Fisker stops production for six weeks, barely has any cash left

Vlad, 19 March 2024

Fisker hasn't been having a great time in recent weeks, and now things have gotten even worse. Fisker has just notified the SEC that it's halting production of its Ocean EV for six weeks starting immediately. This is done in order to "align inventory levels and progress strategic and financing initiatives". Fisker made zero cars in January, and about 1,000 from February 1 to March 15.

Fisker has also reiterated that there is "substantial doubt" in its ability to continue operations in the future. Its money bags are almost empty - Fisker's cash and equivalents now stand at just $120.9 million as of March 15, down from $325.5 million at the end of last year and $736.5 million at the end of 2022. Fisker skipped an $8.4 million interest payment last week in order not to affect that dwindling cash stockpile.

Fisker stops production for six weeks, barely has any cash left

For what it's worth, the company says it's still pursuing negotiations with "a large automaker" that could include an investment, a joint EV platform development, and North American manufacturing for the ailing startup. This is probably Nissan, as reported not long ago, but things got complicated recently when Nissan entered a partnership for joint EV development with Honda.

That of course doesn't mean Nissan has stopped wanting to invest in Fisker or to give it access to its North American production lines, but it's not a great sign for Fisker either. No matter what happens, it seems like Fisker's future is really uncertain at the moment.

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