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Fisker pauses production with just $121 million in the bank
The EV startup has stopped making cars as it scrambles for cash and pivots to a dealership model following a rough rollout.
Fisker also said Monday that its accounts payable balance is up to $182 million and that there is “substantial doubt” that it can continue operations without raising new capital, after saying in February that it was likely to issue such a warning. Fisker started shipping the Ocean SUV in the U.S. and Europe in the middle of 2023, but the rollout has been plagued by problematic software and lackluster customer service, as TechCrunch recently reported. At the same time, Fisker announced that it is late in filing its annual results for 2023, including missing the 15-day extension period from the SEC that expired March 15.
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