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Electric Carmaker Fisker Files For Bankruptcy Protection

19.06.2024 04:12

Fisker becomes 2nd electric carmaker in US to file for Chapter 11 protection after Lordstown Motors in June 2023.

Electric vehicle (EV) manufacturer Fisker Group Inc. announced that it filed for Chapter 11 bankruptcy protection in the US state of Delaware.

"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 company said in a statement released late Monday.

"After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company," it added.

The US-based auto company was founded in 2016 by Danish designer Henrik Fisker, who served as chairman and CEO, and his wife Geeta Gupta-Fisker, who served as chief financial officer and chief operating officer.

Henrik Fisker designed the Fisker Karma, a luxury plug-in electric sports sedan produced in 2011-12.

EV sales have slowed down due to high interest rates that make borrowing more costly for customers, and EV charging infrastructure remains weak.

Despite the shortcomings, Chinese automakers have been manufacturing and selling EVs at lower prices compared to their competitors in the US and Europe.

Among American EV manufacturers, Tesla has been offering price discounts but also cutting jobs, while Lordstown Motors filed for Chapter 11 bankruptcy protection in June 2023.

Electric truck maker Rivian Automotive announced in March that it paused the construction of its $5 billion manufacturing plant in the state of Georgia.

British EV maker Arrival went into bankruptcy protection in February, while Volvo Group acquired the US battery firm Proterra out of bankruptcy in November last year. -

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