Skip advert
Advertisement

Fisker files for bankruptcy: end of the road for EV start-up?

Electric car brand Fisker has filed for Chapter 11 bankruptcy following a £355m loss in the final quarter of 2023

Fisker Ocean SUV

Fisker, the EV brand created by prominent designer Henrik Fisker, has filed for bankruptcy, ending a lengthy bid to secure funding that would have kept the fledging car manufacturer in business.

The troubled start-up, which made a loss of more than $450million (£355m) in the final quarter of 2023 alone, had been in talks with a number of potential investors – including, it was widely rumoured, Nissan, which could have used Fisker’s technologies to fast-track an electric pick-up truck to market.

These talks collapsed, however, prompting trading in Fisker’s shares on the New York Stock Exchange to be suspended. The company paused production of its first model, the Ocean SUV, which was subcontracted to Magna in Austria – and also froze the development process of the planned smaller, cheaper sibling, the Pear.

Advertisement - Article continues below

Fisker had slashed prices on its Ocean model by up to £15,000, with the caveat that the company might not be able to provide after-sales support for any of its vehicles. It actually made just over 10,000 Oceans in 2023 – less than a quarter of the projected number – and fewer than half of those cars were delivered to customers.

Now Fisker has filed for Chapter 11 bankruptcy, whereby a court oversees a reorganisation of the firm’s assets – likely, for example, to include any remaining unsold vehicles – and liabilities. A company statement said: “We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North American and Europe. But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently.”

The move marks the second time than founder Henrik Fisker has seen his car company file for Chapter 11 bankruptcy. An earlier project that spawned the Karma plug-in hybrid saloon collapsed in 2013.

Want the latest car news in your inbox? Sign up to the free Auto Express email newsletter...

Skip advert
Advertisement
Editor-at-large

John started journalism reporting on motorsport – specifically rallying, which he had followed avidly since he was a boy. After a stint as editor of weekly motorsport bible Autosport, he moved across to testing road cars. He’s now been reviewing cars and writing news stories about them for almost 20 years.

Skip advert
Advertisement

Recommended

Fisker Ocean prices slashed by up to £15,000, but aftersales support ‘not guaranteed’
Fisker Ocean UK - front action
News

Fisker Ocean prices slashed by up to £15,000, but aftersales support ‘not guaranteed’

The starting price for already-built Fisker Ocean models is now £30,900 as the EV maker struggles to secure fresh investment
9 Apr 2024
'Henrik Fisker is the automotive industry's next leading man'
Opinion - Henrik Fisker
Opinion

'Henrik Fisker is the automotive industry's next leading man'

Mike Rutherford believes that the EV company founder is destined to follow in the footsteps of Henry Ford and John DeLorean
20 Aug 2023
New details revealed of £300k Fisker Ronin convertible
Fisker Ronin - front
News

New details revealed of £300k Fisker Ronin convertible

Flagship five-seater convertible EV to pack 600-mile range when it arrives in 2025
11 Aug 2023
‘The Fisker Ocean is so good I’d buy one ahead of any of its rivals’
Opinion - Fisker Ocean
Opinion

‘The Fisker Ocean is so good I’d buy one ahead of any of its rivals’

Editor-in-chief Steve Fowler was very impressed after driving the new Fisker Ocean electric SUV for the first time
2 Aug 2023

Most Popular

New Kia Sportage facelift caught on camera at the Nurburgring
Kia Sportage facelift spyshot 1
News

New Kia Sportage facelift caught on camera at the Nurburgring

Kia’s big-selling mid-size SUV is about to get a makeover for 2025
19 Jul 2024
New Volkswagen Golf 2024 facelift review: updates are a step in the right direction
Volkswagen Golf facelift 2024 UK - front
Road tests

New Volkswagen Golf 2024 facelift review: updates are a step in the right direction

The Volkswagen Golf has been updated to keep it competitive against the likes of the Skoda Octavia and Honda Civic
19 Jul 2024
The arrival of sub-£20k electric cars can't come soon enough
Opinion - Citroen e-C3
Opinion

The arrival of sub-£20k electric cars can't come soon enough

Mike Rutherford thinks that pure electric cars are still struggling to win over the hearts and minds of buyers
21 Jul 2024