Fisker, an EV startup, has paused production of its Ocean SUV for six weeks due to financial struggles and has secured $150 million in investments.

The company recently announced a 15% workforce reduction, consulted restructuring advisers for bankruptcy planning, and expressed concerns about its survival.

The $150 million funding, received in four instalments, aims to stave off bankruptcy temporarily.

At the same time, Fisker seeks a partnership with a giant automaker, rumoured to be Nissan.

Fisker's contracted manufacturer, Magna in Austria, has produced 1,000 Ocean SUVs this year.

Still, production is halting to adjust inventory levels amid a slowing EV market.

Fisker reported selling 1,300 Ocean SUVs in the first 2.5 months of 2024 but has an excess inventory of 4,700 vehicles.

The company is negotiating a significant investment or partnership to develop EV platforms and expand manufacturing to North America.

Changes in tax credit rules and disqualifying vehicles made outside North America or with certain foreign materials have negatively impacted Fisker.

Fisker raised the $150 million through convertible notes, a financial instrument allowing investment -

conversion into shares, reflecting the company's stock price decline from over $12 two years ago to $0.16.

Audi reveals new q6 e-tron suv 2025