📝 Fisker files for bankruptcy

Author

Liam Gill
June 19, 2024

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Fisker Group Inc., the electric vehicle startup founded by designer Henrik Fisker, has filed for Chapter 11 bankruptcy protection in Delaware, citing assets between $500 million and $1 billion and liabilities between $100 million and $500 million. This move follows a series of problems with its Ocean SUV, including recalls and numerous lemon law lawsuits. Despite efforts to partner with another automaker, the company faced significant internal challenges, such as software and mechanical issues with the Ocean SUV, inadequate customer service, and financial mismanagement. Fisker's attempt to preserve cash through layoffs and a shift in its business model to partner with established dealers was insufficient to prevent bankruptcy. This is Henrik Fisker's second EV company to file for bankruptcy, following Fisker Automotive in 2013.

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