this post was submitted on 18 Jun 2024
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Electric vehicle maker Fisker filed for Chapter 11 bankruptcy protection, the second electric startup to do so in the last year as even industry leaders struggle to lure more buyers beyond the early adapters of the technology.

Fisker Group Inc. said in a filing with the U.S. Bankruptcy Court in Delaware that its estimated assets are between $500 million and $1 billion. It estimated liabilities are between $100 million and $500 million, with between 200 and 999 creditors.

“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” the company said in a prepared statement late Monday. “After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”

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[–] psyc 33 points 1 week ago (1 children)

Lordstown Motors was the other one to file for bankruptcy according to the article. Admittedly hadn’t heard of them

[–] Indie59 10 points 1 week ago (1 children)

They were a startup that tried to keep the GM plant in Lordstown running after GM downsized. Their original business model was EV conversion packages for standard IC cars, but wanted to keep jobs in the area so they tried to grow a business into fleet vehicles.

[–] [email protected] 5 points 1 week ago* (last edited 1 week ago) (1 children)

I'll add on to this, they got a massive partnership with Foxconn, and then Foxconn basically screwed them on it.

*Basically sold themselves to Foxconn

[–] bitchkat 3 points 1 week ago

Foxconn doing Foxconn things.