Fisker’s Ocean SUV after the agency received four complaints about the vehicle rolling away unexpectedly, resulting in one injury. The company told TechCrunch it is “fully cooperating” with the safety agency.
Fisker laid off 15% of staff
February 29 — Fisker announced its plan to lay off 15% of its workforce and says it likely does not have enough cash on hand to survive the next 12 months. The company says it is trying to find a way to raise that money as it works through a pivot from direct sales to a dealership model.
Pause in production with just $121 million in the bank
March 18 — Fisker announced it would pause production of its electric Ocean SUV for six weeks as it scrambles for a cash infusion. The company said in a regulatory filing that it had just $121 million in cash and cash equivalents as of March 15, $32 million of which is restricted or not immediately accessible. Fisker also said that its accounts payable balance is up to $182 million and that there is “substantial doubt” that it can continue operations without raising new capital.
Fisker lost Nissan deal, putting rescue funds at risk
March 25 — The negotiations between Fisker and a large automaker — reported to be Nissan — over a potential investment and collaboration were terminated, a development that puts a separate near-term rescue funding effort in danger. Fisker revealed in a regulatory filing that the automaker terminated the negotiations March 22. It did not explain why. But the company had to keep the negotiations going as part of one of the closing conditions for a potential $150 million convertible note.
Trading suspended by NYSE
March 25 — The New York Stock Exchange suspended trading shares of Fisker and moved to take the company off its stock exchange, because it is “no longer suitable for listing” because of “abnormally low” price levels.
Fisker lost track of millions of dollars in customer payments for months
March 27 — Fisker temporarily lost track of millions of dollars in customer payments as it scaled up deliveries, leading to an internal audit that started in December and took months to complete. Fisker struggled to keep tabs on these transactions, which included down payments and in some cases, the full price of the vehicles, because of lax internal procedures for keeping track of them, according to three people familiar with the internal payment crisis. In a few cases, it delivered vehicles without collecting any form of payment at all, they said.
New round of layoffs to ‘preserve cash’
April 29 — Fisker laid off more employees to “preserve cash,” making good on a plan announced one week before, according to an internal email viewed by TechCrunch. Fisker expects to seek bankruptcy protection within the next 30 days if it can’t come up with that money, according to a U.S. Securities and Exchange Commission regulatory filing.
Fisker stiffed engineering firm
May 3 — Fisker stopped paying the engineering firm that helped develop the Pear, a low-cost EV meant for the masses, and the Alaska, Fisker’s entry into the red-hot pickup truck market. The firm also accuses Fisker of wrongfully holding on to IP associated with those vehicles.
Fisker Ocean faced fourth federal safety probe
May 10 — The NHTSA opened a fourth investigation into the Fisker Ocean SUV to probe multiple claims of “inadvertent Automatic Emergency Braking.” The eight complaints allege that owners experienced sudden activation of the Automatic Emergency Braking system in moments where there were no other vehicles or obstructions in the path of their cars.
Hundreds of workers cut to keep EV startup alive
May 29 — Hundreds more employees were laid off during the final week of May in a bid to stay alive, as the automaker continues to search for funding, a buyout or prepare for bankruptcy. One current and one laid off employee estimated that only about 150 people remained at the company.
Inside Fisker’s collapse
May 31 — The road to Fisker’s ultimate ruin may have started and ended with its flawed Ocean SUV, which was riddled with mechanical and software problems. But it was paved with hubris, power struggles, and the repeated failure to set up basic processes that are foundational for any automaker.
Ocean SUV issued first recall
June 12 — Fisker issued the first recall for the Ocean SUV because of problems with the warning lights, according to new information published by the NHTSA. The instrument panel displays the brake, park and antilock brake system warning lights in the wrong font size and, at times, in the wrong color, making them noncompliant with Federal Motor Vehicle Safety Standards. The agency also says “multiple warning lights fail to illuminate during the ignition cycle.”
Fisker filed for bankruptcy
June 18 — After a year of struggling to stay afloat, Fisker filed for Chapter 11 bankruptcy protection. The California-based company had been seeking a deal with another automaker in a last-ditch effort to rescue the enterprise. The company estimated assets of $500 million to $1 billion and liabilities of between $100 million and $500 million, according to the filing.
Fisker failed because it wasn’t ready to be a car company
June 18 — In the wake of its bankruptcy, Fisker said it will continue “reduced operations,” including “preserving customer programs, and compensating needed vendors on a go-forward basis.” In other words, it will continue to manage a bare-bones operation in case there is a willing buyer of the assets it’s putting up for sale in the Chapter 11 case.
Fisker faced financial distress as early as August 2023
June 21 — According to a new filing in its Chapter 11 bankruptcy proceeding, Fisker was facing “potential financial distress” as early as August 2023. That looming financial distress drove Fisker to solicit a partnership or investment from another automaker, according to the filing.
The fight over Fisker’s assets is already heating up
June 21 — The fight over Fisker’s assets is already charged just days into its bankruptcy filing, with one lawyer claiming the startup has been liquidating assets “outside the court’s supervision.” At issue is the relationship between Fisker and its largest secured lender, which loaned Fisker more than $500 million in 2023 at a time when the company’s financial distress was looming behind the scenes.
Fisker asks bankruptcy court to sell EVs for about $14K each
July 3 — If a judge in the Delaware Bankruptcy Court approves Fisker’s request to sell its remaining inventory to a New York-based vehicle leasing company, the automaker would be able to offload 3,231 finished EVs for $46.25 million, or around $14,000 per vehicle.
Henrik Fisker, Geeta Gupta-Fisker drop salaries to $1
July 9 — Henrik Fisker and his wife, Fisker co-founder Geeta Gupta-Fisker, are lowering their salaries to $1 in order to keep their failed EV startup’s bankruptcy proceedings funded. In addition to the salary reductions, Fisker’s restructuring officer, John DiDonato, said in Tuesday’s filing that Fisker will defer “certain severance payments, certain employee healthcare benefits, and vehicle sale incentive bonuses” that have not yet been paid.
Fisker has one major objector to its Ocean SUV firesale
July 15 — The office of the U.S. Trustee, an arm of the Department of Justice that oversees the administration of bankruptcy, is objecting to a deal that would keep Fisker’s bankruptcy proceeding alive and pave the way for paying back creditors some of what they’re owed.
Fisker cleared to sell North American EVs for $46.25 million
July 16 — A bankruptcy judge gave Fisker the green light to sell more than 3,000 of its Ocean SUVs to a vehicle leasing company, which will net the defunct EV startup a maximum of $46.25 million. The approval of the sale clears the way for the rest of Fisker’s bankruptcy process to play out as it continues to liquidate what’s left of its failed business.
The question haunting Fisker’s bankruptcy
July 29 — The question folks are asking: does the automaker’s loan secured lender Heights Capital Management deserve to be at the front of the line to reap the proceeds of a liquidation? The entities reached an agreement to hammer out a settlement in the coming weeks on how to liquidate its assets. If successful, the case could remain in Chapter 11. If not, it would convert to Chapter 7, which would effectively dissolve Fisker forever.
Exclusive: UK's Zapp EV plans to expand globally, with early start in India
Zapp Electric Vehicles wants to turn its London-based electric two-wheeler brand into a global EV company. And India will be one of its launchpads, TechCrunch has exclusively learned.
The company will launch its first product — an urban electric two-wheeler called the i300 — in the UK as early as next month, followed by Thailand. The company is now adding India into the mix, a massive market that will provide a true test to its international global expansion strategy, Zapp founder and CEO Swin Chatsuwan told TechCrunch in an interview.
The Nasdaq-listed company advanced its plans for India after Chatsuwan noted the country’s potential. The world’s most populous country not only witnesses millions of two-wheeler sales annually, it’s also the second-biggest two-wheeler manufacturer worldwide after China.
“We thought India would be phase two for us when we did our research a few years ago, but we made a decision earlier this year that it can’t wait,” Chatsuwan said.
Zapp has named Indian electric two-wheeler maker Bounce Electric 1 as its contract manufacturer to produce and sell the i300 locally in the country. After completing the homologation process, sales are expected to begin in 2025. The British company aims to have a minimum capacity of 5,000 units per year in India as part of its broader global goal of 25,000 units by 2026.
Of the 17 million two-wheelers sold in India last year, Chatsuwan told TechCrunch that 2.8 million were high-speed vehicles, and 36% of those high-speed vehicles were heavy-weight cruiser motorcycles from the Chennai-based brand Royal Enfield. Zapp wants to duplicate Royal Enfield’s success with its step-through model, which was unveiled first in 2018.
“We’re not trying to conquer the world. We’re not trying to take half Royal Enfield’s market share and sell 500,000 bikes in India. We’re not. We would see that our quality and performance peer is BMW, particularly their CE 02 and CE 04 step-through electric scooters,” the executive told TechCrunch.
The India launch of Zapp’s i300 will help the company expand its total addressable market (TAM) of 60 million units annually by 25%. By adding India to the map, the TAM of its first phase of market debut has reached 30 million annually, the company said.
The early launch in India will help Zapp understand the “breadth, depth and quality” of the country’s supply chain, Chatsuwan stated. This may help export vehicles from India to global markets over time.
Unlike electric two-wheelers by key Indian manufacturers Ola Electric, TVS Motor and Ather Energy that sell between $1,000 and $1,800, Zapp’s i300 will be a pricey option. The two-wheeler will debut in Europe with a base price of $7,590, excluding taxes.
The India pricing is yet to be decided, though Chatsuwan said it wouldn’t be “more than a million rupees, but I doubt it will be lower than 500,000 rupees.”
The i300 is hitting the streets soon
Zapp unveiled the i300 as its first two-wheeler in 2018. The vehicle comes with an aerospace-grade alloy load-bearing exoskeleton and a chrome-moly steel underbone design. It also carries an air-cooled electric motor with a peak power of 14kW and packs two portable batteries, each with 720Wh capacity.
The company started taking pre-orders for the i300 soon after its unveiling, charging a reservation fee of 100 euros. It promised to begin deliveries in the fourth quarter of 2019. However, the COVID-19 pandemic halted production and deliveries.
Nonetheless, Zapp is set to start delivering the i300 in the U.K. in the next few weeks. It also plans to begin selling in Thailand this year through a facility in Bangkok.
Zapp set to become ‘complete motorcycle company’
“We’re not a one-hit wonder. We want to show the world that we’re a complete motorcycle company, but let’s begin with executing the first product first,” Chatsuwan told TechCrunch when asked whether Zapp looks to expand its product lineup.
The company also plans to stack up the i300 with “loads of” personalization options and accessories. It already offers the two-wheeler in four distinct versions and lets consumers customize its color and wheel design based on their preference and add accessories, including a hidden storage and fast charger.
Zapp plans to expand its market by entering Spain, Italy, Vietnam and Indonesia in phase two and expand to countries in the Middle East and South America over time.
“We want to be the 21st-century version of Triumph and Royal Enfield and Norton,” Chatsuwan said.
EV startup Fisker files for bankruptcy
Fisker Group Inc., the EV startup founded by famed designer Henrik Fisker, filed for Chapter 11 bankruptcy protection — a capstone to months of problems with its Ocean SUV that included recalls and dozens of lemon law lawsuits.
The California-based company, which filed for bankruptcy in Delaware District Court, had been seeking a deal with another automaker in a last-ditch effort to rescue the enterprise. The company estimated assets of $500 million to $1 billion and liabilities of between $100 million and $500 million, according to the filing.
Fisker reported between 200 and 999 creditors, including SAP, Adobe, Salesforce and Ansys, according to the court document that was filed late Monday. The filing comes just a year after Fisker delivered its all-electric vehicle, the Ocean SUV, to customers.
The much-hyped EV was troubled from the start, with customers reporting an array of software and mechanical problems shortly after taking delivery. Internally, the company struggled to stand up sufficient customer service and maintenance efforts, and even had trouble keeping track of its money, according TechCrunch’s previous reporting.
Fisker, which used contract manufacturer Magna, would end up delivering just a few thousand vehicles worldwide. The plan when it went public in 2020 in a special purpose acquisition company merger was to leverage Magna’s vehicle-building skills to create a relationship akin to Apple and Foxconn, according to Henrik Fisker. The EV startup even engaged with Foxconn on plans to build a cheaper compact EV, but that deal ultimately fell apart.
Fisker attempted to preserve cash in the last few months through several rounds of layoffs and other cost-cutting measures. It also changed its business model. Earlier this year, the company shifted away from selling directly to customers — a system Tesla has popularized — and instead tried to partner with established dealers. Ultimately, the efforts weren’t enough to save the company from bankruptcy.
This is the second vehicle company Henrik Fisker named after himself that has wound up in bankruptcy. His first effort, Fisker Automotive, was started in 2007 and filed for bankruptcy protection in 2013. That company similarly got its vehicle — a hybrid electric sports car — into production on the road before running into quality problems and other external factors that proved fatal. (Fisker Automotive’s assets were bought out of bankruptcy and by what would become current EV startup Karma.)