San Francisco, March 1: 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. Bikes Launches in March 2024: From Honda CBR300R to Yamaha XSR125 and KTM 125 Duke 2024, Check Out List of Upcoming Bikes To Launch Next Month.

“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. Car Launches in March 2024: From Hyundai Creta N Line to Tata Altroz Racer and BYD Seal, Know Specifications and Other Details of Upcoming Cars Next Month.

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.

(The above story first appeared on LatestLY on Mar 01, 2024 09:42 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).