Fisker Seeks Financial Respite in Austria Amid Production Woes

The EV maker Fisker files for bankruptcy protection in Austria, aiming to stabilize operations as it grapples with halted production and declining sales.

• Fisker's Austrian unit, Fisker GmbH, has entered a self-administered restructuring process equivalent to Chapter 11 bankruptcy in the U.S.
• The restructuring follows a production halt at Magna Steyr, the contract manufacturer for Fisker's Ocean EV, exacerbating financial strains.
• Fisker has lowered production targets and slashed prices to liquidate inventory, facing a sharp decline in customer reservations.
• The company's financial troubles are compounded by a dwindling cash reserve, with just $53.9 million left as of mid-April.
• Magna Steyr, affected by the halt, plans to lay off at least 500 employees and faces a challenging three-year outlook.

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