Fisker believes in Nissan and needs new money

Challenges: Henrik Fisker, a Danish-American, faced a difficult situation dealing with his startup.

Photo: Peter Raum

In conversations about cooperation:

American car manufacturer Fisker has a problem. The company is now in dialogue with Nissan about cooperation and potential acquisition.

(Note: This status was updated on Saturday 2.3.2024 at 10.50)

This week, American electric car manufacturer Fisker presented results for the fourth quarter of 2023.

Doesn't look good.

The figures showed a deficit of $463 million, equivalent to 4.9 billion kroner. Meanwhile, Fisker announced that they would cut 15 percent of their workforce. Reports say that in the same period, the company generated revenues of $200 million, which is not sustainable Car News.

Now many sites write that the company is in dialogue with the Japanese company Nissan about a large-scale cooperation that will raise new funds, but will also accelerate parts of the production of Fisker's new model, the Alaskan pickup truck.

A Nissan spokesman said Friday that the company is considering “many, many options.”

hard times: It's been a tiring ride for Fisker since the Ocean model hit the market last year.

Photo: Morten Abrahamsen

Have you read these cases?

During the results presentation, CEO Henrik Fisker said that they are in negotiations with a large car manufacturer, which he did not name, as a strategic partner.

“A year full of challenges”

Fisker delivered 3,818 Ocean models in the fourth quarter, for a total of 4,929 in the entire calendar year. Of these, 316 were delivered in Norway, according to figures from the Road Traffic Information Board.

Underestimated: Ocean deliveries began last summer, but volume for 2023 was well below original expectations. — under-estimate: Ocean deliveries began last summer, but volume for 2023 was well below original expectations.

– Fisker said: – 2023 was a challenging year for Fisker, as delays from subcontractors and other issues prevented us from delivering Ocean as quickly as we thought.

The goal is 20,000

Fisker aims to perform 20,000 to 22,000 deliveries this year. The original forecast for 2023 was 36,000 cars, which was eventually reduced to 20,000 cars.

While the final result was less than half, which means that Fisker ended 2023 with a large stock.

The problems were not limited to the low delivery rate. Many of the cars delivered suffer from breakdowns.

The company's stock price has fallen by 90 percent over the past 12 months, and the New York Stock Exchange issued a default warning to Fisker because the stock's value had remained below $1 for 30 days in a row.

Worried about the future

In the quarterly report, it was clearly stated that Fisker was concerned about their ability to continue.

Fisker simply has to find more money, or a partner who can shoulder some of the burden. Something they may be on their way to achieving, without the company having anything tangible to show for it.

Fisker is in negotiations with a major automaker, with the goal of a potential deal that could involve an investment in Fisker, joint development of one or more electric platforms and production in North America, the company said in a press release.

Negotiations must have been ongoing for several months.