Electrical car startup Fisker is planning to put off 15% of its workforce and says it seemingly doesn’t have sufficient money available to outlive the following 12 months. The corporate says it’s looking for a solution to elevate that cash as it really works by a pivot from direct gross sales to a dealership mannequin.

“[W]e have put a plan in place to streamline the corporate as we put together for one more troublesome 12 months,” founder and CEO Henrik Fisker mentioned in a press release.

Fisker mentioned Thursday that it completed 2023 with $396 million in money, although $70 million of that’s restricted. The corporate says it’s speaking with certainly one of its lenders about making “an extra funding” within the firm. It additionally claims it’s “in negotiations with a big automaker for a possible transaction which might embody an funding in Fisker, joint improvement of a number of electrical car platforms, and North America manufacturing.”

The corporate’s monetary struggles come as it’s attempting to maneuver to a wholesale mannequin constructed round partnerships with sellers, a shift that Fisker says has “negatively impacted” its gross sales to date. It’s at the moment sitting on stock of hundreds of autos which are collectively price greater than $500 million. Fisker says it has acquired curiosity from round 250 dealerships however has solely signed up 13 up to now.

Fisker has additionally been coping with various issues with its Ocean SUV, its solely mannequin to date, as TechCrunch reported earlier this month.

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