Electric vehicle startup Fisker has filed for bankruptcy protection, marking the second time an EV company founded by Henrik Fisker has faced such a fate. Despite earning critical acclaim for their design, Fisker’s vehicles have struggled to achieve commercial success. The company filed for Chapter 11 in a Delaware federal court and is in discussions with financial stakeholders to secure financing and explore potential sale options. The company attributes its difficulties to various market and macroeconomic challenges, which have hindered its operational efficiency.
Fisker’s bankruptcy follows a series of collapses among EV startups, such as Lordstown Motors and Electric Last Mile Solutions, due to high prices and charging infrastructure concerns. Fisker faced challenges in establishing a consistent sales strategy, fluctuating between direct-to-consumer and dealership models, and opted for a unique production method by hiring a contract manufacturer in Austria instead of building the cars in-house. This development mirrors the fate of Henrik Fisker’s first EV company, Fisker Automotive, which also filed for bankruptcy over a decade ago after receiving substantial government loans. The future of Fisker’s primary vehicle, the Fisker Ocean, is now uncertain as the company halts manufacturing and seeks a buyer.
