Gashi Automobile News According to Reuters, U.S. electric vehicle manufacturer Fisker filed for bankruptcy protection late on June 17 and plans to sell assets and restructure debts.
Photo source: Fisker, an electric vehicle manufacturer founded by car designer Henrik Fisker, has previously launched deliveries of its “Ocean” SUVs in the United States and Europe, but has also quickly consumed a lot of cash.
Although Fisker will produce more than 10,000 vehicles in 2023, it is less than a quarter of its forecast.
At the same time, Fisker’s actual delivery volume was only about 4,700 vehicles.
In addition, its cars are still under regulatory investigation for certain accidents, including an investigation begun last month by U.S. auto safety regulators.
In February 2024, Fisker expressed doubts about the company’s ability to continue operating.
Subsequently, Fisker suspended manufacturing and investment in future projects in an effort to reduce expenses while giving the company more time and opportunities to find partners or financial reorganization.
The company also said it would lay off about 15% of its workforce to further reduce expenses.
, In an effort to ease financial pressure, Fisker also tried to secure investment from a major automaker, rumored to be Nissan Motor, but unfortunately, the effort failed a month later, further exacerbating the company’s operating difficulties.
After this attempt failed, Fisker began to explore other strategic options, such as in-court or out-of-court restructurings and capital market transactions.
, After conducting a comprehensive review of all operating plans, Fisker finally decided to file for Chapter 11 bankruptcy protection and planned to sell the company’s assets, which is considered the company’s most feasible plan at the moment.
Fisker Group Inc, Fisker’s operating arm, has filed for bankruptcy protection in Delaware and listed the company’s assets and liabilities.
, According to documents filed with the court, the company’s assets are estimated to be between $500 million and $1 billion, while its liabilities are between $100 million and $500 million.
In addition, the number of creditors ranges from 200 to 999.
, According to Fisker, the company is also in in-depth negotiations with financial stakeholders on debtor-held financing to seek possible financial restructuring or capital injection.
However, the company did not provide further details about these negotiations.
Fisker made it clear in a statement earlier on June 18 that, like other companies in the electric vehicle industry, Fisker is also facing various market and macroeconomic headwinds, including but not limited to slowing demand for new energy vehicles, Price wars within the industry, financing difficulties, etc.
, all of which have had a negative impact on the company’s ability to operate efficiently.
In the past two years, electric vehicle manufacturers such as Proterra, Lordstown and Electric Last Mile Solutions have gone bankrupt due to running out of cash reserves, financing obstacles and increased production challenges caused by global supply chain problems.
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