Fisker Issues Voluntary Recalls to Address Software Issues via Over-The-Air Updates in North America and Europe

LOS ANGELES--(BUSINESS WIRE)--Fisker Inc. (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, announced today that it has issued two voluntary recalls for vehicles in North America and Europe for software-related issues.

Fisker is issuing a voluntary safety recall for a total of 11,201 Fisker Oceans across the U.S., Canada, and Europe. As these vehicles’ current Motor Control Unit (MCU) and Vehicle Control Unit (VCU) software may cause the vehicle to enter a safe state protection mode, potentially leading to a loss of motor power, all affected vehicles will receive an update to version OS 2.1 of Fisker’s vehicle software via an over-the-air (OTA) process.

Fisker is also issuing a voluntary noncompliance recall for 6,864 Fisker Oceans in the U.S. and 281 in Canada. As these vehicles do not currently comply with certain Federal Motor Vehicle Safety Standards (FMVSS) standards regarding gauges and telltale icons in the cluster display, all affected vehicles will receive an update to version OS 2.1 of Fisker’s vehicle software via an OTA process.

The National Highway Traffic Safety Administration (NHTSA) and Transport Canada (TC) are in the process of posting these recall notices on their websites. Vehicles already updated to OS 2.1 are not affected by these recall actions, and Fisker expects to complete the OTA software update process by June 30, 2024. The company informed its dealer partners of these recall actions on May 30, 2024, and will notify owners by June 30, 2024.

For further information, owners can contact Fisker directly by calling toll-free at 1-844-FISKER1 from 6 AM to 7 PM Pacific Time, Monday through Friday, or via the website at www.fiskerinc.com/contact.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by the vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube, and LinkedIn.

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Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," “expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, the Offering and issuance of additional notes pursuant to the securities purchase agreement, the Company’s future performance, expansion of operations, and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance or future events and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker's limited operating history; Fisker’s ability to continue as a going concern; Fisker's ability to enter into additional manufacturing and other contracts with Magna, OEMs, or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed-upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker's ability to execute its business model, including market acceptance of its planned products and services; Fisker's inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker's inability to develop a sales distribution or dealership network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker's Annual Report on Form 10-K, under the heading "Risk Factors", filed with the Securities and Exchange Commission (the "SEC"), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.