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.

Find a car with the experts

Skip advert
Advertisement

Most Popular

New Kia PV5 Passenger MPV undercuts the VW ID.Buzz by a huge £25k
Kia PV5 Passenger - show front

New Kia PV5 Passenger MPV undercuts the VW ID.Buzz by a huge £25k

New entry into the electric people carrier market undercuts the VW ID. Buzz by a significant margin
News
29 Apr 2025
Car Deal of the Day: BMW’s ultimate luxury SUV at an unusually low price
BMW X7 - front

Car Deal of the Day: BMW’s ultimate luxury SUV at an unusually low price

German firm’s flagship SUV could never be called cheap but it is exceptional value at £735 a month – making it our Deal of the Day for Sunday 27 April
News
27 Apr 2025
New 2025 Kia PV5 van starts from a tempting £22,645
Kia PV5 Cargo on display at Commercial Vehicle Show - front 3/4

New 2025 Kia PV5 van starts from a tempting £22,645

All-new entry into the van market promises competitive pricing and comes with a range of up to 247 miles
News
30 Apr 2025