Electric vehicle manufacturer Fisker filed for bankruptcy after failing to secure new investment for its Ocean crossover production. With Chapter 11 protection sought, Fisker is in talks for financing and asset sale. Liabilities are estimated at $100-500 million with assets at $500 million to $1 billion. Production of the Ocean halted in March due to a cash crunch, with fewer deliveries than built units.
### Struggles and Attempts to Stay Afloat
Fisker attempted to raise funds through a partnership with a major automaker, possibly Nissan, and lowered Ocean prices to reduce inventory. Cooling EV demand and supply chain issues also hindered production ramp-up. The National Highway Traffic Safety Administration started a probe into door issues on the Ocean in May.
### Past Bankruptcy and Potential Revival
This is Henrik Fisker’s second EV startup going bankrupt, with the previous Fisker assets sold to Wanxiang. The new Fisker could be revived by a buyer acquiring its assets, potentially restarting Ocean production. Designs for additional vehicles include the Pear urban crossover, Alaska pickup, and Ronin convertible.
### Conclusion
Fisker’s bankruptcy highlights the challenges faced by EV startups in a competitive market. The company’s future depends on securing financing and finding a buyer for its assets. With the potential to revive production and launch new models, Fisker could still have a future in the electric vehicle industry.