Fisker furloughs workforce, trying to save cash

Company faces a loan repayment soon

Fisker has furloughed their entire U.S. workforce in an effort to save cash.

The company downplayed the situation by saying furloughs are a "common practice, particularly in the automotive industry" but the news comes as Fisker is scheduled to make a loan payment to the U.S. Department of Energy.

It remains unclear how much money the company has on hand, but Fisker hasn't built a car in months as their battery supplier, A123 Systems, went bankrupt and was eventually sold to China's Wanxiang Group. The company also suffered a major setback earlier this month when founder and executive chairman Henrik Fisker abruptly resigned over "several major disagreements" with executive management on "business strategy."

Fisker spokesman Roger Ormisher said the company is still talking to potential partners, but recent reports have indicated that Chinese suitors are losing interest in the brand over fears that a sale could be complicated because of Fisker's U.S. government loans.

Source: Automotive News via worldcarfans