Issues aren’t wanting nice for Fisker. The nascent automaker paused manufacturing of its solely electrical car 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 light-weight on Fisker’s monetary troubles, alleging that the corporate misplaced monitor of thousands and thousands in buyer funds.
TechCrunch spoke with nameless sources conversant in the matter, discovering that Fisker’s lack of sturdy accounting practices led it to ship some autos with out gathering funds. The report claims the corporate struggled to maintain monitor of down funds and absolutely paid-for automobiles. The automaker ultimately discovered a lot of the cash, siphoning sources from the gross sales crew to take action.
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One one who spoke to the publication stated the corporate not solely misplaced checks but additionally didn’t money them “in a well timed method.” Workers would then must spend time discovering checks and bank card receipts after delivering autos.
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 feels like these points have been remedied, it may 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 prices, and the Ocean Excessive dropped from $61,499 to $37,999.
With the corporate missing a take care of Nissan, it’ll must search for various strategies to remain afloat. It is already lower 15 p.c of its workers, and the New York Inventory Trade needed to delist the corporate this week after its inventory value fell by 80 p.c.
Fisker has fairly the battle forward of it.