TechCrunch Mobility is a weekly newsletter dedicated to all things transportation. Sign up here — just click TechCrunch Mobility — to receive the newsletter every weekend in your inbox. Subscribe for free. Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. Remember in the last edition of TechCrunch Mobility, when I wrote that the wheels were starting to come off the Fisker bus? Sheesh. Did they. To catch you up: Fisker issued a warning on March 18 that it was pausing production for six weeks and had just $121 million in cash and cash equivalents, $32 million of which was restricted or not immediately accessible. The company was counting on a $150 million influx of capital via convertible notes and a potential partnership with another automaker. Those hopes incinerated as fast as a gasoline-soaked rag when negotiations between Fisker and the large automaker — reported to be Nissan — fell apart and put that convertible note deal in jeopardy. Shares plummeted 28%, trading was halted, and in a final blow, the New York Stock Exchange said it was taking steps to remove Fisker from the exchange. Those are all symptoms of a bigger problem within the company, including one particularly embarrassing one that TC reporter Sean O’Kane uncovered. The tl;dr: Fisker temporarily lost track of millions of dollars in customer payments as it scaled up deliveries, leading to an internal audit… Click below to read the full story from TechCrunch
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Fisker enters into dumpster fire territory and Tesla chases FSD revenue
