Fisker Inc., the electric vehicle startup founded by designer Henrik Fisker, has filed for Chapter 11 bankruptcy protection, a culmination of months of issues with its Ocean SUV. The California-based company had been seeking a deal with another automaker to salvage the business, but ultimately failed to secure a rescue.
In its bankruptcy filing in the Delaware Court, Fisker listed assets of $500 million to $1 billion and liabilities of $100 million to $500 million. The company has between 200 and 999 creditors, including prominent tech firms such as SAP, Adobe, Salesforce, and Ansys.
Fisker delivered its sole all-electric vehicle, the Ocean SUV, to customers just a year ago. Despite hype surrounding the EV, the company ultimately delivered only a few thousand vehicles. Problems plagued the Ocean from its inception, with customers reporting software and mechanical issues. Internally, Fisker struggled to handle customer service and even manage its finances, according to previous reporting.
The company attempted to preserve cash through layoffs and cost-cutting measures. It also altered its business model, shifting away from direct-to-customer sales to partnering with established dealers. However, these efforts ultimately proved insufficient to stave off bankruptcy.
