Fisker, the company that makes the Ocean SUV (above), has announced that production will stop for six weeks starting March 18, 2024. In a news release, the company said that the break would allow it to “align inventory levels and progress strategic and financing initiatives.” A “large automaker” who did not want to be named is still talking with the company about making EV platforms in the United States. Fisker, a new company that makes electric cars, has stopped production for six weeks starting today, March 18. This is because of a bad earnings call in late February that showed many layoffs. In a press statement, Fisker said that the delay would give the factory time to “align inventory levels and progress strategic and financing initiatives.” Even though production has stopped, the carmaker is in talks with an unnamed “large automaker” to join forces and improve their products. The partnership could work together to create an EV base or make deals to make things in the US. In order to end any negotiations, Fisker said that the company must meet the requirements set out in the statement “completion of due diligence, negotiation, and execution of appropriate definitive agreements.” The business also told people about a new round of funding and a report from an investor they already have. Like the “large automaker” talks, the extra money is contingent upon Fisker filing the 2023 Form 10-K, which the US Securities and Exchange Commission needs. Fisker thinks that the most recent round of fundraising will bring in as much as $150 million. This money will be given to the maker in four parts by the owner of the company’s 2025-dated convertible notes (securities). A Wall Street Journal story from late Monday said that the company’s shares fell 16% that day and have lost about 90% of their value this year. The company was said to have made 10,193 cars in 2023, but only 4,921 were actually shipped. Fisker said in 2024 that it built “approximately 1000” cars between January 1 and March 15 and that about 1,300 of them were shipped. The EV company has already said that it will be making three new models in 2025 and 2026: the Alaska truck, the less expensive Pear SUV, and the Ronin, a halo sports car.
