Fisker's Growth Plans Hit Roadblock as Major Auto Deal Collapses
Electric vehicle maker Fisker has faced a setback in its plans for growth. A potential deal with a major automaker for its electric pickup trucks has fallen through, leading to a halt in trading of Fisker's stock on the New York Stock Exchange today.
The company, which switched to dealer sales in January, had been in talks with an unnamed automaker about a financial stake and production partnership. However, these negotiations were terminated by the automaker after market close on Friday. Fisker had been evaluating various strategic alternatives, including restructurings and asset sales, to strengthen its position in the stock market.
Fisker's stock was halted on the NYSE today following the news of the collapsed deal. The company had previously sought a partnership with a major automaker and had cut staff by 15%. In 2023, Fisker reported a loss of $762 million. Earlier this year, the company stopped production of its Ocean SUV for six weeks and raised $150 million through convertible notes.
Fisker will continue exploring strategic alternatives to secure its future in the stock market. The company's stock trading will resume once the NYSE lifts the halt. Despite the setback, Fisker remains committed to its mission of accelerating the world's transition to electric vehicles.
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