Fisker Says It Secured $150M in Financing

LOS ANGELES – Electric vehicle maker Fisker Inc. said Monday that it has a commitment from an existing investor to provide $150 million in financing to the cash-strapped company.

The new funding would be allocated in four tranches, Fisker said, and would be subject to certain conditions, including the filing of Fisker’s 2023 Form 10-K.

The company said it would pause production of its flagship vehicle, the Fisker Ocean, for six weeks beginning March 18 “to align inventory levels and progress strategic and financing initiatives,” according to a press release.

Fisker said it is also continuing negotiations with a “large automaker for a potential transaction.”

This transaction could include an investment in Fisker, the joint development of one or more electric vehicle platforms, and North America manufacturing, the company said.

The closing of any transaction would be subject to satisfaction of important conditions, including completion of due diligence and negotiation and execution of appropriate definitive agreements, the company said.

Fisker has produced approximately 1,000 vehicles in 2024 through March 15, and has delivered approximately 1,300 globally in that same timeframe.

Fisker had initially said it planned to build its second vehicle, the Fisker Pear, in partnership with Foxconn at its Lordstown plant.

However, the company said three weeks ago that it has placed those plans on hold. The company lost $463.6 million during the fourth quarter of 2023.

Fisker stock had plunged 13.3% by late afternoon to 15 cents per share, showing investor concerns over the production pause.

Pictured at top: A Fisker Pear prototype.

Copyright 2024 The Business Journal, Youngstown, Ohio.