Fisker lays off hundreds of employees in effort to sustain electric vehicle startup

Struggling EV startup Fisker has made a drastic move to stay afloat by laying off hundreds of employees in the midst of a financial crisis. The company, which has been searching for funding or a potential buyout, is now facing the possibility of bankruptcy.

Employees were caught off guard when they were directed to work from home on Wednesday, a move that signaled impending layoffs. During an all-hands meeting, founder and CEO Henrik Fisker informed the staff that a major investor, represented by a chief restructuring officer, had demanded further layoffs to cut costs.

With only about 150 employees estimated to remain at the company, Fisker has already undergone multiple rounds of layoffs this year. Despite the grim situation, Henrik Fisker expressed determination during the meeting, emphasizing the company’s commitment to continue selling its only EV, the Ocean SUV.

The laid-off workers were informed of their termination through an email, with one week of severance offered. Many employees learned of their fate after losing access to Microsoft services like Teams or Outlook.

These recent layoffs come after a series of setbacks for Fisker, less than a year after the company began delivering the Ocean SUV. The future of the struggling startup remains uncertain as it navigates through financial challenges and seeks a path forward.