Fisker, a startup specializing in the development of electric vehicles and founded by the famous designer Henrik Fisker, has filed for bankruptcy under Article 11. This happened less than a year after announcement of three new models last summer.
Fisker actively advertised its electric SUV Ocean. However, its launch was accompanied by recalls and lawsuits. The company tried to strike a deal with another automaker in a last-ditch effort to save the company. The company’s assets are estimated to be up to $1 billion, and its liabilities are between $100 million and $500 million. At the same time, it has more than 200 creditors, including SAP, Adobe, Salesforce, and Ansys.
The Ocean electric car, which entered the market last year (sales began on June 23, 2023), has drawn a lot of criticism from owners. Users reported a number of software and mechanical problems. The company itself had problems with customer service and even money tracking. In the end, Fisker was able to sell only a few thousand cars. They were assembled by a contract manufacturer, Magna.
Fisker tried to stay afloat with several rounds of layoffs and other cost-cutting measures. The company has also changed its business model. Earlier this year, Fisker abandoned direct-to-customer sales — a system popularized by Tesla — and instead tried to cooperate with well-known dealers. In the end, the effort was not enough to save the company.
Source: techcrunch
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