Fisker is out of charge – files for bankruptcy
Electric vehicle manufacturer Fisker has filed for bankruptcy protection following the collapse of negotiations with a major automaker.
The breakdown of talks in March with a large automaker prompted Fisker to explore strategic options, including in- or out-of-court restructurings and capital market transactions. It also exposed the startup to rapid cash depletion in its efforts to deliver its Ocean SUV in the United States and Europe.
Fisker Group Inc. filed for Chapter 11 bankruptcy in Delaware, reporting estimated assets of USD 500 million to USD 1 billion and liabilities ranging from USD 100 million to USD 500 million. The company has between 200 and 999 creditors, Reuters citing the court filing.
While Fisker did not disclose the automaker's identity, Reuters has reported that Japanese automaker Nissan was in advanced talks to invest in the startup.
In February this year, founder Henrik Fisker expressed doubts about the company's ability to continue operations and halted investments in future projects until it secured an auto partnership.
Fisker announced a 15% workforce reduction due to difficulties in selling its Ocean EVs. Last year the company produced over 10,000 vehicles, far below its initial forecast, and delivered only about 4,700.
