Electric Vehicle Startup Fisker Files for Chapter 11 Bankruptcy on June 17

Jun 18, 2024, 11:20 AM

Electric vehicle startup Fisker Inc. has filed for Chapter 11 bankruptcy protection after investment discussions with a major automaker fell through on June 17. The company, which had ambitions of rivaling Tesla, faced rapid cash burn while delivering its 'Ocean' SUVs in the United States and Europe. Fisker listed assets between $500 million and $1 billion and liabilities between $100 million and $500 million. This marks the second time a car company founded by Henrik Fisker has gone bankrupt. Fisker aims to sell its assets and restructure its debt as part of the bankruptcy proceedings. The filing follows a recent recall of thousands of Ocean SUVs for safety and compliance issues, according to Reuters.