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EV Startup Fisker Halts Production To Raise Emergency Funds Amid Cash Crunch From Low Demand
Daily Wire ^ | Mar 20, 2024 | Ryan Saavedra

Posted on 03/21/2024 6:28:12 PM PDT by george76

The startup electric car company Fisker said this week that it is halting the production of its vehicles to raise $150 million in emergency funds as it grapples with a cash crunch spurred by a low demand for electric vehicles.

The California-based company, which says its mission is to “create the world’s most emotional and sustainable electric vehicles,” has barely produced over a thousand electric vehicles worldwide for the year.

“The company has approximately 4,700 vehicles in its currently inventory, carried over from 2023 and including 2024 production,” the company said. “While it has not completed an NRV analysis for 2024, Fisker believes the completed vehicle value for its inventory as of March 15, 2024, is in excess of $200 million.”

“Fisker will pause production for six weeks starting the week of March 18, 2024, to align inventory levels and progress strategic and financing initiatives,” it added.

Reuters reported last month that signals from the car company indicated that there was “substantial doubt about its ability to continue” due to the financial health of the company.

The Wall Street Journal reported last week that the company hired outside help to assist with a possible bankruptcy filing.

The company’s struggles comes as the Biden administration announced on Wednesday that it would continue its efforts to destroy the gas-powered car industry by implementing the most extreme pollution restrictions in history on automakers.

The Washington Post, which called the effort “controversial,” noted that the rule will force automakers “to ramp up sales of electric vehicles while slashing carbon emissions from gasoline-powered models.”

The Environmental Protection Agency (EPA) claimed that its national pollution standard, which could end up getting killed in the courts, would prevent more than 7 billion tons of carbon emissions, which it claimed would provide $100 billion in annual benefits to the U.S.

The announcement was met with swift backlash online across the political Right, who warned that Biden’s agenda would damage the American car industry.

“Biden’s latest ban on gas-powered vehicles and replacement with electric vehicles is another direct assault on consumer choice and the American way of life,” said Sen. Ted Cruz (R-TX). “It ignores the needs of American families in order to appease the radical environmental lobby at the expense of millions of jobs supported by the automotive industry. It’s time to put an end to this regulatory overreach.”


TOPICS: Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: age; automotive; bankruptcy; california; car; carboncredits; carbontax; cars; electric; electriccar; electriccars; electricvehicle; electricvehicles; epa; ev; evhybrid; evs; fisker; globalwarming; toobintax
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1 posted on 03/21/2024 6:28:12 PM PDT by george76
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To: george76

Biden: “We’ll just mandate that everyone MUST buy one or else! That will save the economy and the world!”


2 posted on 03/21/2024 6:31:25 PM PDT by Darksheare (Those who support liberal "Republicans" summarily support every action by same. )
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To: george76

I’m pretty sure that everyone who wants an EV now has one.

It’s over.


3 posted on 03/21/2024 6:33:05 PM PDT by Paladin2
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To: george76

EPA claims “would provide $100 billion in annual benefits to the U.S.”

But how many trillions in economic activity would it cost?

EV’s might be a fun toy but until significant improvements are made they’re not ready for prime time.

That’s not even including upgrades to electric grid, new generation plants, reworked roads to take more weight, etc.


4 posted on 03/21/2024 6:34:27 PM PDT by packagingguy
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To: george76

“Fisker believes the completed vehicle value for its inventory as of March 15, 2024, is in excess of $200 million.””

things are only worth what someone will pay for them ... in this case, since no one will buy their completed vehicles, i’d say their true value of their completed vehicle inventory is close to zero ...


5 posted on 03/21/2024 6:34:37 PM PDT by catnipman (A Vote For The Lesser Of Two Evils Still Counts As A Vote For Evil)
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To: george76

I hope the same thing happens to the ChiCom EV plants in Old Mehico.

We don’t need no stinking EVs.


6 posted on 03/21/2024 6:34:57 PM PDT by E. Pluribus Unum (The worst thing about censorship is █████ ██ ████ ████s████ █ ███████ ████. FJB.)
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To: george76

> The California-based company, which says its mission is to “create the world’s most emotional and sustainable electric vehicles,” … <

I’ve never heard of an emotional vehicle. Nevertheless, I’m pretty sure I don’t want one.


7 posted on 03/21/2024 6:35:02 PM PDT by Leaning Right (The steal is real.)
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To: Darksheare

People think of the 2 Steve’s-Jobs/Wozniak. They worked out of a garage and probably had problems paying their own electric bill. How do the EV folks build a better mousetrap when the government guarantees their market?


8 posted on 03/21/2024 6:35:40 PM PDT by DIRTYSECRET
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To: george76

I thought Fisker made scissors...


9 posted on 03/21/2024 6:37:48 PM PDT by jdege
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To: george76

I guess they’ll just have to retool and sell scissors.


10 posted on 03/21/2024 6:39:04 PM PDT by lefty-lie-spy (Stay Metal)
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To: george76

I have an idea - sell cocaine!

https://www.history.com/this-day-in-history/john-z-delorean-is-arrested-in-24-million-cocaine-deal


11 posted on 03/21/2024 6:40:21 PM PDT by monkeyshine (live and let live is dead)
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To: george76

“The startup electric car company Fisker said this week that it is halting the production of its vehicles to raise $150 million in emergency funds as it grapples with a cash crunch spurred by a low demand for electric vehicles. “The company has approximately 4,700 vehicles in its currently inventory, carried over from 2023 and including 2024 production,””

so their “plan” to save their company is to build even MORE vehicles to enlarge an already bloated, unsalable inventory?

AND they expect to talk people into investing $150,000,000 in that “plan”?


12 posted on 03/21/2024 6:41:25 PM PDT by catnipman (A Vote For The Lesser Of Two Evils Still Counts As A Vote For Evil)
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To: george76

Emotional??

WTH is an emotional vehicle?


13 posted on 03/21/2024 6:55:11 PM PDT by Adder (End fascism...defeat all Democrats.)
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To: jdege

Ha.

But the Crosley refrigerators and appliances were once part of the auto company. My father had a Crosley in the early 1950s. Great little cars.
https://www.google.com/search?q=Crosley+car&tbm=isch&ved=2ahUKEwi2wP3I4YaFAxUvIt4AHQnzD-sQ2-cCegQIABAA
////////////////////////////////////////////////////////////
I think there wasn’t a tie in for the Pope cars, though. But a Popemobile.
https://www.google.com/search?sca_esv=1fba1384b54230c4&q=car+company+Pope&tbm=isch&source=lnms&prmd=isnvmbtz&sa=X&ved=2a


14 posted on 03/21/2024 6:56:03 PM PDT by frank ballenger (There's a battle outside and it's raging. It'll soon shake your windows and rattle your walls.)
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To: jdege

Fiskars.


15 posted on 03/21/2024 6:56:48 PM PDT by MayflowerMadam (Fraud vitiates everything." - SCOTUS)
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To: george76

In line at the grocery store last week, overheard a lady telling her friend about looking to buy an EV, and asking when the battery would have to be replaced, and for how much; before she knew it, there were about 8 people around her listening in and agreeing that there is no way this can happen. “When the car gets some age on it, they’re going to want $40,000 to replace the battery? This is a real short conversation!” One person after another pitched in another reason to avoid them absolutely. This is in a rather liberal, left-leaning community, where Conservative Certified Lunatics who believe in outrageous stuff like the Constitution generally keep their opinions to themselves, and nod quietly to each other. Maine overthrew their plans to shove EVs down our throats this week; legislators said it was a matter of overwhelming public opinion.


16 posted on 03/21/2024 7:03:12 PM PDT by _longranger81
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To: Leaning Right

Due to Xiden’s terrible economy i had to cancel my vacation plans and store my luggage. Now I’m dealing with emotional baggage.


17 posted on 03/21/2024 7:07:58 PM PDT by Newtoidaho (All I ask of living is to have no chains on me.)
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To: george76
ANOTHER ONE: EV Start-Up Fisker Exploring Bankruptcy

03/14/2024 11:26:30 AM PDT · by george76 · 21 replies
Gateway Pundit ^ | Mar. 14, 2024 | Cristina Laila

https://freerepublic.com/focus/f-news/4224228/posts

18 posted on 03/21/2024 7:10:53 PM PDT by Paal Gulli
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To: george76

Gee my new $100,000 Fisker just broke and it has only 2,350 miles on it.
Never really gave much of a thought that the closest dealer/repair facility is 200 miles away.

Now what?


19 posted on 03/21/2024 7:11:12 PM PDT by mowowie
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To: george76

Didn’t the Fisker company start out by making scissors or something? This is what happens when you abandon core competencies....


20 posted on 03/21/2024 7:12:52 PM PDT by alloysteel (Most people slog through life without ever knowing the wonders of true insanity.)
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