Issues aren’t trying nice for Fisker. The nascent automaker paused manufacturing of its solely electrical automobile final week as rumors of its impending chapter started to unfold. Nissan doesn’t need to associate with the struggling startup, and a brand new report shines a lightweight on Fisker’s monetary troubles, alleging that the corporate misplaced monitor of thousands and thousands in buyer funds.
TechCrunch spoke with nameless sources aware of the matter, discovering that Fisker’s lack of sturdy accounting practices led it to ship some automobiles with out gathering funds. The report claims the corporate struggled to maintain monitor of down funds and totally paid-for automobiles. The automaker ultimately discovered a lot of the cash, siphoning assets from the gross sales workforce to take action.
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One one that spoke to the publication stated the corporate not solely misplaced checks but additionally didn’t money them “in a well timed method.” Staff would then must spend time discovering checks and bank card receipts after delivering automobiles.
As TechCrunch famous, there have been indicators of bother. In November final yr, Fisker admitted it had discovered points inside its accounting division. Whereas it appears like these points have been remedied, it could be too little late for the model.
Yesterday, Fisker slashed Ocean costs in a seemingly determined try and get automobiles off the lot. The entry-level Sport begins at $24,999 earlier than vacation spot costs, and the Ocean Excessive dropped from $61,499 to $37,999.
With the corporate missing a cope with Nissan, it’ll must search for various strategies to remain afloat. It is already lower 15 % of its workers, and the New York Inventory Trade needed to delist the corporate this week after its inventory worth fell by 80 %.
Fisker has fairly the combat forward of it.
