Fisker rejects short-seller's allegations; says no bank guarantee with partner Magna

Fisker said it intends "to take immediate and aggressive action to address the false and misleading claims made by Fuzzy Panda Research," adding that it owns the intellectual property for the Fisker Ocean Platform.

Shares of the EV maker rose 0.5% in extended trade, after falling nearly 5% following the short-seller's report. In a report disclosing an unspecified short position earlier on Thursday, Fuzzy Panda Research said that Fisker's access to its funds is limited by bank guarantees that set a mininum cash balance.

The short-seller added that nearly all of the $825 million Fisker has in cash "is tied up" in guarantees to Magna Steyr. The guarantees include Fisker paying for Magna's tooling costs as well as manufacturing margins and direct manufacturing costs, the short seller said, citing interviews with former employees.Fisker is the latest target of Fuzzy Panda Research, which has previously issued reports on EVgo Inc

It’s gone bankrupt twice before. Three times a charm😲

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The First Electric Minis You Saw But Probably Didn't Know Were ElectricA recent article over at The Drive tells of a cleantech effort that many of us saw the results of: the 2003 remake of The Italian Job. Almost as famous as the star-studded cast were
Source: cleantechnica - 🏆 565. / 51 Read more »

Tesla stock ends flat ahead of Semi electric-truck launchTesla stock ended flat Thursday after weaving in and out of losses most of the session, as investors awaited the launch of the company’s electric commercial truck, the Semi, after years of delays.
Source: MarketWatch - 🏆 3. / 97 Read more »

Volkswagen In Talks With Foxconn & Magna To Build Scout VehiclesVolkswagen is in talks with Foxconn and Magna Steyer to build its Scout-branded electric off-road vehicles in the US. Will VW even exist in 2026?
Source: cleantechnica - 🏆 565. / 51 Read more »

Competitors chip away at Tesla's US electric vehicle shareNew electric vehicle models from multiple automakers are starting to chip away at Tesla’s dominance of the U.S. EV market, according to national vehicle registration data.
Source: wjxt4 - 🏆 246. / 63 Read more »