Fisker files for bankruptcy protection, the second electric vehicle maker to do so in the past year

BusinessFILE - 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, based in Manhattan Beach, California, and other startups like Lordstown Motors Corp., sought to take on industry leaders like Tesla, and big automakers in Detroit, which have entered the market aggressively. Early this year Fisker received a warning from the New York Stock Exchange after its stock dipped below $1. The company's shares were not immediately delisted and Fisker said at the time that it planned to remain listed on the NYSE and was looking at all available options to regain compliance with NYSE's continued listing standards.

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