Electric vehicle company Fisker Group Inc. has filed for Chapter 11 protection in Delaware bankruptcy court, citing over $100 million in debt. The filing comes just months after the collapse of a potential partnership with a major automaker, which derailed the startup’s efforts to secure new financing.
Financial Details and Future Plans
In a late Monday filing, Fisker reported holding $500 million to $1 billion in assets and $100 million to $500 million in debt. The company, which has 200 to 999 creditors, is in “advanced discussions” regarding the sale of its assets and debtor-in-possession financing.
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” a Fisker spokesperson said in a statement.
EV startup Fisker files for bankruptcy : Operational Challenges
California-based Fisker began distributing its electric Ocean SUV last year after going public in 2020. Initially, the company sold cars directly to consumers but pivoted in January to working with dealerships to accelerate sales and boost revenue.
