Somewhat improbable but apparently true tale of a Fisker Ocean EV that was total due to a door ding. Apparently the insurance company could not find replacement parts at any price and just gave up on it. Owner seems pretty unhappy with Fisker. Fisker Ocean Totaled After Tiny Door Ding Souring EV Dream | Carscoops
Another Fisker story: Henrik Fisker’s LA Home Worth More Than His EV Company | Carscoops They say that real estate is a safe investment, and Henrik Fisker is living proof. The founder and CEO of the struggling EV company is selling his Los Angeles home for $35 million. For those keeping track, that’s $8 million more than the current value of his company, Fisker Inc. As of this writing, the troubled automaker’s stock is valued at just a little over 5 cents per share, resulting in a market capitalization (the total value of every available share in a company) of $26.8 million. This low valuation comes as a result of tumultuous start to 2024, during which its stock fell by more than 96 percent, leading to the company’s delisting from the New York Stock Exchange. Bob Wilson
It was more than a ding, with hinge and possible frame damage. A ding could be repaired without parts from the manufacturer.
I can't imagine that there is not a single body shop in that town with the abilities to rebuild fiberglass panels. Or sheet metal. Or carbon fiber. They may be expensive, but fabricators do this kind of work all the time.
That's not the point of the story. This isn't about the car. It's about the insurance company. They didn't want to be on the hook for the coverage for FUTURE incidents. Think about it. The insurer cut a check for $53k to the owner (probably FAR from making them whole on their investment!) That means that the blue jelly-bean shaped car on the skid truck is now only worth about $20k in parts - maybe and there's now about a ZERO percent chance that anybody else driving the things are going to get their coverage renewed. Perhaps, but not a BEV car company. Not with the stank of being the Delorean Car Company of the 2020s. Still.... I'll take a hundred shares of his future company! ....at a penny apiece.
Time will tell. Insurance rates are probably fairly cheap for your Bolt because there are lots and lots of GM dealers out there and there is a commonality of parts with whatever cars (Sonics?) were built on the same platform. If the insurance company has to foot the bill for repairs, there is a fairly predictable liability burden. Otherwise? Yeah - you'll get Fiskered...
Many poor decisions are made in plain sight, not in blindness. Often bank failures are the result of buddy-buddy transactions.
