Fisker files for bankruptcy protection | Car News

Late last night , carmaker Fisker filed for bankruptcy protection. The company, maker of the Ocean electric SUV, is seeking to save itself by selling off assets and restructuring its debt. The filing comes after Fisker used up the last of its capital to try to speed up production of the Ocean.

Competition is fierce in the electric vehicle market, and the investments required to gain a foothold in it are massive. Fisker is not the first fledgling company to fall by the wayside. Case in point, Lordstown and its Endurance van. As reported by Reuters, Henrik Fisker declared, at the time of the IPO for the new venture, that Fisker wanted to become the Apple of the automotive industry by outsourcing the manufacture of its vehicles. The “asset light” business model was intended to reduce vehicle development times and time-to-market costs.

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