"Fisker's Going Concern Doubts Spark Share Plunge"
Electric vehicle startup Fisker has raised doubts about its ability to continue as a going concern, leading to a 35% plunge in its shares. The company plans to cut its workforce by 15% and is in talks with a large automaker for a potential investment and joint development partnership, while also discussing a potential investment with a debt holder. Fisker's struggles to sell its flagship Ocean electric SUV have led to insufficient resources to cover the next 12 months, and without additional financing, it may be forced to reduce production, decrease investments, scale back operations, and cut more jobs. The company's CEO cited challenges in 2023, including delays with suppliers, and the company has been in talks with automakers for a partnership to secure additional production capacity.