EV startup Fisker raises $150 million from existing investor

SECTIONS

ReutersLast Updated: Sep 29, 2023, 07:39 PM IST

Font Size

Save

Comment

Synopsis

The EV company expects to use the proceeds to ramp up deliveries. Fisker earlier this month reiterated its plan to increase deliveries of its flagship Ocean sports utility vehicle to 300 units per day later this year.

Fisker Inc has raised $150 million from an existing institutional investor through the issue of convertible bonds with an additional $550 million in funding available, the electric-vehicle startup said on Friday.

The EV company expects to use the proceeds to ramp up deliveries. Fisker earlier this month reiterated its plan to increase deliveries of its flagship Ocean sports utility vehicle to 300 units per day later this year.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College	Course	Website
Indian School of Business	ISB Digital Transformation	Visit
IIM Lucknow	IIML Executive Programme in Data Science	Visit
Northwestern University	Kellogg Post Graduate Certificate in Digital Marketing	Visit
Indian School of Business	ISB Professional Certificate in Product Management	Visit

The new investment follows a previously announced convertible notes offering of $340 million in July to the unnamed investor.

Shares of the company fell 2.3% in premarket trading.

Discover the stories of your interest

Sunday, 01 Oct, 2023

Experience Your Economic Times Newspaper, The Digital Way!

Read Complete Print Edition »

Front Page
Pure Politics
Bottom Line
Deep Dive
Learn more about our print editionMore

India Sees Normal Rainfall Despite El Niño Conditions
India received ‘normal’ rainfall during the four-month-long monsoon season despite El Niño conditions, the India Meteorological Department (IMD) said on Saturday.
Byju’s Puts Up a Two-week Notice for FY22 Results
Byju's said on Saturday that it would in the second week of October present the audited fiscal-2022 results to its board, advisory council as well as investors Peak XV Partners and Prosus that have recently withdrawn their representatives from the edtech firm’s board.
‘No Inflation Risk from Rising Oil Prices’
The latest spike in oil prices may have a marginal impact on India's FY24 wholesale and retail inflation, said economists. However, they said crude sustaining above the $90-level could be a downside risk for core inflation as companies begin passing on high input costs.