EV startup Fisker Inc. has initiated another round of layoffs to conserve cash, following a recent warning to investors about the company's financial health.

Fisker Launches New Round of Layoffs

Founder and CEO Henrik Fisker communicated the decision to employees via email on Monday, emphasizing the ongoing evaluation of viable business options such as potential transactions to infuse capital into the company.

In the email, Fisker expressed regret over the necessity of the layoffs, highlighting the company's commitment to preserving cash to maintain flexibility and explore potential avenues for financial stability.

However, the exact number of employees affected by these layoffs has not been disclosed by Fisker Inc., according to a report by TechCrunch.  

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Fisker's Cash Reserves

Last week, Fisker Inc. appointed a chief restructuring officer responsible for overseeing budget approval and the decision-making process related to any potential sale of the business. 

The company's cash reserves were reported to be $54 million as of April 16, underlining the urgency behind the cost-cutting measures. 

Earlier on Monday, the CEO announced "further reductions" to the company's employment and informed employees to expect a town hall later this week.

Fisker stated in February that the company will make a 15% decrease. In an April 23 filing, the firm stated that it intended to make additional employment layoffs.

According to Business Insider, Fisker informed employees at an all-hands meeting last week that it was in discussions with four manufacturers about a potential buyout.

The company informed investors that if it could not secure further liquidity, it would file for bankruptcy within 30 days.

According to the regulatory filing, the company has only $54 million in cash equivalents as of April 16 and "believes that its available liquidity will not be sufficient to meet its current obligations."

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