Fisker reportedly lost millions of dollars over time in payments for its EVs

• Fisker it reportedly temporarily lost millions of dollars worth of customer payments.
• The issue made it difficult for Fisker to accurately report its earnings, TechCrunch reported.
• Fisker cut the price of its EV on Wednesday and has warned it could run out of money.

Fisker temporarily lost millions of dollars in payments from customers last year, according to a recent report from TechCrunch.

The electric car maker faced difficulty tracking down payments on its vehicles, as well as full payments from other customers, and “in a few cases” Fisker even delivered some of its EVs without receiving any form of payment, publication said.

Three sources from the company, who chose not to be named because they were not authorized to speak for the company, told TechCrunch the issue made it difficult for Fisker to report its 2023 earnings, and the company launched an internal review in December. an issue that “took months to complete.” The company has not yet submitted its annual report for last year, but it was finally able to get a lot of customer payments or ask for new ones, reported TechCrunch.

A spokesperson for Fisker did not immediately respond to a request for comment from Business Insider or TechCrunch. The company has said in the last two quarters report had identified a “material weakness” in its financial report.

The report comes after Fisker the price has dropped for its flagship Fisker Ocean EV by 39% on Wednesday. The company has also halted production of the Fisker Ocean and warned during its earnings call earlier this year that it may not have enough cash to survive 2024. The Wall Street Journal information in March that the automaker had hired advisers who could help with a possible bankruptcy filing.

The company is Henrik Fisker’s second automotive startup. His previous startup, Fisker Automotive, delivered bankruptcy protection in 2013. Fisker launched its second automotive company in 2016.

Do you work for Fisker or own one of their EVs? Contact the author via email and a non-work device at (email protected) or by Voice at 248-894-6012.