Fisker Inc. files for bankruptcy amid heavy losses and struggling EV market

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Manhattan Beach EV car maker Fisker filed for bankruptcy protection after heavy losses and failing to find a large automaker partner.

Fisker Group Inc., the struggling Manhattan Beach electric vehicle manufacturer, said it filed for Chapter 11 bankruptcy protection. After failing to secure financing to offset losses, the company reported in a filing with the U.S. Bankruptcy Court in Delaware that it had estimated liabilities between $100 million and $500 million and more than 200 creditors. It listed estimated assets between $500 million and $1 billion.

In an effort to clear its inventory and raise funds, Fisker in March slashed more than 30% off the suggested retail price of its 2023 lineup: three versions of the Ocean, including a base model that already started at just $38,999. In a delayed annual report finally released in April, the company said it had delivered more than 6,400 Oceans as of April 16. However, its financial condition had continued to deteriorate. The company reported a cash balance of $326 million as of Dec.

 

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