Fisker, the American electric car startup, has officially filed for bankruptcy under Chapter 11 of the US Bankruptcy Code as of late Monday, June 17, Engadget reports. The company plans to restructure its debt and sell assets, which means that the world will not see the long-awaited Alaska electric pickup truck, which even had a special place for a cowboy hat.
“We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands,” a Fisker spokesperson stated. “But 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 announcement comes as no surprise given Fisker’s previous decisions to stop investing in future models. This decision was made in connection with the financial results released in February. Among the disclosures was a plan to lay off 15% of the workforce, approximately 200 employees. The company claimed to be in talks with a “major automaker” for financial and production support.
In 2023, Fisker produced 10,193 units of its only electric vehicle, the Ocean SUV, but was able to deliver only 4,929 vehicles. Despite an increase to $200.1 million in revenue in the fourth quarter, up from $128.3 million in the third quarter, the company reported a negative gross margin of 35%.
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