Fisker’s latest earnings report revealed that the company was worried it would not survive in its current form. The company is estimated to be in debt for over $1 billion. In the report, Fisker noted that it was negotiating with a large automaker for an investment and joint development, which was later found out to likely be Nissan. However, a few days ago, news broke that negotiations fell through. Company shares have plummeted to below $1, and things don’t look good for the company from the outside. Finance experts expect bankruptcy sometime in the future.
At one point, Fisker was seen as a potential competitor to Tesla. However, it lost the battle after failing to get cars into customers’ hands, and subsequently filing for bankruptcy. After its revival in 2016, not much seemed to have changed on the surface — Fisker has still struggled to get EVs sold and out the door. The Fisker Ocean was seen as the make-or-break moment for the EV company, but it seems the result may be the latter with these price cuts.
InsideEVs estimates that roughly 4,700 cars remain in inventory, with the majority built last year. This latest price slash looks to be another attempt to snag whatever money the company can in the short term.
