Fisker is pausing manufacturing of the Ocean SUV for six weeks because it appears to safe essential monetary backing, amid doubts over its potential to proceed working.
The transfer comes because the EV agency publicizes some $150 million in funding from an current investor, who stays anonymous.
The cash shall be offered within the type of convertible notes, that are topic to curiosity upon reimbursement, and is “subject to certain conditions”, together with Fisker submitting an in depth monetary report (recognized within the US as Form 10-Ok) for the 2023 monetary 12 months.
The funding shall be allotted in 4 tranches.
Fisker mentioned it stays in talks with a “large auto maker” over a monetary deal, which might take the type of pure funding or a strategic improvement or manufacturing partnership.
It has nonetheless not named this producer, however Nissan is broadly reported to be in talks relating to a possible $400m funding into Fisker.
It’s understood that as a part of this deal, Nissan would have entry to the platform that underpins the Fisker Alaska and would construct the compact pick-up truck alongside its personal associated mannequin in North America.
While these talks proceed, manufacturing of the Ocean at Magna Steyr’s manufacturing facility in Graz, Austria, shall be placed on maintain for six weeks to permit Fisker to “align inventory levels and progress strategic and financing initiatives”.
Fisker mentioned round 1000 Oceans have been produced between 1 January and 15 March and it delivered round 1300 models. There are allegedly some 4700 in its stock, claimed to price greater than $200m.
Fisker lately paused improvement of its inexpensive compact EV, the Pear hatchback, having made a loss of $463.6m throughout the fourth quarter of 2023.
The firm is presently focusing its remaining money reserves on ramping up manufacturing of the Ocean, in addition to rolling out additional software program updates for the automotive.
It produced 10,193 Oceans and delivered 4929 throughout 12 nations in 2023 and expects to ship between 20,000 and 22,000 in 2024. It offered 144 within the UK in January.
