EV maker Fisker files for bankruptcy

June 19, 2024
EV maker Fisker files for bankruptcy

US EV maker Fisker Inc has filed for bankruptcy in Delaware following difficulties with finance and vehicle quality issues. 

The California based company was established in 2016 as the successor to hybrid car maker Fisker Automotive. It had ambitious plans to capture a significant share of both the US and European EV markets with its Fisker Ocean SUV. However, the company experienced issues in production and was criticised for its product quality. It had sought to establish a partnership with a mainstream car maker, but this proved not to be possible. 

Fisker had raised very significant funding from both private equity and the US state. However, financial difficulties earlier in the year saw the company delisted from the New York Stock Exchange. 

A Fisker Inc statement said, "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." 
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