Another EV maker bites the dust with Fisker officially declaring bankruptcy. A US-based startup Filed for Chapter 11 protection late Monday, June 17, with plans to restructure its debt and sell its assets. Unfortunately, this means Alaska EV with designated cowboy hat location it will probably never work out.
“We are proud of our accomplishments and have placed thousands of Fisker Ocean SUVs in the hands of customers,” said a Fisker spokesperson. “However, like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have affected our ability to operate efficiently.”
The news isn’t as surprising as Fisker’s stopped investing in future models, like Alaska EV. The decision came alongside Fisker’s Q4 and preliminary 2023 earnings figures published in February. Among them was a plan to cut 15 percent of its workforce — about 200 people — as it attempted to transition to a Reseller Partner model. The startup claimed to be in talks with “a major automaker” for cash flow and production support.
Fisker also revealed in the report that it produced 10,193 single EVs. Ocean SUV, delivered only 4929 cars in 2023. Moreover, despite Fisker’s fourth-quarter revenue rising to $200.1 million from $128.3 million in the previous quarter, the company still had a negative 35 percent gross margin.
The decision to file for Chapter 11 protection adds Fisker to the ranks of other EV startups, such as Volta trucks and Lordstown Motors. The two companies filed for bankruptcy last year in Sweden and the United States, respectively.
