Fisker’s talks with a big automaker for a possible transaction has collapsed, the electric-vehicle startup stated on Monday, sending its shares plunging greater than 30% earlier than the bell.
Fisker didn’t title the automaker with which it was in talks.
Reuters had reported earlier this month that Nissan was in superior talks to put money into the corporate, in a deal that would act as a monetary lifeline for the cash-strapped EV startup.
Earlier within the day, Nissan held an occasion during which it introduced a long-term marketing strategy, together with its EV technique, and stated it was on the lookout for companions in the USA.
Fisker had stated earlier this month it will pause manufacturing of its EVs for six weeks and lift as much as USD 150 million in funding by promoting convertible notes after lacking an curiosity cost.
The EV startup’s shares have cratered this yr, dropping greater than 90% of their worth, after it flagged going concern threat in February and paused investments in future tasks till it secured a partnership with an automaker.
Fisker pivoted to a dealer-partner mannequin earlier this yr, after it delivered lower than half of the automobiles it made in 2023 as a result of logistics points.
