San Francisco: Electric vehicle (EV) startup Fisker is laying off at least 15 per cent of its workforce, as its current resources are “insufficient to satisfy its requirements over the next 12 months”.
Announcing its quarterly results, Fisker said it is also in negotiations with a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and North America manufacturing.
“To address potential liquidity issues, Fisker is already taking action. The company is currently in discussions with an existing noteholder about potentially making an additional investment in the company,” it said.
In addition, “Fisker intends to reduce its workforce by approximately 15 per cent”.
“Headcount reductions are predominantly related to the change in sales strategy from direct-to-consumer to a Dealer Partner model. In addition, the company is streamlining operations, including reducing its physical footprint and overall expenses,” the company informed.
Fisker reported total revenue of $200.1 million in Q4 2023, an increase of $128.3 million from Q3 2023.
“2023 was a challenging year for Fisker, including delays with suppliers and other issues that prevented us from delivering the Ocean SUV as quickly as we had expected,” said Henrik Fisker, Chairman and CEO.
“We also encountered unexpected headwinds in our efforts to establish a direct-to-consumer sales model in both North America and Europe at the same time,” he added.
(IANS)