Fisker Files for Bankruptcy Protection
A once-promising electric vehicle startup is now in financial trouble.
Fisker, a US electric vehicle startup, has filed for Chapter 11 bankruptcy protection. The company has been struggling for months to raise the money it needs to produce its first vehicle, the Ocean SUV. Fisker has now lost 350 million in funding and is facing a number of lawsuits from creditors.
The bankruptcy filing is a major setback for Fisker, which was once seen as a promising competitor to Tesla. The company was founded in 2016 by Henrik Fisker, a former design chief at BMW and Aston Martin. Fisker has raised more than $1 billion from investors, including Chinese automaker Geely. However, the company has been plagued by delays and production problems. Fisker has now pushed back the launch of the Ocean SUV to 2023.
The bankruptcy filing is the latest in a string of financial problems for electric vehicle startups. Last year, Faraday Future filed for bankruptcy protection. Aptera Motors also filed for bankruptcy protection earlier this year. These bankruptcies are a sign of the challenges facing electric vehicle startups. These companies are competing with established automakers that have a lot more experience and resources. Electric vehicle startups also face the challenge of convincing consumers to buy electric vehicles, which are still more expensive than gasoline-powered vehicles.
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