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Fisker stops production, warns it may need to seek bankruptcy

Fisker Inc. is pausing production for the next six weeks as the electric-vehicle maker looks to rein in inventory and avoid possibly having to file for bankruptcy. The company didn’t make a required interest payment of about $8.4 million last week on its unsecured convertible notes due in 2026, according to a regulatory filing Monday. Fisker warned it may not be able to meet obligations to service its debt and “could need to seek protection under applicable bankruptcy laws.” Fisker shares fell as much as 14% shortly after the start of regular trading. The stock had plummeted 90% this year through last weekÂ’s close. Fisker also said Monday that it plans to raise as much as $150 million through a financing deal with the holder of its 2025-dated convertible notes. The Los Angeles-based EV maker didnÂ’t identify the existing investor and said the funding will be organized in four tranches and subject to certain conditions. The disclosures expound on the dire state of Fisker, which warned late last month that there was substantial doubt about its ability to stay in business. The company has said it will cut 15% of its workforce after struggling with production issues, software glitches and short-seller criticism. Fisker said it remains in negotiations with an unidentified large automaker about a potential investment and joint development partnership. Bloomberg reported earlier this month that the company was in talks with JapanÂ’s Nissan Motor Co., citing people familiar with the matter. In its statement, Fisker said it has about 4,700 vehicles in inventory worth more than $200 million. ItÂ’s pausing production in Graz, Austria, starting this week to sell down its supply of already-built EVs.   Earnings/Financials Plants/Manufacturing Fisker

Fisker could be renamed when production restarts in 2015

The Orange County Register has an update on Wanxiang's plans for Fisker, and it starts with the idea that you would see brand new Karmas back on the road in mid-2015. From there the goals get less certain, the OCR saying the Surf station wagon "could ship in 2016" and the mid-priced Atlantic "might come in 2017." The targets came from an interview with interim CEO Roger Brown as he laid out how fluid the present situation is. The primary certainty, according to Brown, is that new owner Wanxiang is determined to execute on its vision and "build a great car company." The puzzle pieces that make that picture are still being assembled – even the name of the post-bankruptcy company, Fisker Automotive for now, is being debated. No matter what the name will be, Wanxiang and Brown need to establish the blood and bones of a company that can provide what the original Fisker Automotive didn't. Brown said they're looking for a permanent CEO over the next three months, they need to settle on a location for headquarters and increase the staff from the current 25 to the 200 or so necessary to engineering a fully fleshed-out Karma and successive products, and figure out where cars are going to be built. Concerning workers, Brown revealed that, "We've been flooded with people that want to come back." As for manufacturing in the Delaware plant that Fisker Automotive still controls or somewhere else, we've heard there are even odds on US production, but the final answer will probably be delivered by the new CEO.

Fisker will adopt Tesla's NACS EV charging connector by 2025

Electric vehicle startup Fisker said on Tuesday it signed a deal with Tesla to adopt its North American Charging Standard (NACS), giving Fisker customers access to the automaker's Supercharger network by 2025. A plethora of automakers, including Ford Motor and General Motors, are moving away from the standard Combined Charging System (CCS) connector to Tesla's previously proprietary charging design, which is set to dominate the industry. Fisker said its vehicles made 2025 onwards will have the NACS port for charging, while other customers can use an adapter to access Tesla's 12,000-strong network of public fast chargers in the U.S. and Canada. The company will continue to provide an adapter for the CCS if customers wish to continue using the technology, the EV maker said. Tesla's recent deals represent major strides in displacing a rival standard, CCS, that earlier exclusively had the backing of President Joe Biden's administration. The government is offering $7.5 billion in funding to speed the deployment of EV chargers in the United States. Most automakers have shied away from building large charging networks as installing and maintaining chargers requires a substantial investment for still-limited returns. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Fisker Tesla Electric Infrastructure