Fisker is laying off 15% of staff and says it needs more cash ahead of a “difficult year”

Date:

Share post:


Electric vehicle startup Fisker is planning to lay off 15% of its workforce and says it likely does not have enough cash on hand to survive the next 12 months. The company says it is trying to find a way to raise that money as it works through a pivot from direct sales to a dealership model.

“[W]e have put a plan in place to streamline the company as we prepare for another difficult year,” founder and CEO Henrik Fisker said in a statement.

Fisker said Thursday that it finished 2023 with $396 million in cash, though $70 million of that is restricted. The company says it is talking with one of its lenders about making “an additional investment” in the company. It also claims it is “in negotiations with a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and North America manufacturing.”

The company’s financial struggles come as it is trying to move to a wholesale model built around partnerships with dealers, a shift that Fisker says has “negatively impacted” its sales so far. It’s currently sitting on inventory of thousands of vehicles that are collectively worth more than $500 million. Fisker says it has received interest from around 250 dealerships but has only signed up 13 to date.

Fisker has also been dealing with a number of problems with its Ocean SUV, its only model so far, as TechCrunch reported earlier this month.

This story is developing…



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

7 Waymo robotaxis block traffic to San Francisco freeway on-ramp

Seven Waymo robotaxis blocked traffic moving onto the Potrero Avenue 101 on-ramp in San Francisco on Tuesday...

Alphabet X’s Bellwether harnesses AI to help predict natural disasters

The world is on fire. Quite literally, much of the time. Predicting such disasters before they get...

Don’t blame MKBHD for the fate of Humane AI and Fisker

Humane AI raised more than $230 million before it even shipped a product. And when it finally...

Dark Space is building a rocket-powered boxing glove to push debris out of orbit

Paris-based Dark Space is taking on the dual problems of debris and conflict in orbit with their...

Adtech giants like Meta must give EU users real privacy choice, says EDPB

The European Data Protection Board (EDPB) has published new guidance which has major implications for adtech giants...

LinkedIn testing paid Premium Company page with AI-assisted content creation

LinkedIn — the social platform that targets the working world — has quietly started testing another way...

TikTok starts testing its Instagram competitor TikTok Notes in Canada and Australia

TikTok is rolling out its Instagram competitor, TikTok Notes, in select markets. The app is available on...

Cherub, an angel investing community inspired by dating apps, entices investors and founders to pair up

Jaclyn Johnson and Angeline Vuong were on a hike deliberating how hard it can be for people...