Plans by California-based Fisker Incorporated to manufacture a small electric vehicle at Foxconn’s plant in Lordstown are on the back burner as Fisker struggles to survive.

Fisker reported a loss of $463.6 million in the final quarter of 2023 primarily attributed to a combination of operating losses and adjustments related to its 2025 notes.

During an investment conference call on Thursday, Fisker Chairman and CEO Henrik Fisker said the company is not planning to spend cash on future projects until it has a strategic partnership in place with an automaker.

Those two projects on hold are the Alaska pickup truck and the affordable PEAR electric vehicle.

Foxconn announced in October 2022 that it had reached an agreement with Fisker to manufacture the PEAR at Foxconn’s Lordstown facility, which is the former General Motors Assembly plant. 

Fisker originally said it planned to begin production of the PEAR in July 2025 with a price of $29,900 in the US, before incentives.

“We see in the market that the biggest opportunity for growth and opportunity and getting speed to the market is with the Alaska," Henrik Fisker told reporters on Thursday. “The internal team is now focused on Alaska and so that would be at this moment what I see as our next vehicle. But Pear would also be as important as well because it is a very affordable vehicle, but we do have to prioritize."

Announcing that there is substantial doubt about Fisker’s ability to continue as a going concern, the company said in a news release that its current resources may not be sufficient to survive over the next year without additional equity or debt financing.

Henrik Fisker said his company is in negotiations with an as-yet-unnamed large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and North American manufacturing.

Asked about the status of the company’s relationship with Foxconn, Henrik Fisker referenced the ongoing negotiations with the automaker.

"We as a company can only concentrate on one strategic partner. We obviously have to look at who offers the best deal, who is the best for us, and that's the group right now we're negotiating with,” said Fisker.

The company is also adjusting to changing the marketing of its flagship Ocean EV model from direct sales to selling the EVs in brick-and-mortar dealerships.

Last month Fisker received a delisting notification from the New York Stock Exchange after its stock prices remained below a dollar for 30 days.

Fisker responded with a statement saying that it intends to remain listed on the NYSE and is considering all available options to regain compliance with the NYSE’s continued listing standards, including, but not limited to a reverse stock split.