Is Fisker heading for the exit?

SUSTAINABLE EV car maker Fisker appears to be in deep financial trouble and faces potential US bankruptcy.

According to reports in Reuters, the plans for a lifeline tie up with a major OEM – which would have released arranged funding – have fallen through and the company now faces delisting from the New York Stock Exchange.

Quoting an analyst, Reuters reported that “bankruptcy was inevitable”.

On the 18 March, in an effort to generate cash throughput, Fisker reduced the selling price in the US; 2023 Fisker Ocean Ultra trims were reduced from $52,999 to $34,999, and 2023 Sport trims from $38,999 to $24,999. This follows a pause in production for six weeks starting March 18, 2024, to align inventory levels and progress financing initiatives. So far, UK prices have remained steady.

However, the promising Fisker company looks to be running out of time.

UK Country Manager Matt Pretorius has been industrious in showcasing the Fisker to leasing brokers, recently supporting the Fleet Procure conference. An initial deal with broker Octopus EV saw the company first to provide leases on the Ocean.

But with thousands of customers reportedly cancelling refundable deposits, another promising EV startup looks pretty much doomed.