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Fisker Inc

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business1 year ago

Fisker's Drastic Price Cuts Signal Fight for Survival

Fisker Inc. is facing financial turmoil and potential bankruptcy, leading the American EV automaker to slash the prices of its Fisker Ocean trims by tens of thousands of dollars in a bid to stay afloat. The company, led by founder and CEO Henrik Fisker, has been struggling with production targets and seeking assistance from a potential automotive partner, which ultimately fell through. With its stock delisted and grim times ahead, Fisker is now offering significant discounts on its Ocean SUV models, with prices reduced by $14,000 to $24,000, as it continues to pursue dealer partnerships and position the vehicle as a more affordable and compelling EV choice.

via Electrek.co|
#bankruptcy#business#ev-automaker
business1 year ago

"Fisker Addresses Bankruptcy Speculation: Key Points Revealed"

Fisker Inc. addressed rumors of potential bankruptcy, stating that it routinely works with advisers and is focused on securing additional capital and a strategic partnership with a major automaker. The company also reaffirmed its plan to transition to a dealer model and revealed its aim to partner with an unnamed carmaker or secure investment. Fisker, which went public in 2020, has faced financial challenges and a sharp decline in its stock value, but remains committed to its business strategy despite comparisons to its predecessor's bankruptcy in 2013.

via MarketWatch|
#bankruptcy#business#ev-maker
business1 year ago

"Fisker's Strategic Talks and Funding Focus Amid Bankruptcy Concerns"

Fisker Inc addressed rumors of potential bankruptcy, stating it is working with advisers as standard practice and aiming to strike a deal with another carmaker. The company's stock plummeted following reports of exploring bankruptcy and hiring restructuring advisers. Fisker emphasized its focus on raising capital, pursuing a strategic partnership, and transitioning to a dealer model. With previous financial concerns and a sharp decline in stock value, Fisker seeks to secure a partnership amid industry competition and market challenges.

via Morningstar|
#bankruptcy#business#carmaker-deal
business-automotive1 year ago

"Fisker Stock Plunges Over 40% Amid Bankruptcy Report"

Fisker Inc's stock plummeted over 40% following reports of the electric vehicle maker considering a bankruptcy filing, after warning of cash shortage and disappointing sales. The company, which went public in 2020, has hired advisers for potential restructuring. Fisker's founder, Henrik Fisker, had previously led Fisker Automotive, which went bankrupt in 2013. Shares have dropped 95% in the past year, closing 97% lower than its post-IPO price.

via MarketWatch|
#bankruptcy#business-automotive#electric-vehicles
business-automotive1 year ago

"Fisker's Desperate Search for a Lifeline: Partnering with Nissan to Avoid Bankruptcy"

Fisker Inc. is in talks with Nissan for a potential partnership and financial lifeline as it faces liquidity challenges and a going-concern warning. The electric vehicle maker reported weaker-than-expected earnings, plans to cut 15% of its workforce, and is struggling with production issues and technical glitches. Nissan may invest up to $400 million in Fisker's truck platform and build a planned pickup starting in 2026 at one of its US assembly plants. Fisker's shares plunged but recovered slightly on news of the potential rescue. The company expressed substantial doubt about its ability to continue as a going concern due to capital challenges.

via Fortune|
#business-automotive#electric-vehicles#financial-challenges
business-electric-vehicles2 years ago

"Fisker's Stock Plummets Amidst Braking Complaints and Downgrades"

Fisker Inc's stock fell below $1 after losing its most bullish analyst, who cited the company's "unanticipated growing pains" and concerns about delivery consistency, distribution strategy shift, and an NHTSA probe into the Ocean's braking performance. The analyst downgraded the stock to market perform with a price target of $1, the lowest among surveyed analysts. Fisker's shares tumbled amid reports of the NHTSA probe and concerns about delivery delays, regulatory approvals, and margin pressure due to a new dealer-partnership business model. The stock has plummeted 85.4% over the past three months, while the Global X Autonomous & Electric Vehicles ETF has slipped 3.4% and the S&P 500 index has gained 8% in that time.

via MarketWatch|
#analyst-rating#business-electric-vehicles#electric-vehicles
business2 years ago

"Fisker Secures $150 Million Investment Boost from Existing Backer for EV Expansion"

Electric vehicle startup Fisker Inc has raised $150 million from an existing institutional investor through the issuance of convertible bonds, with an additional $550 million in funding available. The company plans to use the proceeds to increase deliveries of its flagship Ocean sports utility vehicle. This investment follows a previous convertible notes offering of $340 million in July.

via Reuters|
#business#convertible-bonds#deliveries
automotive2 years ago

Fisker Set to Boost Ocean EV Production in Q4

Fisker Inc. plans to increase production of its Ocean SUV in Q4, aiming to reach 300 units per day with the help of contract manufacturer Magna Steyr. However, the American automaker has already revised its annual production guidance twice, lowering it to 20,000 to 23,000 Ocean SUVs. Fisker has faced challenges in meeting its original targets, but hopes to make progress with the ramp-up in production. The company anticipates receiving 5,000 Ocean One launch editions from Magna by the end of the month and is focused on delivering vehicles to its customers. The upcoming Q3 report will provide further insight into Fisker's production progress.

via Electrek.co|
#annual-guidance#automotive#fisker-inc
business2 years ago

Nikola Halts Truck Production Following Large Quarterly Loss.

Nikola Corp reported a bigger quarterly loss and will pause production to streamline the assembly line at its Arizona factory amid sluggish demand for its battery-powered trucks. The company plans to convert the line to accommodate both hydrogen fuel cell and battery electric trucks and will resume production in July with the first saleable hydrogen fuel cell trucks. Fisker Inc also cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and reported a smaller first-quarter loss.

via Reuters|
#business#ev#fisker-inc
business2 years ago

Fisker lowers production forecast and sees stock drop.

Fisker Inc has lowered its 2023 production target due to supply chain issues, easing demand, and a tight cash position. The company now expects to produce between 32,000 and 36,000 units in 2023, compared with its previous target of 42,400 cars. Many US electric-vehicle startups are struggling to ramp up output, with market leader Tesla also cutting prices to stoke demand. Fisker had about $652.5 million in cash and cash equivalents as of March 31, compared with $1.04 billion a year earlier.

via Yahoo Finance|
#business#cash-position#ev-startups