Is Fisker Stock Going to Zero?
It wasn't long ago that electric vehicle (EV) sales were gaining traction and appeared on the cusp of breaking into mainstream territory. Oh, how quickly things can change. Start-up EV maker Fisker (NYSE: FSR) is now struggling to survive amid high interest rates, charging infrastructure challenges, intensifying competition, and a dwindling cash pile. But is Fisker stock doomed to drop to zero, or is there still hope for long-term investors?
In late February, Fisker reported a rough fourth-quarter net loss of $463 million while announcing plans to slash 15% of its workforce. While the company managed to generate $200 million in revenue, Fisker's cash and cash equivalents dwindled to $396 million.
Those ugly numbers were driven by a full year of challenges, including delays with suppliers and troubles delivering vehicles to customers. In fact, Fisker only managed to produce 10,000 vehicles in 2023, which was less than a quarter of its initial guidance, and it couldn't even deliver half of those vehicles.
Source Fool.com
