Welcome back to EV News Daily. Coming up today, Fisker seems to be on life support. Tesla's plan for cheaper cars and Polestar make a mobile phone. Plus stay tuned because later in the show. I'll tell you what the latest research is saying about air quality and how it relates to electric cars. Well, good morning, good afternoon or good evening wherever you are in the world. Welcome to EV News Daily. This is your trusted source of EV information. For Wednesday 24th of

April, I'm Martin Lee, and I go through every EV story, so you don't have to. We'll start with some

news about Fisker, the company which makes the ocean disclosed in a recent SEC filing that it only

has about $50 million left in available funds. In 2023, Fisker spent $904.9 million US dollars

on operational and investment activities, which now leads to concerns about its financial stability.

As of April 16th, Fisker held $53.9 million in unrestricted cash and $11.2 million in restricted cash,

a significant decline from the $736.5 million it possessed at the end of 2022.

With a 10K form highlighted that without additional investment, Fisker is at risk of bankruptcy,

given its monthly spending

exceeding $75 million on average last year. Fisca reported delivering over 6,400 Ocean

EVs by April 16th this year, out of approximately 11,190 cars manufactured. That leaves 4,800 vehicles still in inventory. Fisker's workforce

underwent a 27% reduction, with approximately 425 employees laid off between January and April

of this year, bringing the total headcount down to 1,135 employees.

Well, the company cited supplier dependencies as a contributing factor to its financial challenges,

expressing concerns about suppliers' ability to provide components in a timely manner and at acceptable costs.

Well, Fisker missed an $8.4 million interest payment on March 15th, and that indicates a potential bankruptcy if relief and additional liquidity are not obtained within 30

days from the filing of the financial statements on April 22nd two days ago. To generate some

cash flow, Fisker, of course, reduced prices of the Ocean

SUV, which you'll have heard about on this podcast recently. Price discounts up to 24,000 US

dollars. They even hired a chief restructuring officer to navigate their financial troubles.

Or despite the efforts to stay afloat, Fisker's decline has affected ocean

owners who now face uncertainties regarding warranties, operation of the vehicle, over-the-air

...