Please ensure Javascript is enabled for purposes of website accessibility

Fisker Gives Up on Solid-State Batteries (for Now)

By John Rosevear - Mar 1, 2021 at 9:40AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Henrik Fisker said that the company has put its battery-development effort on hold.

The CEO of electric-vehicle start-up Fisker (FSR 1.98%) said that the company has dropped plans to develop solid-state batteries for its vehicles. 

In an interview with tech website The Verge posted last week, Henrik Fisker said that completing development of the batteries had proved much more difficult than expected when the company first announced the program in 2017.

At that time, Fisker said that it had attained a breakthrough in developing so-called solid-state batteries, a technology that -- if perfected -- could give electric vehicles (EVs) more range with less weight and lower cost, as well as quicker recharging times.

A silver Fisker Ocean, a sleek electric SUV.

Fisker's electric Ocean SUV will be powered by conventional lithium-ion batteries when it arrives next year. Image source: Fisker.

A solid-state battery that can be mass-produced at a reasonable cost is something of a holy grail for EVs. Such a battery has eluded researchers for decades, though recent efforts by companies including Volkswagen-backed QuantumScape (QS 3.33%) have shown significant potential. 

Fisker claimed in 2017 that its solid-state batteries could enable 500 miles of range with recharging times as low as one minute. It said then that it was just a few months away from finalizing the battery's design.  

But soon after it made that claim, QuantumScape sued Fisker, alleging theft of trade secrets. Fisker eventually settled that lawsuit for $750,000.

Fisker now plans to use conventional lithium-ion batteries for its first two EVs, which will be manufactured under contract by Magna International (MGA 1.90%) and Foxconn, also known as Hon Hai Precision Industry (HNHPF 0.00%)

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Fisker, Inc. Stock Quote
Fisker, Inc.
$9.80 (1.98%) $0.19
Magna International Inc. Stock Quote
Magna International Inc.
$61.56 (1.90%) $1.15
QuantumScape Corporation Stock Quote
QuantumScape Corporation
$11.18 (3.33%) $0.36
Hon Hai Precision Industry Co., Ltd. Stock Quote
Hon Hai Precision Industry Co., Ltd.
$7.34 (0.00%) $0.00

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/26/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.