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Why Fisker Stock Plunged Below $1 Today

TheMotleyFool 
0 0 16.01.24
Why Fisker Stock Plunged Below $1 TodayPhoto, wide shot, wide-angle lens, soft focus, Amusement park, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-9ykfBOFTwqbOHnaukQ2bUqdm.png?st=2023-05-13T13%3A50%3A52Z&se=2023-05-13T15%3A50%3A52Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-12T20%3A43%3A22Z&ske=2023-05-13T20%3A43%3A22Z&sks=b&skv=2021-08-06&sig=G2Gltvd1Lg2exXRILeKuP5%2BTSWMna0SOjxb75jCyrG0%3D
 

Fisker's (NYSE: FSR) problems don't seem to end. Shares of the electric vehicle (EV) maker crashed 10.7% within minutes of the market's opening on Tuesday and slumped below $1 after reports of an investigation of its Ocean SUV surfaced.

The National Highway Traffic Safety Administration's (NHTSA) Office of Defects Investigation (ODI) has initiated a "preliminary evaluation" after receiving nine complaints about braking for Fisker's Ocean SUV. The complaints allege the EVs lose partial braking performance over low traction or bumpy surfaces without alerting the driver, with one complaint even alleging a crash and an injury. The ODI is now investigating the scope and severity of the problem.

The timing of the probe couldn't have been any worse for Fisker. The EV maker is already grappling with several issues, including production hiccups, low deliveries, and a cash crunch.

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Source Fool.com

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