Electric car manufacturer Fisker, one of the many pure electric start-ups in the field of electromobility, is not experiencing the best of times. Although the company started deliveries of the Ocean electric SUV in 2023, the start to 2024 was quite challenging.
The company does not manage to sell its cars in sufficient quantities, which is often attributed to the form of direct sales. Therefore, the automaker was supposed to begin negotiations on sales through dealers, which should accelerate the sale of several hundred million dollars worth of stock cars, according to the website Electrek.
But this week Wall Street Journal warned that the situation could be even more serious. The Fisker car company has hired the legal form of Davis Polk and financial advisors from the company FTI Consulting, who allegedly could help with the preparation for sending the company into bankruptcy. The market’s reaction did not take long.
Car company Fisker is running out of money, needs a rescue partner
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Shares, which fell 97 percent to 32 cents in 2024 compared to 2020, fell as low as 15 cents from Wednesday to Thursday. It was the biggest drop in the history of the relatively young company. Therefore, the company had to react and try to calm the situation.
In the statement for MarketWatch the automaker said it did not want to comment on various speculations. However, she added that she often cooperates with external consultants, who she uses, for example, to set up and introduce new business strategies.
The company also added that it will continue to focus on further raising funds and above all on securing a strategic partner in the form of a large car manufacturer. This apparently calmed investors and the value of the shares rose slightly.
Photo: Fisher
Fisker Ocean
The company’s difficult situation is explained by the fact that although last year according to Carscoops earned about 273 million dollars from the sale of the Ocean SUV, it was still burdened with a debt of about one billion dollars. Therefore, the company planned to lay off about 15 percent of employees. In addition, at the beginning of the year, the issue of safety was addressed when, according to the IIHS, a parked car could drive off on its own.
However, the problems are not currently solved only by the Fisker company. A number of other electric car manufacturers, such as Lucid and Rivian, are also dealing with increasing pressure to lower electric car prices and slowly declining interest.
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2024-03-15 15:10:00
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