EV maker Fisker needs a financial partner to ensure its survival after a financially catastrophic 2023. There are reports it is in discussions with Nissan.
Electric car maker Fisker appears to be at a crossroads. It has just announced a 15 percent reduction in its workforce, following losses of $463 million in the fourth quarter of 2023.
The company's latest earnings report shows that its current resources are insufficient to meet its needs over the next 12 months. The fledgling EV maker has been open to finding a partner ready to invest and ensure it can continue its activities. Reports on Friday indicate that discussions with Nissan are in the advanced stages.
Failing a deal with the Japanese automaker or another company, as Fisker itself states, there is "substantial doubt" about its ability to survive.Last November, founder Henrik Fisker said his company was in talks with five manufacturers. Currently, the list has been reduced to one name - Nissan. Fisker hopes a deal can be announced soon.
Speaking to Automotive News, Fisker mentioned that the help received could include investment in Fisker itself, "co-development of one or more electric vehicle platforms and manufacturing in North America". Last month, the New York Stock Exchange issued a notice of non-compliance to Fisker because its share price had fallen below the dollar mark for 30 days. After recent announcements that the company was in its death throes, the stock plummeted to $0.47. At the time of writing, the stock is trading at $0.34.
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