Fisker Has Finally Filed Chapter 11 Bankruptcy

Chris Teague
by Chris Teague

We’ve been hearing about Fisker’s downfall for months, but it finally appears that the automaker has reached the end of the road. Last night, the company officially filed for chapter 11 bankruptcy in Delaware, writing a post on its website confirming the development.

Fisker said it had experienced “market and macroeconomic headwinds that have impacted our ability to operate efficiently.” The company is looking to liquidate its assets, which could net between $500 million and $1 billion.

Though this is a significant step toward Fisker disappearing completely, the company will preserve customer operations, likely including service and support of the Ocean EV. With thousands of SUVs in the wild, the company has to maintain some semblance of support, though it’s unclear for how long it will be able to manage the reduced operational level.

It’s easy to poke fun at founder Henrik Fisker for his second failed automotive effort, but losing what could have been a compelling line of EVs is also a shame. Beyond the Ocean, Fisker had at least three other models in development, including the smaller Pear crossover, the Alaska truck, and a supercar.

Fisker’s downfall is a reminder that it’s unreasonably difficult to get a new automaker off the ground, and it highlights how lucky companies like Rivian and Lucid have been to break through the initial hardships and produce customer-ready vehicles.

[Images: Fisker]

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Chris Teague
Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

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2 of 48 comments
  • Mason Mason on Jun 19, 2024

    Good. Now they can go back to making axes 😁

  • Bd2 Bd2 on Jun 21, 2024

    Geeze, Anal sure likes to spread his drivel

    A huge problem was Fisher and his wife - who overspent when they were flush with cash and repeatedly did things ad hoc and didn't listen to their employees (who had more experience when it came to auto manufacturing, engineering, etc).

  • Rover Sig Absolutely not. Ever.
  • EBFlex No. I buy as little Chinese products as possible.
  • John "...often in a state of complete disarray on the roads" What does that mean? Many examples in poor repair? Talk about awful writing.
  • Varezhka Saving sedans in US or globally? Right now around half of the global sedan sales is in China, just under a quarter in North America, and the remaining quarter distributed around the rest of the world. So for a sedan to stay around they must sell well in both China and North America (BMW, Mercedes, Toyota, Honda) or just extremely well in China (VW/Audi and Nissan). For everyone else, the writing is on the wall. There’s also a niche of subcompact sedans in SE Asia and India but I believe those are being replaced by SUVs too.
  • Kcflyer it's not a ford, it's not a mustang. just like the ford gt is not a ford but multimatic gt or mustang wouldn't roll off the tongue