Electric vehicle start-up Fisker (FSRN) has filed for bankruptcy and plans to sell its assets, according to multiple media reports.
Fisker had tried to rival Tesla (TSLA) with its fully electric Ocean sport utility vehicle (SUV) but was unable to keep pace.
Fisker is the latest in a string of electric vehicle companies to seek bankruptcy protection from creditors, following Lordstown Motors.
Analysts say the businesses are failing as the electric vehicle stock bubble bursts and consumers move away from battery-powered autos in favor of gas-electric hybrid models.
Founder Henrik Fisker managed to raise more than $1 billion U.S. from investors but was unable to profitably make electric vehicles.
The company made more than 10,000 vehicles in 2023 but delivered only about 4,700. Fisker had been in talks with Japanese automaker Nissan about forming a partnership but a potential deal never materialized.
This is the second time Henrik Fisker has filed for bankruptcy with an automotive company. Fisker now plans to sell its assets and restructure its debt load.
In a Delaware bankruptcy court, Fisker listed assets of $500 million U.S. to $1 billion U.S. and liabilities of $100 million U.S. to $500 million U.S. The company has nearly 1,000 creditors.
As for its stock, Fisker’s share price has lost almost all its value. It currently trades at $0.04 U.S. per share on the penny stock league tables, down 99% in the last 12 months.