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

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

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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%)

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Stocks Mentioned

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

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