:max_bytes(150000):strip_icc()/GettyImages-1857201898-832231a0e1704791b07aecad4592916e.jpg "Struggling EV Maker Fisker Set to Pause Production for Six Weeks, Secures $150M")
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Key Takeaways
- Struggling electric vehicle maker Fisker said it will pause production for six weeks.
- Fisker also announced that it had secured up to $150 million in new financing and is in talks with a “large automaker” that could invest in or partner with the EV maker.
- Fisker warned earlier this month it might not be able to continue “as a going concern.”
Struggling electric vehicle maker Fisker (FSR) said Monday it was pausing its production for six weeks and had secured $150 million in financing from an existing unnamed investor.
Fisker said the production halt, which begins Monday, is intended to “align inventory levels and progress strategic and financing initiatives.”
The company also said that it is continuing negotiations with “a large automaker” for a potential agreement that could include “an investment in Fisker, joint development of one or more electric vehicle platforms, and North American manufacturing.”
Earlier this month, the car maker said that it would be seeking additional cash because its “current resources are insufficient to satisfy its requirements over the next 12 months,” and it warned that “there is substantial doubt about its ability to continue as a going concern.”
Last week, The Wall Street Journal reported that Fisker was considering filing for bankruptcy.
Fisker shares were down 2 cents at 15 cents per share as of 2:00 p.m. ET. The stock has lost 90% of its value since the start of the year.