Fisker

Fisker representing approximately 100% of its workforce on 2024-06-18.

Struggling electric vehicle startup Fisker laid off hundreds of employees in late May 2024 as part of a desperate effort to conserve cash and stay afloat while seeking funding, a buyout, or preparing for potential bankruptcy. The layoffs were announced during an all-hands meeting after the company directed staff to work from home. Following several prior workforce reductions, including a 15% cut in February, estimates suggest only about 150 employees remain from the 1,135 reported in mid-April. The cuts were influenced by a major investor, with the company's restructuring officer having previously warned of over 300 layoffs if cash needs weren't met. Founder Henrik Fisker expressed a determined but somber outlook, emphasizing the continued sale of their Ocean SUV despite the severe downsizing in the competitive automotive industry.

EV startup Fisker Inc. initiated a new round of layoffs on April 29, 2024, to preserve cash as it faces impending bankruptcy. The exact number of employees affected is unclear, but the company had 1,135 staff as of April 19, following a previous 15% reduction in February. Founder and CEO Henrik Fisker stated the cuts are necessary to explore options like potential transactions or buyers, while the company reported having only $54 million in cash. This move highlights the ongoing financial struggles within the electric vehicle industry.

Electric vehicle startup Fisker announced on February 29, 2024, that it is laying off 15% of its workforce, affecting nearly 200 employees out of over 1,300 reported in late 2023. The company is facing severe financial strain, with insufficient cash to survive the next year, prompting a strategic shift from direct sales to a dealership model. Amid this transition, Fisker is seeking additional funding and negotiating a potential partnership with a large automaker to secure its future, including the development of new EV platforms. The layoffs come as the company grapples with inventory challenges, slow dealership adoption, and ongoing quality investigations into its Ocean SUV, reflecting broader difficulties in the competitive electric vehicle industry.