EV-manufacturer Fisker announces it has secured $150 million in funding; plans to temporarily pause production
Fisker, the California-based electric vehicle manufacturer, is reporting that it has secured $150 million from a current investor to help the start-up EV manufacturer with some of its financial issues.
Fisker announced in October of 2022 plans to manufacture its affordable PEAR electric vehicle at Foxconn's facility in Lordstown - which was previously owned by General Motors until 2019 - but recently put those plans on the back burner over its money problems.
According to Fisker, the funding will be provided in four installments, along with certain conditions for the financing.
The EV is said to still be in negotiations with a yet-to-be-named large automaker for "a potential transaction which could include an
investment in Fisker, joint development of one or more electric vehicle platforms, and North America manufacturing.
According to the company, Fisker globally delivered approximately 1,300 vehicles and produced nearly 1,000 EVs in the first two and a half months of this year, with approximately 4,700 vehicles in its current inventory.
The EV manufacturer is set to pause production for six weeks to align inventory levels while working on its finances.
Days ago, it was reported that Fisker had hired advisors to assist with a potential bankruptcy filing after losing $463.6 million in the last quarter of 2023.
21 News has reached out to Fisker to see if the financing will change the EV manufacturer's plans here in the Valley.