EV startup Fisker to pause production for six weeks, raises funds

By Thomson Reuters Mar 18, 2024 | 6:57 AM

(Reuters) -Fisker said on Monday it will pause production of its electric vehicles for six weeks, adding that the company has entered into a financing commitment with an investor to sell up to $166.7 million in senior secured convertible notes.

The EV startup added that none of its Ocean SUVs were produced in January and its manufacturing partner Magna made about 1,000 vehicles between Feb. 1 and March 15.

Fisker has hired restructuring advisers to assist with a possible bankruptcy filing, the Wall Street Journal reported last week, citing people familiar with the matter.

(Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta)