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Fisker warns it’s running out of cash and may not make it through 2024
The company is running out of cash.
But the company’s asset-light business model, relying on Magna Steyr, an Austrian contract manufacturer for Mercedes-Benz and BMW, to build the Fisker Ocean SUV, has yet to prove successful. Last year, a short seller released an explosive report alleging that Fisker’s current cash balance was tied up in undisclosed bank guarantees to Magna Steyr. The landscape for pure EV companies has gotten more difficult in the past year, as some customers are proving reluctant to make the switch to full-electric vehicles, citing sticker shock and unreliable charging networks.
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