Fisker’s stock plummets, it is delisted from the NYSE after a financing deal with the automaker falls through.

• Fisker’s stock closed Monday, down 28% to a record low before trading was halted.
• The NYSE said that Fisker’s stock would be delisted because it failed to shake off its stock status.
• Fisker’s financing talks with the strategic automaker also fell through.

Fisker the stock dipped this week, falling about 28% to a record low of less than 9 cents per share before the stock’s trading halt.

The New York Stock Exchange said on Monday that the shares would be delisted, citing “abnormally low” price levels. The NYSE typically issues stocks that are below $1.00 per share for more than a month.

Fisker’s sharp decline — the stock is down 95% year to date — comes as sales of its flagship Ocean electric vehicle have been sluggish.

In 2023, the company produced 10,142 Ocean EV units, and delivered 4,700 of them to customers. Fisker lost $762 million last year on sales of $273 million, and had more than $1 billion in debt.

The latest decline comes as the company failed to secure strategic financing from a major automaker it was in talks with.

Fisker said in a filing with the SEC that it “continues to evaluate strategic alternatives.” Those “alternatives” may eventually include filing for bankruptcy.

The electric car maker has also been hit by negative reviews for its Ocean car from popular YouTube reviewer Marques Brownlee and most recently, Consumer Reports.

Brownlee called the Fisker Ocean “the worst car I’ve ever reviewed,” while Consumer Reports said the car is “the worst of both worlds.”

Slower-than-expected growth in the US EV market has extended a multi-year decline in the industry, which culminated in late 2021 when Rivian went public at a valuation that was briefly north of $150 billion. Today, Rivian is worth just $10 billion.

US-based EV companies not only have to compete with China’s BYD, which has been flooding the global market with low-cost electric sedans, but also with hybrid cars, which have seen a jump in sales in the United States while consumers continue to face EV range concerns.