Results for: Fisker Inc.

In a move to preserve cash amid financial struggles, EV startup Fisker Inc. has implemented another round of layoffs, following warnings of potential bankruptcy. Founder and CEO Henrik Fisker confirmed the cuts in an internal email, emphasizing the company’s ongoing efforts to explore potential transactions and secure funding. Fisker previously announced a 15% workforce reduction in February and has hired a chief restructuring officer to oversee financial decisions. The exact number of employees affected by the latest round of layoffs remains undisclosed.

Embattled electric vehicle manufacturer Fisker Inc. has announced its intention to seek bankruptcy protection within 30 days if it fails to obtain waivers from its debt holders or secure sufficient capital to settle its obligations. The company’s financial situation has deteriorated significantly, with cash reserves plummeting and a net loss of $463.6 million reported in the fourth quarter of 2023. Fisker has also faced setbacks with its production and sales, resulting in a production pause and price cuts on its Ocean SUV to stimulate demand. This news comes amid a broader downturn in the EV industry, with Canoo Inc. raising concerns about its ability to continue as a going concern and Lordstown Motors filing for bankruptcy protection last year.