EV Startup Fisker Files For Bankruptcy

Fisker has filed for bankruptcy protection this week as deal talks with a big automaker collapsed, exposing the electric vehicle (EV) startup to the fallout of a rapid cash burn to deliver Ocean SUVs in the US and Europe, Reuters reported.

Fisker Group Inc, filed for Chapter 11 bankruptcy, listing estimated assets in the range of $500 million to $1 billion and liabilities in the range of $100 million to $500 million. I Photo: Fisker Facebook

The EV maker's unit, Fisker Group Inc, filed for Chapter 11 bankruptcy, listing estimated assets in the range of $500 million to $1 billion and liabilities in the range of $100 million to $500 million.

Conceived to succeed Fisker Automotive, which was organized in 2007 and produced a hybrid electric car, Fisker Inc. was backed by a $539-million federal loan.

Founded by Danish automotive designer Henrik Fisker and his wife Geeta Gupta-Fisker, it launched in 2016 in Manhattan Beach, California in 2016, aiming to produce sustainable and innovative electric vehicles.