Another struggling EV maker files for Chapter 11 bankruptcy
Story by Kirk O’Neil • 12h
The electric vehicle industry faced financial distress in 2024 as a result of rising operating costs from inflation and increased interest rates over the last two years.
The most significant victim was EV maker Fisker Group Inc. which on June 17 filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware and liquidated its assets.
Fisker had begun deliveries of its Ocean battery-electric crossover SUV in 2023 to compete with Tesla, but by February 2024 the vehicles and the company began having various problems, which led to its bankruptcy.
The company funded its liquidation and wind-down from $46.5 million in proceeds from the sale of its fleet of 3,300 vehicles to American Lease. The company's Chapter 11 plan of liquidation was approved by a court order on Oct. 16 and was effective on Oct. 17.
https://www.msn.com/en-us/money/companies/another-struggling-ev-maker-files-for-chapter-11-bankruptcy/ar-AA1vlSM8?ocid=msedgdhp&pc=HCTS&cvid=153f866e3d07432099f1b6d3c270d59d&ei=58
