Distressed Luxury Sportscar Maker Files Chapter 11 Bankruptcy
fliptop writes:
Citing various market and macroeconomic headwinds, Electric vehicle startup Fisker Group, a luxury sports car maker, filed Chapter 11 bankruptcy and shut down all operations to restructure its business and seek funding from investors:
Fisker had begun deliveries of its Ocean battery-electric crossover SUV in 2023 to compete with Tesla, but by February 2024 the vehicle began having various problems. Some of the problems included suddenly losing power, loss of brake power, defective key fobs, and front hoods opening at high speeds. The vehicle also had difficulties with gear shifting.
Fisker warned that it may not have enough money to survive the next 12 months in its fourth-quarter earnings report on Feb. 29. Other problems arose as in June, former Fisker employees revealed the company had no plan to stockpile spare parts for Ocean vehicle repairs.
The spare parts problem led technicians and employees to dismantle perfectly good cars to provide spare parts.
Previously:
- Bankrupt Fisker Says It Can't Migrate its EVs to a New Owner's Server (2024)
- Henrik Fisker Debuts EMotion EV at CES (2016)
- Fisker Automotive Comes Back Under New Name, Plans to Launch Electric Car (2016)
Read more of this story at SoylentNews.