Fisher is pausing production of the Ocean SUV for six weeks as it looks to secure crucial financial backing, amid doubts over its ability to continue operating.
The move comes as Fisher announces some $150 million in funding from an existing investor, who remains nameless. The money will be provided in the form of convertible notes, which are subject to interest upon repayment, and are “subject to certain conditions”, including Fisker filing a detailed financial report (known in the US as Form 10-K) for the 2023 financial year.
The funding will be allocated in four tranches.
Fisker says it remains in talks with a “large automaker” over a financial deal, which could take the form of pure investment in the California-based EV outfit, but could also see it enter into a strategic development or production partnership.
It has still not named this manufacturer, but Nissan is widely reported to be in talks regarding a potential $400 million investment into Fisker. As part of this deal, Nissan would – it is understood – have access to the platform which underpins the Fisker Alaska pick up, and would build the compact truck alongside its own related model in North America.
While these talks continue, production of the Ocean, at Magna Steyr’s factory in Graz, Austria, will be put on hold for six weeks to allow Fisker to “align inventory levels and progress strategic and financing initiatives”.
The firm says it produced around 1000 Oceans between 1 January and 15 March, and delivered around 1300 units. There are, allegedly, some 4700 cars in its inventory, claimed to worth more than $200 million.
Fisker recently paused development of its affordable compact EV, the Pear, having made a loss of $463.6m (£366m) during the fourth quarter of 2023.
The company is currently focusing its remaining cash reserves on ramping up production of the Ocean SUV, as well as rolling out further software updates for the car, he added.
It produced 10,193 Oceans and delivered 4929 across 12 countries in 2023, and expects to deliver between 20,000 and 22,000 in 2024. The company sold 144 Oceans in the UK in January.
