(Reuters) -Electric-vehicle startup Fisker on Thursday raised substantial doubts about its ability to continue as a going concern, sending its shares down around 23% in extended trading.

The company, which missed analysts’ expectations for quarterly revenue, also announced plans to reduce its workforce by about 15%.

The EV maker reported preliminary revenue of $200.1 million for the fourth quarter, missing the average analyst estimate of $310.8 million, according to LSEG data.

Fisker’s announcements as well as weak production forecasts from EV makers Rivian Automotive and Lucid earlier this month suggest that the industry is in for near-term pain and could slow the transition away from gasoline-powered combustion engines.

Fisker said it is in negotiations with a large automaker for a potential investment or the joint development of one or more electric vehicle platforms.

The company also said its net loss widened to $463.6 million in the fourth quarter from $170 million a year ago.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)