Fisker (FSR) Has Become Fiscally Frantic. Deal Talks with Large Automaker End, Down ~28%
PRISM EV Index laggard and electric vehicle automaker, Fisker Inc. (FSR) has reported that its discussions with large automakers have ended. As the company’s shares have fallen ~28%, its chances of bankruptcy have increased. Over the past year, the stock is down ~98% as its market share has plummeted to $72M from its 2021 peak of $4.1Bn. Last week, the company paused its electric vehicle production and will not be able to meet a closing condition for its attempted $150M raise through the sale of convertible notes as it missed an interest payment. The company intends to propose a reverse stock split at its shareholder meeting on April 24th.
EV start ups have struggled this year as consumers have seemed to turn their interests to more hybrid vehicle models. Even giants such as Tesla (TSLA) have cited struggles to compete, as Musk has decided to cut some of its production at his China plant.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by designing and developing individual mobility in alignment with nature. Passionately driven by a vision of a clean future for all, the company is on a mission to create the world’s most sustainable and emotional electric vehicles. To learn more, visit Fiskerinc.com and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, X, YouTube, and LinkedIn.
