Marko Hanželic
The company Fisker, which has been struggling for quite some time, announced a six-week suspension of production of its vehicle Ocean SUV and secured the $150 million investment the company desperately needs. The news comes just days after Fisker revealed it was laying off 15 percent of its workforce, hiring restructuring consultants to prepared a plan for bankruptcy, and that its survival is in full jeopardy.
150 million injection -- secured in four tranches, or installments -- won't be enough to secure the brand's long-term future, but it could help keep the bankrupts out of the door long enough for Fisker to strike a deal with one of the big automakers it's reportedly already in talks with. Reuters is last week as a possible interested party Nissan, although neither side has confirmed they are negotiating with the other.
Fisker says it's a contract manufacturer Magna produced 1.000 Ocean SUVs this year in Graz, Austria. However, the line has been idle for a month and a half since March 18 in order to "matched inventory levels", an acknowledgment that the EV market has slowed and that Fisker has too many cars it hasn't been able to sell yet. According to the company, it was among the first two and a half months in 2024 sold worldwide 1.300 Oceans, but still has 4.700 cars in stock, worth an estimated $200 million.
A startup based in the US says it is still in talks with an unnamed automaker in hopes of securing a major investment in the company, a partner to develop one or more electric vehicle platforms and possible access to North American manufacturing. In addition to being a company Fisker was hit by the general downturn in the electric vehicle market, it's also hampered by changes to tax credit rules that make drivers who buy electric vehicles made outside of North America or in which used batteries with materials from countries, such as China, are no longer eligible for financial assistance.
According to the report Reuters Fisker made $150 million in sales "convertible bonds". This has nothing to do with CEO Henrik's promise to build some custom roadsters for his backers, but instead means that investors receive a bond that can be exchanged for a predetermined number of shares. The company's stock, which was worth more than $12 two years ago, is now at $0,16 and has halved after media reports of a possible bankruptcy.
