electric vehicle manufacturer Fisker is preparing to declare bankruptcy – Kommersant
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American startup Fisker, which produces electric cars, is preparing to file for bankruptcy. Writes about this The Wall Street Journal citing sources familiar with the situation. According to them, the company hired restructuring consultants to prepare such a statement – financial consulting company FTI Consulting and law firm Davis Polk. Fisker shares fell almost 45% yesterday, March 13, after the WSJ text was released. Since its IPO in 2020, its shares have fallen 97%.
Last year, Fisker began delivering its first vehicle to customers, the Fisker Ocean electric crossover. In February, the company reported 2023 sales of only $278 million with more than $1 billion in debt. That same month, Fisker issued a warning expressing doubt that it could continue to operate. However, the company said it is negotiating with investors to raise additional funds. If Fisker goes bankrupt, it will become the second company created by car designer Henrik Fisker to go bankrupt. In 2013, another automaker he created, Fisker Automotive, went bankrupt.
Fisker is one of the companies that has entered the electric vehicle business in recent years as interest in them has grown, including Rivian and Lucid. However, amid growing competition, even market leader Tesla is forced reduce prices for their electric vehicles, and leading automakers present their own electric vehicles, which are difficult for small companies and startups to compete with.
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