pauses

EV startup Fisker is pausing production of its electric Ocean SUV for six weeks as it scrambles for a cash infusion. The company said in a Monday morning regulatory filing that it had just $121 million in cash and cash equivalents as of March 15th, $32 million of which is restricted or not immediately accessible. Fisker finished 2023 having shipped roughly 5,000 of the 10,000 cars that its contract manufacturing partner, Magna Steyr, produced. Automotive manufacturing is incredibly expensive, even for a company like Fisker which is outsourcing much of the work to suppliers like Magna. In the near-term, Fisker said Monday it is trying to raise $150 million through the sale of convertible notes.