Japanese car manufacturer Nissan Motor Co Ltd NSANY It is reportedly in advanced talks to invest in the California-based electric vehicle (EV) maker Fisker Inc. FSR.
What happened: Nissan is considering investing more than $400 million in the Fisker truck platform and producing Fisker’s proposed Alaska pickup starting in 2026 at one of its U.S. assembly plants, Reuters reported. Nissan will then also develop its own electric pick-up on the same platform.
The deal, which could be finalized this month, would provide a much-needed financial boost to Fisker, which recently announced it may not be able to continue operating. A partnership with Fisker could help Nissan enter the growing US electric pickup market in the meantime, the report adds.
Nissan and Fisker did not immediately respond to Benzinga’s request for comment.
Because matter: The report on a potential investment comes at a critical time for Fisker, which is grappling with financial difficulties. The company recently announced plans to lay off 15% of its workforce due to concerns about its ability to operate over the next 12 months.
On Thursday, Fisker reported preliminary fourth-quarter revenue of $200.1 million, an increase of $128.3 million from the year-ago quarter, and a preliminary net loss of $1.23 per share.
“2023 was a challenging year for Fisker, including supplier delays and other issues that prevented us from delivering the Ocean SUV as quickly as expected…” CEO Henrik Fisher She said.
The company ended 2023 with $396 million in cash, but the $70 million is capped.
Price Action: Fisker shares closed 34% lower at $0.48 on Friday, according to data from Benzinga Pro.
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