Following recent reports that Fisker has been preparing for a possible bankruptcy filing, today the embattled automaker announced that it is suspending all manufacture of its electric vehicles. Fisker will pause production for six weeks starting the week of March 18, 2024, to align inventory levels and progress strategic and financing initiatives. Fisker further said that it has secured a financing commitment from an existing investor of up to $150 million.
The money would be organized in four tranches, but is by no means guaranteed; Fisker said it is subject to certain conditions, including the filing of the company's 2023 Form 10-K, a comprehensive report filed annually by public companies about their financial performance. EV sales in the US have slowed more broadly, but Fisker has had an especially rocky run. Arguably, it lost a degree of quality control when it ceded manufacturing to Canada-based supplier Magna. Moreover, Fisker seemingly prioritized style over substance, as borne out by build and software issues of its Ocean SUV. These issues have fueled the view that in the car world there's simply no substitute for the experience gained from making vehicles for a century, like, say, BMW has
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