Electric vehicle (EV) maker Fisker has officially filed for Chapter 11 bankruptcy protection. Despite its ambitious lineup of products, the decision followed the collapse of a significant deal with another major automaker.
In an official statement, Fisker said, “Like other companies in the EV 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.”
This marks Fisker’s second attempt in the automotive industry. The first company, known for selling the Fisker Karma, went bankrupt in 2012. Later, Henrik Fisker and his wife Geeta Gupta-Fisker founded Fisker Inc., aiming to revolutionize the EV market. The company managed to secure $50 million in Series C funding from Moore Strategic Ventures, but by February, Fisker announced it lacked sufficient capital.
Fisker had launched the Ocean, an all-electric SUV designed to compete with the Tesla Model Y. Production of the Fisker Ocean was halted in March. Although the company aimed to manufacture 42,000 Oceans in 2023, only 10,000 were produced, with 5,000 units sold. Fisker also had plans to expand into India, establishing an office in Hyderabad in 2022.