Fisker CEO talks automaker’s pivot to dealer model and layoffs
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- Опубліковано 29 лют 2024
- Shares of Fisker (FSR) are trading higher after a rough Friday morning. The company warned it would cut 15% of its workforce and miss its production target by 13,000 vehicles, amounting to losses of 37%. Part of Fisker's afternoon jump is thanks to a Reuters report, which detailed Nissan's (NSANY) possible investment of $400 million in the automaker's truck platform.
Fisker CEO Henrik Fisker joins Yahoo Finance to discuss the company's performance, including its layoffs and pivot toward a dealer model.
While Fisker could not comment on the reported deal with Nissan, though he did respond to questions regarding the automaker's talks with original equipment manufacturers (OEMs): "We started talking to several OEMs, I think over 6 months ago, so we obviously have done a lot of work already. So I hope a deal closes as soon as possible."
#car #youtube #yahoofinance
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Crazy how only one guy completely took down fisker 😂😂😂
Does that make you happy??
@@HansM-bg8lm don’t make me sad! I’ll tell you that! Hahahahahahahahaha 😂 😂
For context this stock IPOed at around $10 and reached $29 ATH.
The stock started 2024 at around $1 per share well before the youtube review and is now trading at 2c
@@Mrmudbone_gaming 1) “One guy” didn’t take down Fisker. Fisker’s incompetence sank the company.
2) You’re celebrating hundreds of people losing their jobs?
@@SunnyHF-nf4bcThe following information comes directly from former and current Fiskee employees.
“It actually is completely his and his wife’s fault. It is a public company but they own a majority share, so they have run the company like their own personal landscaping business. The wife is the CFO and COO but is completely out of her depth. On top of that they have hired multiple family members to high level director rolls within the company. There are at least 4 family members, but it’s hard to know how many more there are because they don’t all have the same last name. These family members are completely incompetent and are not qualified to be in these rolls. The wife is the CFO, but she should not be allowed anywhere near the companies finances. Her and her family members regularly berate employees. They blame employees for the errors they themselves caused. The non-family directors they have hired are completely ignored and their ideas are not even considered. The Fisker’s are a poison. They have destroyed the company from the inside with their nepotism and narcissism.”
So this guy completely deserves the blame, along with his wife.
The interviewer was too good. She has asked very valid and concerning questions to Henrik.
Much more humbled Fisker in this interview, but still can feel the jaw chlinching when hearing the facts when it comes to the companies current state.
It's called extreme stress
He's getting betters at his interview. He's under more pressure than ever now as well. :) I think it's a bit embarassing.
@@SingaporeFriedriceThe following information comes directly from former and current Fiskee employees.
“It actually is completely his and his wife’s fault. It is a public company but they own a majority share, so they have run the company like their own personal landscaping business. The wife is the CFO and COO but is completely out of her depth. On top of that they have hired multiple family members to high level director rolls within the company. There are at least 4 family members, but it’s hard to know how many more there are because they don’t all have the same last name. These family members are completely incompetent and are not qualified to be in these rolls. The wife is the CFO, but she should not be allowed anywhere near the companies finances. Her and her family members regularly berate employees. They blame employees for the errors they themselves caused. The non-family directors they have hired are completely ignored and their ideas are not even considered. The Fisker’s are a poison. They have destroyed the company from the inside with their nepotism and narcissism.”
So this guy completely deserves the blame, along with his wife.
😂
MKHBD destroyed this guy's life lol
No him and his wife's incompetence did.
@@uberenthusiasts Yep it was a joke, it clearly wasn't MKBHD
This is exactly what someone who is confident looks like ;-)
Great news for FRS
Bruh crazy how he talks positive about it a month ago but now that the stock is delisted.
In my opinion, the only way for the EV's to shine and have people overlook the charging issues is to bring passion and soul into them.
FISKER , does not even make the OCEAN.
He said everything they sell is cash generating but today they took out a 150mill$ loan.
Great driving car! Looking forward to a positive outcome.
Positive outlook? The future is so grim. I don't think Fisker will survive another year.
Going to be looking for that for a very long time.. Ain't going to happen
Lol see you again in 2040 when Fisker makes another failcar.
That aged well, they fired for bankruptcy
Well done Henrik. Great interview. You have done the most difficult part: Designing the best car in the world now comes the easier part delivering it to customers.
You know what Elon said. Designing is easy. Production is hell. And being profitable is.. You get the point. Fisker had failed step 2.
@@Bren39OK let me ask you this: Were Tesla making a profit in March 2013 (8 months after the start of the Tesla S production)? I think you are talking rubbish.
@@martinmcnulty8155 Pls read by comment. Tesla was working on production and eventually passed. Fisker had failed production. They're outsourcing. Quality and quantity is not there. Fisker made the very same mistakes a fisker karma. Nice car, outsourced production.. Full of bugs. Fisker is cooked. Guy hasn't learned a thing from his first failure. Nissan is making a mistake partnering with this guy... But then again it explains all their mistakes over the last 15-20 years.
@@martinmcnulty8155lol huffing industrial strength copium
FSR .. Fisker. Over 300 % increase in Ocean SUV EV deliveries expected in 2024 from 4,900 to 22,000. Revenue rose nearly 180 % in 4 th qt over 3rd qt...$ 201 million to $ 71 million. No Buyout, No acquisition.. No Takeover...a manuf partnership for the Alaska Pick-up. Thumbs Up video/ comment. Thanks.
And sp 2 pennies.
He should start a car rental company with his cars I think that’ll work out better than trying to sell in this economy
Nobody will want to invest in this guy again
He is contradicting himself big time. He said there are huge demand for Fisker vehicle. At the same time, he immediately said the EV market has been very tough in the last few months, and he said that is a major challenge for his company.
So which one is it? The sales of Fisker is good AND bad at the same time??
We all know sales of Fisker vechile isn't going well. So is he lying?
buy FSR and the great Car. Together we are strong
Hell no. Trash car.
You’re coping with your $11 FSR entry back in 2021. It’s a trash car with trash nepo executives and trash stock. It will plummet to $0
Buy a bankrupt company? 😅
Where is the dealer list that he talked about? Happy to get an update
H.F. is a car designer and talker. That's about it. Can't run a publicly traded company family style. I'm stuck with my 2 week old, bug-filled "full-price" Ocean 1
Can't wait for 2026 when they'll try again 😂😂😂
Good interview!
Average cost of $12 since 2021, man am I a stunod
How many shares?
Apple just canceled the electric car project and some analyst say rivian is the one they should consider to invest but isn’t Fisker a great choice now?If they are sharks.
Yes I agree an Apple-Fisker agreement would be fantastic for both companies.
Perhaps it is Apple they ae negotiating with.
@@JoeyBlogs007 no, they said only OEM.
The only real competitor to the Model Y?
Not true at all… Nissan, Kia, Ford, BMW & Volvo all have options.
And all better options too
Don’t buy it yet. I have had mine since Dec. drives good and looks good but everything else about this company and how it operates is crap and the current software is nothing more than a preproduction car. Key fob rarely works, adaptive cruise isn’t active, no car play, wireless charger doesn’t work (rubber covering over it is too thick to charge), no OTA updates since Dec, error messages for malfunction of safety systems daily. Car rolls backward when in drive when stopped, many more. It really sucks that I bought the most expensive version and nothing that makes it the premium model works (yet) or ever….fingers crossed
Sorry to hear this mate. There’s nothing worse than spending your hard earned and not getting what you paid for.
Why would you buy this thing
Lock him up
I believe everything Henrik say and will load the boat.
Dork
LOL
RIP
The CEO seemed pretty uncomfortable. Fisker is leveraged to the teeth - guessing to pay for the first production run. Hard to see the company getting out of this, not unless the cars are sold before they even leave the Magna Steyr production lines. Good luck getting that 400mil from Nissan, though.
With the new dealer model that is exactly the case: The cars are sold before leaving the factory.
$ 1.2 billion in Ocean Suv EV revenue expected in 2024 from approx 22,000 vehicles, but it will be more.
They lost so much money last quarter . @@2023gainer
@@martinmcnulty8155in a world where nearly every manufacturer is moving away from a dealership model to an agency model. Finding dependency on dealerships has no future for Fisker.
Big mistake by Nissan. All they had to do was wait less than a year and buy the intellectual props for less than $100M and then build it... Just like fisker karma. Btw, this fisker guy never learns.
Signing up dealers everyday. You only have a few. Start telling the truth Henrik.
Ooops.. looks like he was completely wrong…optimistic huh? About bankruptcy..?
People forget tesla had all kinds of problems and bugs when they launched... people invested in fisker thinking it will be the next tesla immediately thats not how things work in reality... to put it in perspective tesla was founded in 2003 and only in 2020 they had their first profit year...fisker is a new company with vision be patient people everything is gonna work out fisker just builds beautiful cars fisker designed tesla to fyi 🙏🏻
But what you forget is that competition is A LOT more fierce now than it's ever been, so you can't afford such a bad start like Fisker has got.
As a Dane I really wished Fisker would succeed but my guess is that they will shut down production within 2 years
@@Greatdane-qf8kdwith beautiful design and contract manufacturing I think they can survive. I’m rooting for them. I do think Henrik needs to step aside and hire a new CEO if they get past this tough time.
I hope he will make it, somehow, he worked hard.
Two late filings and this one is still unaudited, the late filing also made them lose cash and patents to a key investor. To save the company, they first of all need a real CFO with battle hardened experience, not just Henrik hiring his wife. Get all the nepo hires out to save the company, maybe even a new CEO and let Henrik play with design.
I like this response. Strong logic and common sense. Hardline tough decisions that could pay off. If Henrik gets past this tough time and avoids bankruptcy, he should consider stepping to the side and becoming chief designer.
Or he could just seek employment at an actual car company. Who would willingly walk into this wreck
I seriously wonder if Henrik ever planned to make Fisker Inc a success. The amount of errors is extraordinary. No viable plan to distribute, sell, support, or service the vehicles😢The only thing that worked was outsourcing manufacturing. Certainly employing family members with no knowledge or skill in key positions hasn’t halted.
This guy is a legendary car designer look to see his FSR stock skyrocket very soon!🎉🎉🎉🎉
Better put a big bag on this stock boys and girls!
Delisting
Cutting 15% of workforce has been explained by going dealer direct. Quit making the 15% cut to be a bad thing, it makes sense!
So glad that I didn't buy that car with such a poor system around it 🙏🏼
This is what you get when you have Designers being CEOs of what is fundamentally an Engineering company. We need to reverse this trend of having lawyers, accountants, designers, etc being CEOs of Engineering companies in which quality is paramount.
*cough* BOEING *cough*
This video is a month old now. Did it go up?
No. Lost a fortune here
This guy is a scam artist. Went bankrupt once before and will go bankrupt once again but not before he buys his 22 million dollar mansion with shareholder money.
Please take my money
He took it 😅
Con man
MKBHD’s review could be the nail in the coffin for Fisker.
That…& Elon has a real beef with him. Powerful enemies.
That youtuber isn’t powerful. They get clicks but don’t influence. They don’t have the public’s respect and are seen beneath Hollywood celebrities. That are seen for a take or perspective, but not seen as important.
@@Adrian-op5ni you understand that car buyers view reviws online before buying yes?
@@dominicj7977 You do understand that Fisker was already informed that they didn’t qualify for NYSE listing before MKBHD’s review went up?
1:35 “Longer range” by stuffing an oversized battery in a heavy chassis. The Ocean is nearly 300kgs heavier than the Model Y Performance. Claimed efficiency doesn’t mean anything with Henrik, just like his 5 star NCAP rating claim.Taco trays, roll down windows, solar roofs don’t mean anything when they don’t have any meaningful function, they’re just gimmicks. The Model Y has gimmicks too. But they don’t cost anything and are not at risk of breaking. Warranty claims is literally what will break Fisker, because it’s not the dealers’s or Magna’s problem. It’s Fiskers. Sure It the Ocean ooks great, but so did the Karma. And look what happened to that.
Have you ever driven tesla? Their build quality is so poor that I wonder why do even anyone buy this junk?
@ainuinvid I've had three since 2015 mate. Still owning the current two. A Model 3 and Model S. You clearly haven't owned one. Good luck in your whatever you're driving.
Noo look at the Stock shares of this car 4:52 from the End of 2021 Fiskers Stock has been falling long before MKHBD review in late 2023.
Don’t believe in Henrik.
Insiders bought a lot of shares lately.
Once a failure always a failure
🧐
Isn't he lacking sleep? Maybe I felt so looking at his eyes
He's wearing contacts. Wearers always blink in front of the bright lights I guess.
This egocentric guy and her wife will hardly get any trust after company bankruptcy. The design of his cars are amazing but he has no clue how to run business neither his wife knows anything about finances. He should have from the beginning be the face of the company but let someone else to do accounting and leading the operation side of business.
Nissan needs to gain all the knowledge and techniques all they can from this partnership so they can improve their EV offerings, but personally I would rather Nissan just acquire Fisker, Fisker is cheap right now their stock is tanking, Nissan can just literally rebadge their products into either Nissan or Infiniti. Fisker needs Nissan more than Nissan needs Fisker. If its just a partnership and a cash infusion then Fisker will still go bust, they don't have a factory of their own in USA, but if Nissan buys them out then they can retrofit their cars into Nissan's own North American plants.
Investors aren't selling Fisker.
What is Fiskers end goal?
@@testing6753 Improving the Environment and the Air we all breathe. Every investor and EV buyer makes that happen.
@@2023gainerok then let it go bankrupt.. Like fisker 1.
@@2023gainer if they won't sell to Nissan then good luck with bankruptcy you clowns
Wouldn't one think that something is up if Deutsch Bank won't give them any money?
Fisker has no future. Close the door
Wie kommen sie dazu, sofern die Firma Fisker von Nissan die 400 Millionen USD erhält, geht es der Firma wirtschaftlich wieder gut. Da Fisker Autos in diesem Wert plus Autoteile und sonstiges auf Lager hat, wäre das Risiko für Nissan bei solchen Sicherheiten sehr klein. Zudem könnte Nissan Global sein Händler die Fisker verkaufen und den Service machen. Dann wäre Fisker sofort in einer ganz anderen Markt-Position. Selbiges könnte auch Tesla oder Elon Musk persönlich tun, dies wäre noch besser.
Hey your employees arent too happy with the husband wife duo running the company. Many of them sound real smart. Many of them mentioned issues on reddit and glassdoor that are way too relatable to be made up. I dont believe your interview. Shareholders are about to loose it all as your stock dumps below .40 and I think you are going to file. Then reopen 3-5 years later under a different name. Will this be your 4th or 5th time reopening?
Yeah, so... lol
The first thing that needs to happen is to get an experienced and hardened CFO and COO in place. The whole wife thing is not working out.
bankrupcy will be likely.
You call yourself A CEO. 2 nd time BANKRUPT.
Nissan cant sell cars either... LoL 😆😆😆
Funny how all these people said the competition is coming and all i've seen is Ford, GM, Stellantis throwing in the towel. Rivian, Lucid, and Fisker on the verge of bankruptcy
Fisker will come good. They have a fantastic car.
Rivian has billions $... Lucid selling with strong financial backing and Fisker has 300 % increase in EV sales planned for 2024.. No Bankruptcy issues.
@@2023gainer Do you have any understanding of scaling or basic financial literacy? If they can't drive down the cost of their vehicles and lose money on every car they sell what is going to happen? Lets talk about operating cash that they're burning through. Rivian is fcked!
@@martinmcnulty8155 That's now how business works. lol Go read the companies balance sheet, look at their debt and assets, then come back to me when you understand finance 101.
@@ocampbell1954 Do you not understand that volume sales solves that problem..$ 1.2 billion revenue 2024. ?
Go to sleep. Buy a Polestar 3 or 4. So much better option.
Not really. Polestars shares have lost 84% of their value in the last year as the business failed to turn a profit and was forced to cut its delivery targets. Up to 450 jobs are expected to be cut at Polestar, in order to reduce costs, according to Reuters. Volvo are also not funding Polestar anymore now.
@@s7yler Seriously?
Dogelon Mars is going crazy right now 😎, but then again, most all of it is...
The ER this week was awful, but they are trying desperately to hang on. Can't say I've ever seen a company report -35% margins and stay in business, no company can stay in business for long losing that kind of money on everything they sell. Not sure who leaked the Nissan deal (they remain "unnamed") and what motivation they might have had for doing so but the stock did come off the lows of the day yesterday. This was a good trade off the bottom into the runup to earnings but I can't jump back in, Henrik's body language when speaking about the Nissan deal seems a little off. Good luck. And no, I'm not short $FSR.
You'd have to be a fool to have invested in this. This guy has already shown he's incompetent when he failed the first time he tried.
Shorting the stock eh?
Over 400 Institutional Investors holding/ trading / shorting FSR shares and making millions. Retail investors own most of FSR shares.
Personally if i ran an oem, we wouldn't be going electric. If we had no choice and were forced to go in that direction, we would let Fisker go bankrupt and buy them for pennies on the dollar.
Why not electric?
Fisker is going bankrupt.
go to sleep troll
Shorting the stock eh?
@@Sturgeonsurgeon nope, not touching it.
Going bankrupt hard. If you only chance in hell is Nissan, with it’s $50 billion debt and junk credit status, the only thing they have to offer is manufacturing facilities, no cash. And if you think Magna is going to let you off a contract. Think again.
@@LevinHophow u feeling now bro ?
Fisker going bankrupt
Shorting the stock eh?
@@Sturgeonsurgeon too late. Their price is almost at bankrupt level.
Lock him up