Fisker Files For Bankruptcy In The USA

Fisker, the American electric vehicle manufacturer, has filed for bankruptcy in the District of Delaware. Fisker had recently appointed a new chief restructuring officer in a bid to save itself, but deals with big automakers did not go through. 

In the bankruptcy filing, Fisker listed its assets worth $500 million (roughly ₹4,170 crore) to $1 billion (roughly ₹8,340 crore) and its liabilities around ₹100 million (roughly ₹834 crore) to ₹500 million. Fisker also estimates that it has around 200 to 999 creditors.

“Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making good on our promises to deliver the most sustainable vehicle in the world,” said a Fisker spokesperson. The spokesperson also added, “like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. 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.”

The EV manufacturer also mentioned that its production halt, announced earlier this year, will continue further. Fisker also mentioned it plans to file customary motions with the bankruptcy court so that its reduced operations can continue, such as paying its employees and compensating needed vendors. 

Fisker had also announced its plans to enter the Indian market with the Ocean electric SUV. However, it remains to be seen if the plans will come to fruition.