This article discusses the bankruptcy of Fisker, an electric vehicle (EV) startup that has been struggling to deliver its vehicles on time and with quality issues. The company’s founder, Henrik Fisker, had initially planned to launch the Ocean SUV in 2021, but it was delayed several times and finally launched in January 2022.
Here are some key points from the article:
- Fisker has filed for Chapter 11 bankruptcy protection, citing "various market and macroeconomic headwinds" as the reason.
- The company owes between $100 million and $500 million to its creditors, while its assets total between $500 million and $1 billion.
- Magna, a Canadian auto parts supplier that was working with Fisker on the Ocean SUV, has stopped production of the vehicle and expects a $400 million revenue loss this year as a result.
- It’s unclear how much progress Fisker made on its future products, including the sub-$30,000 Pear EV and the Alaska pickup.