Fisker Files For Reorganization In Austria After Magna Pauses Ocean Production

The Austrian arm of troubled EV maker Fisker has filed for reorganization, the company said in a statement yesterday. The decision comes after Magna Steyr, the Austrian contract manufacturer that built the Ocean EV, idled the production of Fisker’s sole vehicle earlier this week.

If the spending remains unchanged, simple maths tells us that the company will run out of money by the end of May. “A self-administered restructuring proceeding allows Fisker Austria to protect its business while it conducts a value-maximizing strategic transaction or other sale of assets,” the firm said in its statement from yesterday, adding that the company’s other entities are not included in the Austrian restructuring proceedings and operate normally.

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