The company had already warned it was in trouble. When it published quarterly earnings in February, it said it might not have enough money to survive another year. Fisker added then that it was in discussions with an existing investor about possibly putting more money into the company.
He blamed the issues on software from different suppliers that worked poorly together and said they were being addressed through updates. Besides its own troubles, Fisker has had to deal with a jump in competition from established automakers since the company was established in 2016. Now, besides Tesla, heavyweights like Hyundai, Kia, Ford and General Motors offer electric SUVs that are similar to the Ocean but without the risks of dealing with an unknown startup.
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