EV Cars/Trucks

[HemiEd]

Fisker filed for bankruptcy protection late on Monday, as the U.S. electric-vehicle maker looks to salvage its operations by selling assets and restructuring its debt after burning through cash in an attempt to ramp up production of its Ocean SUVs.

The hyper-competitive EV market has seen several companies, including Proterra, Lordstown and Electric Last Mile Solutions, file for bankruptcy in the past two years as they grappled with weakening demand, fundraising hurdles and operational challenges from global supply chain issues.

The company, founded by automotive designer Henrik Fisker, flagged doubts about its ability to remain in business in February and later failed to secure an investment from a big automaker, forcing it to rein in operations.

The collapse of its talks with the automaker − which Reuters had reported to be Nissan − meant that it was denied $350 million in funding from an unnamed investor that was contingent on the automaker's investment and forced Fisker to explore options.

"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently," Fisker said.

https://www.usatoday.com/story/money...ent=newsletter