Fisker Eyes $340 Million Notes Offering to Support EV Output (1)

Fisker Inc. will offer $340 million in convertible notes to an institutional investor as the beleaguered maker of electric vehicles works to ramp up production and break through in the competitive market for plug-in rides.

The Manhattan Beach, California-based company expects gross proceeds of $300 million from the unsecured notes due 2025, according to a statement Monday. The unidentified investor may purchase as much as another $340 million within 18 months of the closing of the offering.

Fisker, one of a handful of EV startups vying to take on market leader Tesla Inc., plans to use the funds in part ...