The Complex, Curious History of Fisker – The Man and the Brand
By Edward A. Sanchez — May 7, 2024
The steady stream of bad news that has surrounded Fisker Inc. over the last few months has only accelerated, with the latest news of the company closing its headquarters in the upscale Los Angeles suburb of Manhattan Beach and consolidating operations at its R&D center in La Palma, approximately 40 miles east.
This comes after a bankruptcy scare (which seems like it’s still a distinct possibility), a de-listing from the NYSE, and a rumored partnership with a “major OEM” (believed to be Nissan) falling through. In early May, a letter warned employees that barring a last-minute reprieve from a funding infusion or sale, that operations would cease and they would be out of a job on June 28, 2024. Such forewarning and specificity is increasingly rare when many are summarily dismissed with little to no notice.
Not to rub salt in the wound, but this is not Henrik Fisker’s first failed venture in car making. The Fisker Karma went on sale in 2011 to much fanfare, with svelte styling and an innovative plug-in hybrid powertrain similar to the Chevy Volt. Reviews of the six-figure luxury sedan were mixed. The styling was undeniably attractive. But the swoopy lines came at the expense of a cramped interior. Critics also panned the noisy four-cylinder range extender sourced from General Motors.
The company’s federal Department of Energy loan was suspended in 2012, after approximately 2,000 Karmas had been sold globally. A 2012 flood in the port of Newark, New Jersey, flooded 338 Karmas, and caused battery fires in 16 of the cars, giving the cars the reputation (whether fair or unfair) of “catching fire” – a reputation that also followed early model builds of the Volt and Model S.
Unfortunately, with the likely suspension of operations of Fisker, Inc., Henrik Fisker does not have the greatest track record in running car companies. However, his portfolio of designing iconic cars is much more noteworthy and positive. He penned the stunning BMW Z8, had a hand in the first-generation BMW X5, the aforementioned Fisker Karma (now the Karma Revero), as well as the Aston Martin V8 Vantage.
Less well-known is Henrik’s venture in Fisker Coachbuild, a boutique custom vehicle house that restyled luxury models such as the Mercedes-Benz SL and E63 BMW 6-series. In the aftermath of the Karma debacle, Henrik also designed a custom Mustang for Galpin Auto Sports.
Henrik has a proven track record as a stylist. The Z8 will be remembered as one of the best-looking BMWs of all time, inspired by the equally iconic 507. While the fate of Fisker, Inc. looks inevitable, I feel it’s only fair that he be remembered also for his styling triumphs, rather than only for his business failures.
Is this the last we’ve seen of Henrik? Not likely. For better or for worse, Henrik seems to be a serial entrepreneur. Although I’m not an MBA, my armchair-quarterback advice to Henrik would be to stick to what he does best, which is indisputably design. Leave the tedious, risky, capital-intensive, dirty business of car building to the experts. There are plenty of automakers globally that could benefit from Henrik’s stylistic eye.
Some may think Henrik’s brand is irretrievably damaged from his failed automaker ventures. I think he’d have a hard time getting backing for yet a third full-fledged auto brand. But many brands would probably be eager to get the mastermind behind the breathtaking Z8 to pen them their next flagship. I’d be eager to see it as well.
(Image by Phil Royle)
