Fisker pauses manufacturing, with glut of undelivered EVs

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 dedication from an present investor” of as much as $150 million.

The corporate has about 4,700 autos in stock value about $200 million, in response to 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 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 corporate, which has pointed to provider points as the explanations for the Ocean’s sluggish rollout, gave that mannequin’s high trim degree 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 response to TechCrunch. With an accounts payable stability of as much as $182 million, Previous 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 Ocean

Fisker stated in a press release 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 spinoff.

It is usually trying to pivot from a direct gross sales mannequin to franchised dealerships, and in its assertion launched final week stated that the management workforce is “laser-focused on these efforts”—referring each to that, and to the negotiations for the strategic partnership. However as TechCrunch factors out, no less than one of many first dozen-or-so Fisker sellers that signed up has already come and gone.

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