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Fisker Files for Bankruptcy as Troubles Mount for EV Makers

Electric vehicle manufacturer Fisker Group Inc said on Tuesday it had filed for Chapter 11 protection in the District of Delaware, one year after launching its first model, as market and macroeconomic headwinds led to a lot of cash burned to take the Ocean SUV to the market.

Fisker is the second EV start-up of automotive designer Henrik Fisker to go bankrupt after it badly missed forecasts for EV production and deliveries last year.

“We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North America and Europe,” a spokesperson for Fisker said in a statement.

“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,” the spokesperson said.

“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 is the latest EV start-up to go under, as companies have struggled with raising funding and supply-chain issues over the past two years.

Last year in June, U.S. electric truck manufacturer Lordstown Motors filed for bankruptcy and simultaneously sued Taiwan-based Foxconn for fraud and failure to follow through on its commitment to invest $170 million in the company. 

Lordstown Motors was one of many EV startups to go public during the boom of the Special Purpose Acquisition Companies (SPACs), but has struggled financially for years.

For its part, Fisker is now in advanced discussions with financial stakeholders regarding debtor-in-possession financing and the sale of its assets, the company said today.

Apart from failing to meet its targets for vehicle production and delivery, Fisker is also the subject of an investigation by the National Highway Traffic Safety Administration (NHTSA) over an issue with the Ocean SUV brake system.

By Charles Kennedy for Oilprice.com

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