U.S. electric vehicle (EV) manufacturer Fisker filed for bankruptcy protection late Monday, aiming to sell its assets and restructure its debt. The move follows significant financial losses incurred while delivering its “Ocean” SUVs in the United States and Europe.
Fisker’s cars were under investigation by U.S. regulators, and in the past two years, other EV manufacturers like Proterra, Lordstown, and Electric Last Mile Solutions have also filed for bankruptcy due to dwindling cash reserves, fundraising difficulties, and production challenges caused by global supply chain issues.
The company announced it is in advanced discussions with financial stakeholders for debtor-in-possession financing but did not provide additional details.
Fisker Group Inc., the company’s operating unit, filed for Chapter 11 bankruptcy in Delaware. The filing lists estimated assets between $500 million and $1 billion and liabilities between $100 million and $500 million. The court filing also indicates the company has approximately 200 to 999 creditors.
