Fisker Lost Millions In Customer Payments And Had To Do An Internal Audit: Report

Fisker is in a state of disarray right now. The company continues to inch closer to bankruptcy, and the only car it sells right now, the Ocean EV, just had prices on its remaining inventoryheavily slashed as the automaker attempts to move more metal in the face of falling stock prices. What’s been going on behind the scenes of the company, however, is much worse. A report from TechCrunch details how Fisker lost millions in customer payments, forcing an internal audit to find the money.

The troubles with Fisker started in late 2023. SEC filings show the company reported having internal accounting issues. Simply put: Fisker didn’t have enough accountants to go over its books, as the filing highlights. Speaking as someone with an accounting and finance background, a company the size of an automaker should have at least dozens or evenhundreds of accountants, each working together to keep track of the company finances as well as acting as each other’s backup in case something like this goes wrong. Also mentioned in the filing was an even problem as TechCrunch pointed out.

By the end of February 2024, Fisker admitted its troubles around handling the balance sheets in a press release. The scope of this problem reared its ugly head upon an internal audit, as sources familiar with what’s going on described to TechCrunch.