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EV startupFiskeris pausing production of its electricOcean SUVfor six weeks as it scrambles for a hard cash extract .
The fellowship said in a Monday morningregulatory filingthat it had just $ 121 million in immediate payment and cash equivalents as of March 15th , $ 32 million of which is qualify or not straightaway accessible . Fisker also read Monday that its accounts payable residue is up to $ 182 million and that there is “ hearty doubt ” that it can continue surgical operation without provoke new capital letter , after enounce inFebruarythat it was likely to come out such a word of advice .
The filing comes at a troubling consequence for the inauguration , which blend public in 2020 when it merged with a special purpose acquisition company . Fisker started ship the Ocean SUV in the U.S. and Europe in the middle of 2023 , but the rollout has been plagued by problematic software and lackluster client service , asTechCrunch latterly reported . The National Highway Traffic Safety Administration is investigating the Ocean for rollaway problems and issuing with the brake organisation . Fisker herald in February it waslaying off 15 % of its faculty , or around 200 people .
Fisker eat up 2023 having ship roughly 5,000 of the 10,000 cars that its contract fabrication partner , Magna Steyr , bring forth . The companionship said Monday that it deliver 1,300 vehicles in January and February and still has or so 5,000 in stocktaking in the U.S. and Europe .
It ’s currently endeavor to pivot away from a direct sales poser in favour of dealer partnership , though at least one of the first dozen - or - so early principal partners has alreadywalked away from the inauguration . The Wall Street Journal reported last week that it has take restructuring advisor to evaluate apotential bankruptcy filing .
Relief could be unmanageable to come by . self-propelling manufacturing is unbelievably expensive , even for a company like Fisker , which is outsource much of the work to suppliers like Magna . Fisker terminate 2023 with $ 326 million in cash , and even though Magna bring forth zero cars in January and only 1,000 since February 1 — figures Fisker shared for the first sentence on Monday dawn — it still drain its John Cash reserves by around $ 200 million across the last 11 week .
Fisker said Monday that it remains in negotiations with an automaker about a possible partnership that could lend an investment ; Reuters hasreportedthat this automaker is Nissan . In the near - terminal figure , Fisker said Monday it is trying to raise $ 150 million through the cut-rate sale of transformable notes . That hatful , with an undisclosed investor , is not final and the funds will be liberate in $ 35 million tranches that are subject to a bit of condition .
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At the same time , Fisker announced that it is late in filing its one-year upshot for 2023 , include missing the 15 - day extension full stop from the SEC that pass away March 15 . That has triggered a default option in one of the caller ’s other convertible bank bill . While Fisker enounce the investor behind those note has forgo the default , the investor can still convert the amount remaining on the note — which as of late January was more than $ 300 million — into shares .
