Posts tagged with "BMW and Aston Martin designer Henrik Fisker"

EV startup Fisker files for bankruptcy after suspending production

June 8, 2024

Electric vehicle startup Fisker filed for bankruptcy protection late on Monday, June 17, with plans to sell its assets after recently suspending production, reports Axios.

It’s the second bankruptcy for an EV company founded by former BMW and Aston Martin designer Henrik Fisker; whose vehicles have earned critical plaudits for their design, but have failed to generate commercial success.

Fisker filed for Chapter 11 in a Delaware federal court, saying it’s “in advanced discussions with financial stakeholders” to obtain financing and to sell itself.

“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” a company spokesperson said in a statement.

The company struggled to nail down a sales strategy—swinging from direct-to-consumer to working with dealerships, Axios Pro’s Alan Neuhauser reported last March. It also took an atypical approach to production, hiring a contract manufacturer in Austria instead of building the cars itself.

Fisker was among a raft of EV startups that went public via special purpose acquisition companies (SPACs) in 2020.

The case comes more than a decade after Fisker Automotive—Henrik’s first EV company—filed for bankruptcy, having failed despite acquiring hundreds of millions of dollars in loans from the U.S. government.

The company said it will maintain its manufacturing pause while it pursues a sale, raising serious doubts about the future of the Fisker Ocean, its primary vehicle.

Research contact: @axios