Electric vehicle start-up Fisker files for bankruptcy

Electric vehicle start-up Fisker has filed for bankruptcy after multiple failed attempts to salvage the company, including an including an attempted rescue deal that didn’t pan out.

Fisker sought to differentiate itself with a midsize SUV, the Ocean. The company has sold more than 10,000 vehicles into the U.S. market, butDuring the first half of 2024 it pursued various attempts to revive its business. It raised additional funds from investors and set up a new dealership model designed to increase its U.S. sales. It paused production in March to save money as it tried to arrange a rescue deal with an unnamed buyer. None of it was enough.

“Not only is it hard to get a car company off the ground, but it’s even harder when demand for your company is going in reverse,” Munster said.EV-specialty companies such as Tesla and Rivian sell directly to customers, an approach that Fisker tried initially. But this year it tried to boost sales by adopting traditional automakers’ reliance on independent dealers.

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