Reported 8 months ago
U.S. electric vehicle (EV) manufacturer Fisker has filed for bankruptcy protection after failed deal talks with a major automaker. This decision follows the startup's struggle with rapid cash burn in delivering its Ocean SUV in the United States and Europe. The company's unit, Fisker Group Inc, filed for Chapter 11 bankruptcy in Delaware, with estimated assets of $500 million to $1 billion and liabilities between $100 million and $500 million. Fisker faced challenges in securing investments, reaching sales targets, and production ramp-ups, ultimately leading to its financial woes and filing for bankruptcy.
Source: YAHOO