Electric vehicle maker Fisker has indeed filed for Chapter 11 bankruptcy protection. This marks the second electric startup to do so in the last year. Fisker Group Inc., the company’s operating subsidiary, estimated its assets to be between $500 million and $1 billion, with liabilities ranging from $100 million to $500 million. The bankruptcy filing comes amid challenges faced by the electric vehicle industry, including market headwinds and macroeconomic factors that impact operational efficiency. Fisker, founded by designer Henrik Fisker, aimed to compete with industry leaders like Tesla but encountered difficulties as EV sales slowed due to infrastructure limitations and rising inflation. The company’s 2022 Ocean all-electric SUV and luxury plug-in hybrid Karma were part of its product lineup. Unfortunately, this venture is the second automotive endeavor led by Henrik Fisker to face financial difficulties.
In a bit of news that might cause some deja vu, Fisker has filed for bankruptcy.
Full story here: t.co/7GiKvDm6x4 pic.twitter.com/nusVVsHnkk
— Car Throttle (@CarThrottle) June 18, 2024
I kept telling Henrik Fisker that doing the exact opposite of Tesla's Master Plan 1 was not a good idea… but he blocked me. t.co/AOZ3a17Qv5 pic.twitter.com/VSPRDiwGC2
— ALEX (@ajtourville) June 18, 2024
h/t Flying Elvii