EV startup Fisker is pausing production of its electric Ocean SUV for six weeks as it scrambles for a cash infusion.
The company disclosed in a regulatory filing that it faces financial challenges, with low cash reserves and high accounts payable balances. Fisker’s struggles have been exacerbated by issues with software, customer service, and safety concerns related to its vehicles.
Despite starting 2024 on a challenging note, Fisker is exploring potential partnerships and fundraising options to secure its future operations.
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