Fisker, the second EV firm started by legendary BMW and Aston Martin designer Henrik Fisker, has filed for bankruptcy and intends to sell its assets and restructure its debt. The almost inevitable outcome comes months after it paused manufacturing amid cash flow shortages, safety probes, and devastating reviews of its only product, the Fisker Ocean SUV.
Fisker's statement about the filing notes the firm's production of the Ocean "twice as fast as expected in the auto industry" and delivering "the most sustainable vehicle in the world." However, a Fisker spokesperson writes, "[L]ike other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently."
Rumors of Fisker's bankruptcy have been circulating since March when the company suspended production of its Ocean for initially six weeks and then indefinitely. A month earlier, the company reported $273 million in 2023 sales but more than $1 billion in debt. Fisker's stock was pulled from the New York Stock Exchange in late March. Amid what many saw as a generalized weakening of EV demand, Fisker was particularly vulnerable.
“Unfinished,” “Strange,” and “the Worst”
That's due largely to the issues with the Ocean itself. Wired was unable to give the Ocean a review score in July 2023 after having to switch cars mid-test and believing too many features existed only in "coming soon" form. Fisker board member Wendy Greuel and Geeta Gupta-Fisker, wife of Henrik Fisker, both had their delivered Oceans lose power while driving, according to documents seen by TechCrunch. Consumer Reports described it as "one of the strangest cars we've ever encountered."