Fisker's Bankruptcy Leaves Investors Asking Hard Questions About EV Viability
Fisker's Bankruptcy Leaves Investors Asking Hard Questions About EV Viability
Electric vehicle manufacturer Fisker Inc (OTCPK: FSRN), once a market darling, filed for bankruptcy on Monday. What does Fisker's bankruptcy mean for an EV market facing mixed signals?
电动汽车制造商菲斯克公司（OTC场外交易：FSRN），曾经是市场宠儿，于周一申请破产。对于面临混乱信号的电动汽车市场来说，菲斯克的破产意味着什么？
What Happened: Put simply, Fisker bled money. The Manhattan Beach, California-based company had significant cash flow and manufacturing problems. It never came close to profitability as high costs eclipsed low consumer demand.
发生了什么：简单地说，菲斯克亏损严重。这家位于加利福尼亚州曼哈顿海滩的公司面临重大的现金流和制造问题。由于高成本压过了低消费需求，它从未接近盈利。
In March, it was reported that more than 40,000 Fisker customers canceled their vehicle pre-orders, a significant portion of its backlog.
据报道，今年三月，超过4万名菲斯克顾客取消了其车辆预订，这是其订单积压的重要部分。
In April, the National Highway Traffic Safety Administration (NHTSA) initiated a preliminary regulatory probe into the Ocean vehicles after receiving complaints that the vehicles' doors did not open properly.
今年四月，美国国家公路交通安全管理局（NHTSA）在收到投诉称该公司的Ocean车型的车门无法正常打开后，启动了对Ocean车型的预审监管调查。
On June 13, the company announced that it would recall 18,000 Ocean SUV vehicles over software and safety compliance issues. The Ocean SUV was the only Fisker vehicle in production.
今年6月13日，该公司宣布将召回1.8万辆Ocean SUV汽车，原因是软件和安全合规问题。Ocean SUV是菲斯克唯一正在生产的车型。
At its peak in 2021, Fisker reached a market capitalization of nearly $8 billion. The company is now worth almost zero.
在2021年的巅峰时期，菲斯克的市值曾达到近80亿美元。而现在，该公司价值接近于零。
Remaining Players: The most obvious EV pure plays include Tesla Inc (NASDAQ:TSLA), Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID). Tesla is profitable, albeit trading at a PE of 47; Rivian and Lucid have distressed balance sheets and could face bankruptcy. Arrival SA and Lordstown Motors were recent victims of bankruptcy.
其余参与电动汽车市场的纯电动游戏玩家包括：特斯拉公司（纳斯达克股票代码：TSLA），Rivian汽车公司（纳斯达克股票代码：RIVN）和Lucid Group公司（纳斯达克股票代码：LCID）。特斯拉是盈利的，尽管市盈率高达47倍；Rivian和Lucid面临苦恼的资产负债表和可能面临破产的风险。Arrival SA和Lordstown Motors是最近的破产受害者。
Among the foreign manufacturers still in the market are Li Auto Inc (NASDAQ:LI), Nio Inc (NYSE:NIO), VinFast Auto Ltd (NASDAQ:VFS) and BYD Company's (OTC:BYDDY) auto division.
在市场上仍存在的外国制造商包括：“理想汽车”（纳斯达克股票代码：LI），蔚来公司（纽交所股票代码：NIO），VinFast Auto Ltd（纳斯达克股票代码：VFS）以及比亚迪股份公司的汽车部门（OTC场外交易股票代码：BYDDY）。
Industry Implications: Investors have been increasingly pessimistic about the EV industry, as share prices of major EV companies have fallen sharply in recent years. American consumers seem reluctant to drive electric vehicles, and several other obstacles have delayed the electric transformation.
行业影响：由于主要电动汽车公司的股价近年来大幅下跌，投资者对电动汽车行业的悲观情绪日益加剧。美国消费者似乎不愿意驾驶电动汽车，还有几个障碍妨碍了电动汽车的转型。三大汽车制造商Ford Motor Co（纽约证券交易所代码：F），General Motors Co（纽约证券交易所代码：GM）和Stellantis NV（纽约证券交易所代码：STLA）均花费数十亿美元开发电动车队。尽管它们面临与纯电动游戏玩家类似的问题，但考虑到现有的燃油汽车业务，它们的基础业务是盈利的。
The Big Three automakers — Ford Motor Co (NYSE:F), General Motors Co (NYSE:GM) and Stellantis NV (NYSE:STLA) — have all spent billions in developing electric fleets. Although they have faced similar issues to the EV pure plays, their underlying businesses are profitable given their existing gas-powered vehicles.
尽管市场看跌许多电动汽车参与者，但一些专家，包括Deepwater Asset Management的合伙人Gene Munster，仍然持乐观态度。Munster在X上发布的内容：“菲斯克的故事是一家失败的公司的故事，而不是一个失败的行业的故事。”
Although the market has soured on many electric vehicle players, some experts, including Deepwater Asset Management managing partner Gene Munster, remain optimistic.
“我预计，今年电动汽车的需求将与2023年基本持平，这在很大程度上是因为需求从2019年提前到2023年，以及电动汽车成本的增加。”Munster继续指出，“到2025年，我预计这一趋势将扭转过来，整个电动汽车市场将再次扩大市场份额。原因是自由市场的“无形之手”越来越多地认识到，电动汽车是移动的更有效方式。
"The Fisker story is one of a failed company, not of a failed industry," Munster posted on X.
同行中仍存在的EV生产商包括特斯拉、Rivian和Lucid Group等公司。
"I expect EV demand will be flat-ish this year versus 2023, in large part due to a pull-forward in demand from 2019 to 2023, and in small part due to the higher costs of EVs," Munster continued.
尽管市场看跌许多电动汽车参与者，但一些专家，包括Deepwater Asset Management的合伙人Gene Munster，仍然持乐观态度。Munster在X上发布的内容：“菲斯克的故事是一家失败的公司的故事，而不是一个失败的行业的故事。”
"In 2025, I expect the trend to reverse and the broader EV market to gain share once again. The reason is that the invisible hand of the free market will increasingly recognize that EVs are a more efficient way of moving around."
“我预计，今年电动汽车的需求将与2023年基本持平，这在很大程度上是因为需求从2019年提前到2023年，以及电动汽车成本的增加。”Munster继续指出，“到2025年，我预计这一趋势将扭转过来，整个电动汽车市场将再次扩大市场份额。原因是自由市场的“无形之手”越来越多地认识到，电动汽车是移动的更有效方式。
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Photo: T. Schneider on Shutterstock
照片：Shutterstock上的T. Schneider