EV start-up Fisker announced it has received another $150 million from an existing investor, while it negotiates with a large automaker on a possible deal that could include a jointly developed EV platform.
Fisker said the existing investor holds its 2025-dated convertible notes, and the financial boost will be organized in four segments, contingent upon specific conditions.
Fisker did not name the potential partner automaker, but said the deal could include an investment in Fisker, joint development of one or more EV platforms, and North America manufacturing.
At the same time, Fisker announced it is pausing production on its all-electric Ocean SUV for six weeks, as of March 18, to “align inventory levels and process strategic and financing initiatives.”
The news comes on the heels of reports from The Wall Street Journal that Fisker may be preparing for a bankruptcy filing. In late February, Fisker reported a net loss of $463.6 million in the fourth quarter of 2023.
It also said its business plan is “highly dependent” on successfully transitioning to a new “dealer partner” model in 2024, as opposed to a direct-to-consumer structure. CEO Henrik Fisker said more than 250 dealers worldwide had expressed interest in the model since it was announced in January, and 13 had signed agreements.
The company said in 2023, it produced 10,193 Ocean SUVs but only delivered 4,929.
As of mid-March, Fisker had produced around 1,000 vehicles in 2024 and delivered 1,300 globally, with current inventory standing at approximately 4,700 vehicles, valued at just over $200 million.
