Troubled electric car maker Fisker has paused the production of its Ocean SUV at the Magna Steyr factory in Austria. The company is expecting to receive $150,000,000 from an anonymous investor soon, but needs more before it can continue operation.
It’s official that the production has stopped for six weeks. The reason isn’t stated, but it looks like a cost-saving measure. The investment secured thus far is expected to come in four tranches. Fisker is also expected to fulfill certain conditions to be eligible for receiving the money. Neither the conditions nor the identity of the investor is public information, though.
At the same time, the U.S. company is conducting negotiations with another potential partner interested in saving it from bankruptcy. Earlier rumors claimed it was Nissan. Allegedly, the Japanese concern considered putting over $400,000,000 into Fisker in return for its EV platform and technologies. Some reports were saying that Nissan wanted to produce a battery-electric truck inspired by the Fisker Alaska. These haven’t been confirmed or denied yet.
The media learned in early March that Fisker was on the verge of insolvency. The executives reported losses coming to $463,000,000 in Q4 2023 and stated that the company lacked funding for continued operation. Fisker had to stop working on the compact-sized Pear SUV in order to save costs.
In the meantime, the company has shipped roughly 1,300 Ocean SUVs to customers from January to mid-March 2024. It also reported having roughly 1,000 Oceans waiting to be shipped. Fisker’s current EV stock comes to 4,700 units waiting for delivery. In other words, it looks like the company is struggling with insufficient market demand alongside other issues.