Fisker warns it’s running out of cash and may not make it through 2024
EV sales are up, but the companies that are hinging their entire existence on plug-in power are not doing so well. Production struggles, waning demand, and high interest rates are threatening to wipe some of them off the map. The latest is Fisker, the California-based company with big ambitions but dwindling cash.
Fisker said that there is “substantial doubt” that it will have enough money to make it through the year, the company said in filings with the Securities and Exchange Commission yesterday. As such, it’s embarked on a cost-cutting spree, laying off 15 percent of employees, while casting around for more investment. Fisker said it’s “in discussions with an existing noteholder about potentially making an additional investment in...