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Fisker has paused manufacturing of its Ocean electrical SUV for six weeks because it seeks to attract down stock and safe extra financing.
To the funding level, Fisker confirmed Monday that it has secured “a financing dedication from an current investor” of as much as $150 million.
The corporate has about 4,700 automobiles in stock value about $200 million, based on the identical firm assertion. The manufacturing pause at contractor Magna’s Graz, Austria, manufacturing unit is meant to provide Fisker time to promote a few of these automobiles.
Fisker Ocean
Fisker shipped roughly 5,000 of 10,000 automobiles produced by Magna in 2023, and claimed to have delivered roughly 1,300 in January and February of this 12 months. The corporate, which has pointed to provider points as the explanations for the Ocean’s sluggish rollout, gave that mannequin’s prime trim stage a $7,500 worth minimize in October 2023.
Fisker additionally stated Monday that it had simply $121 million in money and money equivalents available as of March 15, $32 million of which is restricted or not instantly accessible, based on TechCrunch. With an accounts payable stability of as much as $182 million, Previous to the extra funding, Fisker reportedly informed regulators that there’s “substantial doubt” that it could actually keep away from chapter with out elevating new capital, after elevating comparable issues in a submitting final month.
Fisker Ocean
Fisker stated in a press release that it additionally stays in negotiations with one other automaker a few strategic partnership that would embody an funding. A report earlier this month pointed to Nissan because the potential companion, with the deal reportedly together with a $400 million funding towards developed of the Fisker Alaska pickup truck. Nissan would additionally reportedly manufacture the truck and get its personal spinoff.
Additionally it is making an attempt to pivot from a direct gross sales mannequin to franchised dealerships, and in its assertion launched final week stated that the management group is “laser-focused on these efforts”—referring each to that, and to the negotiations for the strategic partnership. However as TechCrunch factors out, no less than one of many first dozen-or-so Fisker sellers that signed up has already come and gone.
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