Thursday, March 14, 2024

Electric Vehicles: "Fisker breaks silence about potential bankruptcy. Here’s what it had to say" (FSR)

From MarketWatch, March 14: 

EV maker is still aiming to strike a deal with another carmaker

Fisker Inc. late Thursday tried to ward off talks of a potential bankruptcy filing, saying it engages with advisers as a matter of course and that it still aims to strike a deal with another carmaker.

Fisker’s stock FSR was halved on Thursday, following a report Wednesday by the Wall Street Journal that the beleaguered EV maker was exploring a bankruptcy filing and had hired restructuring advisers.

Late Thursday, Fisker executives said in a statement that, in general, it does not comment on “market rumors and speculation.” But they went to say that the company “often” works with outside advisers to help manage the business “and assist in developing and executing strategies.”

“Fisker is focused on raising additional capital and engaging in a strategic partnership with a large automaker,” the EV maker said. The plan to shift its direct-to-consumer strategy to a dealer model is also still on track, the company said.

“The leadership team is laser-focused on these efforts,” Fisker said.

Fisker said two weeks ago it could run out of cash and revealed it was aiming for a partnership with an unnamed carmaker or an investment. Reuters reported then that Japan’s Nissan Motor Co. 7201 would be the investor....