Fisker files for bankruptcy in the US
Troubled EV maker Fisker has filed for bankruptcy protection in the US after rescue talks failed.
behind the Ocean SUV reported losses of more than £355 million in the final quarter of 2023 and has been struggling to continue as a going concern.
It was rumoured to be in talks with major car makers about a partnership that could have helped keep it continue operating – including a tie-up with Nissan on electric pick-up trucks – but these appear to have collapsed.
It has now filed for Chapter 11 bankruptcy in Delaware, which effectively protects it from creditors while a court-supervised audit, reorganisation and sale of its assets is carried out. It is believed the company has assets of $500m to $1 billion and liabilities between $100m and $500.
Earlier this year the firm stopped production of the Ocean and suspended development work on the smaller Pear model. The firm then announced price cuts of up to £15,000 on the Ocean, as it tried to off-load its stock of the car, which has been beset by software and quality control problems.
A company statement said: “We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North American and Europe. But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently.
“After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”
Fisker was set up by Henrik Fisker to challenge Tesla in the growing EV market following the collapse of his previous EV venture – Fisker Automotive – which was responsible for the Karman plug-in hybrid supercar.
