The Troubled Journey of Fisker: Checks Lost and an Internal Audit

Mar 28, 2024

Fisker struggled to keep track of customer payments, resulting in lost checks and a need for an internal audit.

Checks were not cashed

Fisker couldn't provide accurate details about its sales in its annual report, leading to concerns about the company's financial stability.

Financial data discrepancies

Poor internal processes at Fisker resulted in checks, credit card receipts, and wired funds going missing or not being cashed in a timely manner.

Internal processes in chaos

PricewaterhouseCoopers discovered disorganization in various areas of Fisker's business, including financial reporting and sales data.

PWC audit reveals disorganization

Fisker admitted to problems with financial reporting due to a lack of skilled employees, causing delays and inaccuracies.

Problems with financial reporting

Fisker struggled to make timely payments to state DMVs, resulting in customers driving with temporary license plates for extended periods.

Registration niggles and delayed payments

Facing financial strain, Fisker announced significant price cuts to its Ocean SUV models in an attempt to generate cash.

Desperate measures: Huge price cuts