"Fisker's Cash Warning Sends Investors Running for Cover, Stock Slumps"
Fisker's shares plummeted nearly 47% after the electric vehicle startup warned of going-concern risks, job cuts, and a pause in future investments until securing a manufacturing partnership, leading to concerns about its ability to operate. The company's struggles reflect broader challenges in the EV sector, including high interest rates, range anxiety, and consumer preference for hybrids. Fisker's cash and cash equivalents decreased significantly, and it anticipates challenges in covering expenses over the next 12 months. The company is seeking a manufacturing partner and considering a shift to a dealer-partner model, while also exploring investment and joint development opportunities with a large automaker.