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Cash-strapped Fisker's shares skid nearly 47% on Friday after the electric vehicle startup flagged going-concern risks, job cuts and a pause in investments into future projects until it secures a partnership with a manufacturer.
The fledgling electric-car startup Fisker appears to be struggling, based on its 2023 fourth-quarter and full year earnings call on Thursday. The company reported that there is «substantial doubt about Fisker's ability to continue as a going concern,» citing cash on hand as an issue. Despite $200 million in revenue in the fourth quarter, underperforming sales led to $463 million in net losses over the same period. As a result, the automaker announced it will lay off 15 percent of its workforce as one way to cut costs. There may be more layoffs coming to Fisker in the future as well. New Dealer Model Has to Work «To the extent Fisker’s current resources are insufficient to satisfy its requirements over the next 12 months, the company will need to seek additional equity or debt financing, and there can be no assurance that Fisker will be successf
After recently confirming that Fisker is working on an investment deal with a major automaker, a new report has surfaced stating that Nissan is in «advanced talks» with the American EV startup for a potential deal.
Nissan is reportedly in talks to invest $400 million (£316m) in ailing electric car start-up Fisker.
Nissan may build the Fisker Alaska electric pickup truck, as well as a derivative sold under its own brand name, Reuters reported Friday.
The future of Fisker looks grim. The company admitted on Friday it might only be a year away from going out of business following a net loss of over $463 million in 2023. But not all hope is lost. The company says it's negotiating with a "large automaker" that could bring additional investment, joint vehicle development opportunities, and North American manufacturing.
Development work for the affordable Fisker Pear electric vehicle has been paused, according to company CEO Henrik Fisker. During the automaker's earnings call yesterday, the chief executive confirmed that the Pear — expected to cost less than $30,000 — will be delayed as the company seeks investment from other automakers.
Electric vehicle startup Fisker is planning to lay off 15% of its workforce and says it likely does not have enough cash on hand to survive the next 12 months. The company says it is trying to find a way to raise that money as it works through a pivot from direct sales to a dealership model.