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The Fisker Ocean electric SUV was unveiled ahead of the 2021 Los Angeles Auto Show.
new york
CNN
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Mr. Fisker The electric car company founded by car designer Henrik Fisker announced in its fourth-quarter results Thursday that it may not have enough cash to survive another year.
“Fisker's ability to continue as a going concern is in serious doubt,” the company said in a statement. The company needs to raise more capital from investors to ensure it has the cash to operate over the next 12 months. Fisker's stock was trading at 75 cents per share at the close of trading Thursday, but has fallen to just over 40 cents this morning.
The EV maker said in the announcement that it is in discussions with existing investors about the possibility of injecting further capital into the company. The company also plans to lay off 15% of its workforce to cut costs.
Fisker had a loss of $463.6 million in the fourth quarter of 2023 on revenue of $200 million. This includes his $325 million adjustment related to convertible notes. The company's operating loss was $103.5 million.
Fisker, which sells the electric SUV Ocean, has adopted an unusual business model in which it outsources the entire manufacturing of the one model it currently sells. The Ocean is manufactured in Austria by Magna, which also makes vehicles for Mercedes-Benz, BMW, and Jaguar.
“2023 has been a challenging year for Fisker, with supplier delays and other issues preventing us from delivering the Ocean SUV as quickly as expected,” founder and CEO Henrik said in a statement. It was,” he said.
Last year, Magna produced more than 10,193 Fisker SUVs, but less than half of them were delivered to customers within the calendar year, the company announced. Fisker added that it expects to deliver about 20,000 units this year.
Fisker did not file its full 2023 annual report, a formal Form 10-K, because it needed more time to complete the report and had until March 15th. The company said it is scheduled to be submitted. “Significant weakness in earnings and related balance sheet accounts,” which will be disclosed in the 10-K report.
Fisker's original business plan, like Tesla, featured selling directly to customers without an independent dealer in the middle. However, Fisker changed its strategy this year and began contracting with franchised dealers. Fisker recently announced that the company has signed agreements with 12 dealers in the United States and Europe.
Fisker is founder Henrik Fisker's second car company. His first company, Fisker Automotive, produced Fisker's plug-in hybrid luxury car called the Karma. The company filed for bankruptcy in 2013 after Hurricane Sandy wiped out much of its inventory.
