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EV Startup Fisker Files for Chapter 11 Bankruptcy on June 17 After Failed Investment Talks

Jun 18, 2024, 06:01 AM

Electric vehicle startup Fisker Inc. has filed for Chapter 11 bankruptcy protection in Delaware on June 17. The filing comes after discussions with a major automaker about an investment ended without a deal. Fisker, known for its 'Ocean' SUVs, listed assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. The company faced rapid cash burn while delivering its vehicles in the United States and Europe. Fisker also had to recall thousands of Ocean EVs for safety issues recently. This is the second time a car company founded by Henrik Fisker has gone bankrupt.