Fisker Inc., the California-based electric vehicle startup behind the Ocean battery-powered SUV, has had as hard a road to long-term stability as any EV newcomer. But lately, things have been especially challenging. It recently warned it may run out of money this year, is dogged by looming bankruptcy rumors and was on the receiving end of an especially scathing YouTube review. Now, the automaker says it's getting a $150 million lifeline from an investor, but also pausing production for six weeks.
The move was done “to align inventory levels and progress strategic and financing initiatives,” the company said in an official document released yesterday. It comes after a report from The Wall Street Journal claimed the startup, founded by car designer Henrik Fisker, is preparing for a possible bankruptcy filing.
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Fisker puts the brakes on the Ocean, at least for now
Fisker is pausing the production of the Ocean electric SUV for six weeks after its inventory swelled to approximately 4,700 cars. The news comes after a report that claimed the troubled automaker could be facing bankruptcy.
According to Fisker, its contract manufacturing partner in Austria built approximately 1,000 vehicles in 2024 through March 15 and the company delivered roughly 1,300 EVs globally during the same timeframe. However, as it stands today, Fisker still has about 4,700 vehicles in its inventory, some carried over from 2023 and some that were manufactured this year.
In the same document, the EV maker said it received a financing commitment from an existing investor for up to $150 million of gross proceeds, which should keep the lights on for some time. Furthermore, Fisker said it’s “continuing negotiations with a large automaker” that could result in an investment in the troubled startup, the joint development of at least one EV platform, as well as a deal to build electric cars in North America.
A previous report from Reuters suggests that Nissan is the large automaker in question, which could invest more than $400 million in Fisker’s truck platform and manufacture the Alaska EV at one of its U.S. factories. At the same time, Nissan would be able to build its own electric pickup based on Fisker’s underpinnings.
Gallery: 2023 Fisker Ocean
Fisker currently has just one model on sale—the Ocean SUV—but it wants to make at least two more models. The smaller Pear was supposed to be the next model in line, initially scheduled to go into production next year with a starting price of just under $30,000, but that’s no longer the case.
Now, the Ocean-based Alaska pickup has been moved up on the priorities list, with CEO Henrik Fisker saying last month that the company won’t dump any more money into future product development unless it partners with another carmaker. The electric pickup is supposed to go into production in 2025 with a starting price of around $45,000. If the company survives until then, that is.
In February, Fisker warned its investors that it may not have enough cash to survive the next 12 months and that the company needs to “prepare for another difficult year.”
