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Fisker stock trades halted as talks with Nissan collapse
Mon, Mar 25 2024Fisker's talks with a large automaker for a potential deal have collapsed, it said on Monday amid growing uncertainty for the cash-strapped startup that last week paused electric-vehicle production. Trading in the shares of the company, which did not name the automaker with which it was in talks, has been halted pending an announcement. Fisker also said it will not be able to meet a closing condition related to its attempt to raise up to $150 million in funding by selling convertible notes after missing an interest payment. Separately, Fisker said it would ask investors to vote on a proposal for a reverse stock split at a shareholder meeting on April 24, as it looks to maintain compliance with the Nasdaq's listing norms. Reuters had reported earlier this month that Nissan was in advanced talks to invest in the company, however, earlier in the day, the Japanese automaker held an event in which it announced a long-term business plan, including its EV strategy, and said it was looking for partners in the United States. Raising funds has been hard for loss-making electric vehicle startups, which have little in way of revenue as they struggle to ramp up production and deliver to customers, as the companies battle stiff competition and a tough economy. The EV startup's shares have cratered this year, losing more than 90% of their value, after it flagged going concern risk in February and paused investments in future projects until it secured a partnership with an automaker. Fisker pivoted to a dealer-partner model earlier this year, after it delivered less than half of the vehicles it made in 2023 due to logistics issues. Earnings/Financials Fisker Nissan
Honda may recall up to 1M vehicles for airbag issue, following Toyota's lead
Mon, 16 Jun 2014It seems Toyota won't be the only one recalling the faulty Takata airbag inflators for long. Honda insiders in Japan claim that the company is getting close to announcing its own worldwide campaign that would begin before the end of June.
Unnamed sources close to Honda in Japan tell Automotive News that the company is pursuing an internal investigation into possibly affected models and is working with Takata to gather more information. They claim that it could involve even more than the 1.14 million cars worldwide that the automaker covered under the first recall for the problem in April 2013, including 561,000 vehicles in the US.
Toyota jumpstarted this process last week when it recalled over 2 million cars worldwide, including 844,277 in the US. Soon after, the National Highway Traffic Safety Administration began a preliminary evaluation into the issue following six reported incidents, and started assembling data about potentially affected models from Toyota, Honda, Mazda, Nissan, Chrysler. NHTSA also began investigating Takata itself.
2015 Nissan Versa Sedan continues to prioritize space and price over looks
Wed, 16 Apr 2014Nissan's refresh of its cavernous Versa Sedan is on hand today at the 2014 New York Auto Show. While we continue to appreciate the Versa for its space and low price, this slight restyling of the four-door sedan hasn't done much for its uninspiring appearance.
Newly enlarged headlights and a reworked, more Altima-like grille are the biggest changes to the front of this Versa, although Nissan has also added some brightwork around the revised foglight housings. Integrated turn signals liven up the mirrors, while the rear of the car wears a new and almost strangely sporty bumper.
Perhaps more importantly for prospective owners, Nissan has also made a few interior tweaks, with a new steering wheel and a revised center stack leading the change. There's some new available tech on the top-end SL model, as well.