- Fisker only delivered its first model the Ocean SUV last year
- The brand’s been plagued supply and quality problems since model launch
- Founder and CEO is Henrik Fisher of Aston martin DB9 and BMW Z8 fame
American electric vehicle (EV) brand Fisker filed for bankruptcy late on Monday after months of rescue talks failed.
The Fisker Group, which operates the EV arm of the business, failed to meet sales targets a year ago for its Ocean SUV, and has been struggling ever since.
In March the New York Stock Exchange delisted Fisker shares after ‘abnormally low’ prices.
US car maker Fisker launched its first volume-selling model – the Ocean SUV – in February 2022. It starts from less than £35,000
The Californian auto brand tried to challenge Elon Musk and Tesla’s electric vehicle empire with its stylish zero-emission family model, which has a range 275 to 390 miles, depending on specification
Henrik Fisker, car designer and CEO of Fisker (pictured), said on Monday: ‘Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently’
Fisker – founded by Danish automotive designer Henrik Fisker best know for designing the Aston Martin DB9 and V8 Vantage and BMW Z8 of James Bond fame – had flagged ‘substantial doubts’ over its ability to remain in business in February.
Fisker failed to secure funding from a big automotive manufacturer – which Reuters reported to be Nissan – forcing the company to pause manufacturing of the Ocean and forthcoming Pear hatchback, scale back operations and cut its workforce.
Fisker Inc. was founded in 2016 by Fisker and his wife Geeta Gupta-Fisker, and went public in 2020.
The model was to rely on parts supplier Magna to assemble its vehicles in order to avoid the huge investment of building factories.
Ambitions were high, with the sustainability-focused brand even securing an audience with the Pope to build the first all-electric ‘Popemobile’ by adapting an Ocean with a pip-up glass cube-shaped cupola.
But even divine intervention couldn’t help.
Projected to produce 50,000 vehicles a year by 2023, the brand’s been plagued by missed production targets, supply delays and mechanical issues while bringing to market the Ocean SUV.
Only around 10,000 Oceans were produced, and just under 5,000 cars were delivered, even after prices were slashed from around $60,000 to less than $40,000.
Henrik Fisker showed the Pope his plans for an all-electric Fisker Ocean Popemobile during an audience with his Holiness in the Vatican in 2021
Fisker is one of number of recent US EV failures. Lordstown Motors, Electric Last Mile Solutions, and bus and battery company Proterra all filed for bankruptcy between 2022 and 2023.
In Monday’s Chapter 11 bankruptcy filing in Delaware, Fisker Group Inc estimates debts of up to $500 million (£393 million).
The filing protects the group from creditors which include Adobe, Alphabet’s Google and SAP, while it restructures its debt and sells of assets.
It’s the second failed attempt by Fisker to bring an electrified brand to market.
In 2012 Fisker Automotive launched a plug-in hybrid (PHEV) Karma – the world’s first luxury PHEV. Struck with bad luck, the company even lost a shipment of 300 cars worth $30m to Hurricane Sandy.
Speaking on Monday CEO Fisker said: ‘Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently’.