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March 25 (Reuters) – Fisker’s talks with a large automaker for a potential transaction has collapsed, the electric-vehicle startup said on Monday, sending its shares plunging more than 30% before the bell.

Fisker did not name the automaker with which it was in talks.

Reuters had reported earlier this month that Nissan was in advanced talks to invest in the company, in a deal that could act as a financial lifeline for the cash-strapped EV startup.

Earlier in the day, Nissan held an event in which it announced a long-term business plan, including its EV strategy, and said it was looking for partners in the United States.

Fisker had said earlier this month it would pause production of its EVs for six weeks and raise up to $150 million in funding by selling convertible notes after missing an interest payment.

The EV startup’s shares have cratered this year, losing more than 90% of their value, after it flagged going concern risk in February and paused investments in future projects until it secured a partnership with an automaker.

Fisker pivoted to a dealer-partner model earlier this year, after it delivered less than half of the vehicles it made in 2023 due to logistics issues. (Reporting by Zaheer Kachwala and Akash Sriram in Bengaluru; Editing by Shilpi Majumdar)