Troubled EV maker Fisker files for bankruptcy protection

By Steve Goldstein

The electric vehicle maker Fisker on Tuesday said it filed for bankruptcy protection, a step that came as little surprise after recently defaulting on a bond payment and halting manufacturing.

The California company, named after its chief executive and car designer Henrik Fisker, joins other EV makers including Lordstown Motors in failing to take a slice of the market popularized by Tesla (TSLA).

Fisker started delivering its Ocean SUV only last year. In its full-year results, it said it delivered 4,900 vehicles and produced 10,193 of them. It lost $762 million on sales of $273 million last year.

"We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers' hands in both North American and Europe. But 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 statement.

Fisker said it's in advanced discussions on debtor-in-possession financing as it sells its assets.

Henrik Fisker's previous venture, Fisker Automotive, also filed for bankruptcy protection.

Fisker stock (FSRN) traded above $30 in 2021 but has been a penny stock for months, closing Monday at 4.5 cents.

-Steve Goldstein

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06-18-24 0816ET

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