Fisker Inc. issued a voluntary recall notice Wednesday for 11,201 Oceans, the only vehicle in the lineup of the troubled Southern California electric vehicle maker.
The voluntary safety recall stems from a software glitch that may cause the premium sport utility vehicle to lose power and covers Oceans sold in North America and Europe.
The company also issued a voluntary “non-compliance recall” for 7,145 Oceans sold in the U.S. and Canada. The vehicles do not meet standards for their gauges and displays.
The recall notices apply to cars that have not received over-the-air software updates to Fisker’s 2.1 operating system. Fisker expects the updates to be completed by June 30.
The notices are the latest reports of problems involving the vehicle.
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The National Highway Traffic Safety Administration previously opened four investigations into the Ocean, including one triggered by owner complaints that the SUV’s automatic emergency braking system randomly triggered.
Other probes are examining reports that a door on the Ocean will not open and about a loss of performance. The company has said it is working with the regulator.
Founded in 2016 by noted car designer Henrik Fisker, the electric vehicle startup has been in financial trouble since March when it failed to receive more than $100 million in financing and reach an alliance with a major manufacturer.
Since then, the company has stopped production, laid off workers and slashed the Ocean’s prices. It also closed its Manhattan Beach headquarters, moving to offices in Orange County. Last month, Fisker secured a $3.5-million short-term loan in a bid to stave off bankruptcy.
The company only produced about 10,200 Oceans last year, with the base model starting at $38,999. It cut prices 15% in March and there are reports it is offering certain models to its remaining employees for $20,000, not counting certain fees.
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The Real Deal reported this week that Fisker has put his Hollywood Hills mansion up for sale with a list price of $35 million. Fisker stock has collapsed and is now trading at pennies.
President Biden’s top antitrust enforcers have promised to sue monopolies and block big mergers — a cornerstone of the administration’s economic agenda to restore competition to the economy.
Below are 15 major cases brought by the Justice Department and Federal Trade Commission since late 2020 (including cases against Google and Meta initially filed during the Trump administration just before Mr. Biden took office).
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The government has won several but not all the cases. And with only a few months remaining for the current administration, the number of suits is climbing, as regulators go after dominant companies in tech, pharmaceuticals, finance and even groceries.
new video loaded: Federal Reserve Cuts Interest Rates for the First Time in Four Years
transcript
transcript
Federal Reserve Cuts Interest Rates for the First Time in Four Years
Jerome H. Powell, the Fed chair, said that the central bank would take future interest rate cuts “meeting by meeting” after lowering rates by a half percentage point, an unusually large move.
Today, the Federal Open Market Committee decided to reduce the degree of policy restraint by lowering our policy interest rate by a half percentage point. Our patient approach over the past year has paid dividends. Inflation is now much closer to our objective, and we have gained greater confidence that inflation is moving sustainably toward 2 percent. We’re going to take it meeting by meeting. As I mentioned, there’s no sense that the committee feels it’s in a rush to do this. We made a good, strong start to this, and that’s really, frankly, a sign of our confidence — confidence that inflation is coming down.