Fisker has paused manufacturing of its Ocean electrical SUV for six weeks because it seeks to attract down stock and safe extra financing.
To the funding level, Fisker confirmed Monday that it has secured “a financing commitment from an existing investor” of as much as $150 million.
The firm has about 4,700 autos in stock price about $200 million, in accordance with the identical firm assertion. The manufacturing pause at contractor Magna’s Graz, Austria, manufacturing facility is meant to offer Fisker time to promote a few of these autos.
Fisker Ocean
Fisker shipped roughly 5,000 of 10,000 autos produced by Magna in 2023, and claimed to have delivered roughly 1,300 in January and February of this 12 months. The firm, which has pointed to provider points as the explanations for the Ocean’s sluggish rollout, gave that mannequin’s high trim stage a $7,500 value reduce in October 2023.
Fisker additionally stated Monday that it had simply $121 million in money and money equivalents readily available as of March 15, $32 million of which is restricted or not instantly accessible, in accordance with TechCrunch. With an accounts payable steadiness of as much as $182 million, Prior to the extra funding, Fisker reportedly advised regulators that there’s “substantial doubt” that it could keep away from chapter with out elevating new capital, after elevating comparable considerations in a submitting final month.
Fisker Ocean
Fisker stated in an announcement that it additionally stays in negotiations with one other automaker a couple of strategic partnership that might embody an funding. A report earlier this month pointed to Nissan because the potential associate, with the deal reportedly together with a $400 million funding towards developed of the Fisker Alaska pickup truck. Nissan would additionally reportedly manufacture the truck and get its personal by-product.
It can be making an attempt to pivot from a direct gross sales mannequin to franchised dealerships, and in its assertion launched final week stated that the management crew is “laser-focused on these efforts”—referring each to that, and to the negotiations for the strategic partnership. But as TechCrunch factors out, at the least one of many first dozen-or-so Fisker sellers that signed up has already come and gone.
Source: www.greencarreports.com