Nearly Bankrupt Fisker To Recall Over 18,000 Ocean SUVs Across North America and Europe

Cash-strapped EV maker Fisker Inc. said on Wednesday that it is recalling over 18,000 of its Ocean SUV vehicles in North America as well as Europe over software issues and non-compliance with safety standards.

What Happened: Fisker is recalling 11,201 Oceans SUVs across the U.S., Canada, and Europe which may experience a loss of motor power due to a software issue, and another 6,864 vehicles in the U.S. and 281 SUVs in Canada over non-compliance with safety standards regarding gauges and telltale icons in the cluster display, the company said on Tuesday.

As for a solution, the company will issue an over-the-air software update by June 30 aimed at resolving the issues in these vehicles, it said. Vehicles that have already been updated with the latest software are unaffected by the recall.

The Ocean SUV is the only Fisker vehicle currently in production.

In May, the U.S. auto safety regulator National Highway Traffic Safety Administration (NHTSA) opened a probe into 6,813 model year 2023 Ocean SUVs over unintended activation of its automatic emergency braking system that increases the risks of a crash.

A month before that, NHTSA opened another probe into Ocean vehicles after receiving 14 complaints alleging that the doors on model year 2023 vehicles don’t open.

Fisker Closing-In On Bankruptcy: California-based Fisker warned in February that it may not have enough funds to operate over the year. The company's shares were delisted from the New York Stock Exchange the following month owing to low share prices and potential investment talks with a major automaker collapsed, leaving Fisker’s financial future uncertain.

In April, the company said in a filing that it expects to seek protection under bankruptcy laws within 30 days if unable to receive waivers from its debt holders or raise enough capital to settle its dues. The company had unrestricted cash and cash equivalent of just $53.9 million as of April 16.

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Photo courtesy: Fisker