Fisker files for bankruptcy protection

FILE - Fisker Automotive's Fisker Karma, a sports luxury plug-in hybrid car, is displayed at the 2010 Los Angeles Auto Show in Los Angeles, Cal, Nov. 18, 2010. Electric vehicle maker Fisker has filed for Chapter 11 bankruptcy protection in a period when even the top manufactures in the industry a struggling. Its operating subsidiary, Fisker Group Inc., said in its filing that its estimated assets were between $500 million and $1 billion. Fisker Group Inc. said in a filing with the U.S.

The 7-year-old electric car company was founded by designer Henrik Fisker, who has been its chairman and CEO. He designed the company's 2022 Ocean all electric SUV as well as the luxury plug-in hybrid Karma that was launched in 2011. Fisker is also known for leading the development of the BMW Z8 sports car.

However, EV sales have slowed as manufacturers have attempted to push electric vehicles into the mainstream. Those sales have been curbed both by aElectric vehicles grew only 3.3% to nearly 270,000 during the first three months of this year, far below the 47% growth that fueled record sales and a 7.6% market share last year, according to J.D. Power. The slowdown,confirms automakers’ fears that they moved too quickly to pursue EV buyers. The EV share of total U.S. sales fell to 7.

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