Hyperdrive
EV Maker Fisker Denies Short Seller Claims Over Cash Restriction
- Most of company’s $825 million is pledged, Fuzzy Panda says
- Car manufacturer calls allegations untrue and misleading
The Fisker Ocean electric sports utility vehicle.
Photographer: Kyle Grillot/BloombergThis article is for subscribers only.
Fisker Inc. pushed back against a new report from short seller Fuzzy Panda Research that claimed the electric-vehicle maker hasn’t disclosed limitations on its cash balance.
The vast majority of the $825 million in cash that Fisker reported at the end of the third quarter is tied up in undisclosed bank guarantees to protect Magna Steyr, the contractor who is actually building the vehicles, Fuzzy Panda said, citing unidentified former employees from both companies. The short seller estimated that at least $790 million is pledged to ensure Magna Steyr is paid for tooling, manufacturing costs and margins.