The article below doesn't explicitly shout a warning. It's me who is doing it. While reading the article it was clear that SOME of the features of the Fisker Ocean SUV may not be available to owners after the bankruptcy is finalized.
Seems that that is a warning to anyone with a vehicle that requires some sort of "cloud connection" and that could include some Hybrid models, especially the Plug-In Hybrids but even some traditional Hybrids could be at risk, and, in theory, some gasoline vehicles may lose some functionality if they have features that rely on an internet connection. Sort of makes me want to buy a 2011 Jeep and restore it, there are parts for those everywhere, they could run for as long as gasoline is available.
FWIW, I put a deposit on a 2023/24 Fisker Ocean in the summer of 2023, but cancelled it after they could not give me any sort of delivery date. I ended up buying a '24 Toyota Venza limited with all sorts of 'connected' features. Guess I dodged that bullet.
Or did I? While Toyota is financially sound, what 'cloud' based systems are on the lovely Mrs_Bob's Venza that could be subjected to failure if the internet goes out?
FULL article at the link at MOTOR TREND:
Seems that that is a warning to anyone with a vehicle that requires some sort of "cloud connection" and that could include some Hybrid models, especially the Plug-In Hybrids but even some traditional Hybrids could be at risk, and, in theory, some gasoline vehicles may lose some functionality if they have features that rely on an internet connection. Sort of makes me want to buy a 2011 Jeep and restore it, there are parts for those everywhere, they could run for as long as gasoline is available.
FWIW, I put a deposit on a 2023/24 Fisker Ocean in the summer of 2023, but cancelled it after they could not give me any sort of delivery date. I ended up buying a '24 Toyota Venza limited with all sorts of 'connected' features. Guess I dodged that bullet.
Or did I? While Toyota is financially sound, what 'cloud' based systems are on the lovely Mrs_Bob's Venza that could be subjected to failure if the internet goes out?
FULL article at the link at MOTOR TREND:
Fisker Is Bankrupt. What Happens To Fisker Ocean EV Owners Now?
Upstart automaker Fisker isn't quite dead yet. Here's what to expect regarding service and repairs, warranties, stock price, and resale value.
Scott EvansJun 20, 2024
Late on Monday, June 17, Fisker filed a petition for Chapter 11 Bankruptcy protection and reorganization, but what does that mean for owners of the electric 2024 Fisker Ocean SUV? The answer is complicated and many questions remain unanswered, but one thing is clear: it’s going to be a rough road for the automaker and its early adopter owners.
Is Fisker Dead?
Not yet. Chapter 11 bankruptcy provides a failing company protection from its creditors while it attempts to restructure into a viable business. If successful, the company emerges with less debt and new financing it can use to get back on its feet.
Will My Fisker Ocean SUV Still Work?
It should. We’re not aware of any reason why the Fisker Ocean EV would “brick” itself due to this filing, especially since the company is still in business. The car’s ability to start and drive should not be affected by the company’s financial status, and as long as the company is alive and the servers are running, most of the vehicle’s cloud-connected functions should still work.
This doesn’t mean all functions will continue to work, however. Some features, such as navigation and roadside assistance, are handled by third-party companies who have contracts with Fisker. If those companies aren’t getting paid, they may decide to cut off their services and render those functions inoperative. Fisker informed owners last month roadside assistance has been cut off, and reports allege it’s due to non-payment. We’re not aware of any critical vehicle systems that are handled by third-party companies, so the car should continue to run and drive even if some features stop working.
Is My Fisker Ocean Warranty Still Valid?
Yes, but there are caveats. As long as Fisker remains in business, it is legally obligated to honor your warranty. The catch is, Fisker has laid-off a large portion of its staff and closed some of its physical locations. While your warranty is intact, getting ahold of Fisker to process a warranty claim and getting a dealer to actually do the work will be difficult at best (dealers are paid by automakers to cover the cost of parts and labor for warranty work).
Can I Still Get My Fisker Ocean Fixed or Serviced?
Yes, in theory, but it’s going to be difficult. Automakers are legally required to provide parts for up to 10 years after a vehicle goes out of production, but that only applies if the automaker is still in business. There’s an additional complication with Fisker, as TechCrunch reports one of the problems dragging the company down is a failure to create a supply chain and stockpile of spare parts leading to long wait times for repairs and trouble sourcing replacement parts.
This problem isn’t going to be solved while the company is in bankruptcy proceedings, so the already small parts supply is likely to dwindle. It’s possible existing Oceans could be stripped for parts but that, too, is unlikely to happen while the company is in bankruptcy unless an outside party buys up a bunch of used or unsold Oceans for the express purpose of dismantling them and selling their parts, which is also unlikely at this time.
Will I Still Be Able To Get Insurance On a Fisker Ocean EV?
This remains to be seen and will be up to the insurance companies. It’s possible to insure older vehicles with low residual values and vehicles from companies that are no longer in business, but it’s unlikely you’ll be able to get full coverage. With parts and service hard to come by already, insurers aren’t likely to write extensive policies on Fisker Oceans going forward, so you may only able to get reduced or minimal coverage that pays for few, if any, repairs but allows you to legally drive the vehicle.
Will My Fisker Ocean App Still Work?
Probably. The Fisker app is currently functional and should continue to work as long as Fisker remains in business and keeps its servers running. It’s unlikely, though, any updates or bug fixes for the app will be implemented any time soon. Between layoffs and the cash crunch, it’s unlikely developing the app is a top priority for Fisker at this time.
Will My Fisker Ocean Still Receive Over-The-Air (OTA) Updates?
Probably not for a while. As with the app, layoffs and a lack of resources will hamper software development and could halt it altogether as the company deals with its financial problems. Bug fixes, software updates, and new software-enabled features are likely on-hold for the time being. Before the bankruptcy filing, though, Fisker told us a number of software updates were in progress and nearing completion, so if the company survives there may be something to look forward to.
Will My Ocean's 4G Internet Connection Still work?
Unclear. T-Mobile is one of the top 20 unsecured creditors Fisker owes money to, and at some point it will want to be paid for handling your in-vehicle 4G connection or it will cut off service. If Fisker remains in business, it should continue to handle your 4G subscription. If not, it will be up to T-Mobile to decide whether it wants to create individual service plans with Ocean owners or not. If not, your vehicle will probably lose 4G connectivity and any services tied to it will stop working.
What If There’s a Fisker Ocean Recall?
Fisker is still legally required to notify you about recalls and provide free repairs as long as the company remains in business. In practice, this will likely be a long, slow process as the company has little money to spend on investigating problems that could necessitate a recall and to make any necessary repairs.
Fisker Ocean Resale Value
There's nothing good to report in terms of the Fisker Ocean's resale value. It depends entirely on what used car buyers are willing to pay, and most buyers are going to be scared off by the bankruptcy filing. Fisker is already struggling to sell its inventory of new vehicles despite massive price cuts as consumers are nervous about buying a car from a company that may go out of business. Those fears are only going to be amplified and confirmed by the bankruptcy filing. Some buyers may be willing to take a chance on a Fisker at a low enough price, but they’re likely to be few and far between and the price they’re willing to pay is going to be very low so they don’t expose themselves to too much financial risk.
What Happens To My Fisker Stock?
As with resale value, the stock price depends on what investors are willing to pay for the stock. With the company entering bankruptcy protection, the value is likely to be very low as few investors will be willing to take a chance on the value rebounding in the future if and when the company emerges from bankruptcy protection. As long as the company remains in business, there’s a chance the stock can be sold and there’s a chance the value could go up and reduce your losses (or even turn a profit in the best-case scenario), but that seems unlikely at this point. Consult your tax and investment professionals.
What Happens If Fisker Goes Out Of Business?
Chapter 11 is not a guarantee Fisker will survive, just a chance to make it happen. If the company can’t secure new funding, and or if creditors refuse to accept the restructuring plan and reduce what they’re owed, then Fisker will be pushed into Chapter 7 liquidation. At that point, the company will be broken up and its assets auctioned off at market value with any money made from the sale going to the creditors.
STORY CONTINUES AT the MOTOR TREND link above ^^^