- Fisker has filed for bankruptcy protection.
- US-based startup claims to have assets worth $500 million to $1 billion, but liabilities of up to $500 million.
- Rescue talks with Nissan and other big OEMS earlier this year fizzled out.
To no one’s surprise, Fisker has filed bankruptcy after months of turmoil. The US-based EV startup will now try to sell its assets and restructure its debt to avoid total obliteration. It claims to have assets worth $500 million to $1 billion, but liabilities of up to $500 million.
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There were clues last year that Fisker was in trouble, and in February of this year it warned that it could run out of cash within 12 months. That turned out to be an optimistic assessment and production of the firm’s Ocean SUV, which is built by Magna Steyr in Austria, ground to a halt in March.
The automaker claimed to have held talks with other OEMs about a possible rescue deal, and negotiations with Nissan looked the most promising. But they came to nothing.
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” Fisker said in a statement.
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“After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”
This is a developing story and will be updated.
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