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Fisker’s Financial Fiasco: EV Startup Declares Bankruptcy Amidst Ocean Model Troubles

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Powerless: Fisker declares insolvency once more

On Monday, the electric car producer Fisker announced bankruptcy proceedings due to its inability to attract fresh funding needed to resume manufacturing of its Ocean SUV model.

In an announcement, Fisker revealed that it has filed for Chapter 11 bankruptcy at a Delaware court. The company is presently negotiating with creditors regarding debtor-in-possession financing and the disposition of its residual assets.

According to legal documents reviewed by Reuters, Fisker assessed its debts to be in the range of $100 million to $500 million, while its assets were valued at approximately $500 million to $1 billion.

Fisker rolled out the Ocean, their inaugural vehicle, about twelve months ago. Magna Steyr, a third-party producer, was in charge of assembling the electric compact crossover in an Austrian facility. However, financial difficulties led to a production stoppage in March.

Henrik Fisker alongside the inaugural client's Fisker Ocean – May 2023

Per information from Reuters, it's reported that throughout 2023, upwards of 10,000 Oceans were manufactured, yet merely around 4,700 reached consumer hands. Details regarding the assistance provided to those who own Oceans have not been disclosed by the company.

Before seeking legal refuge from its debts through bankruptcy, Fisker sought financial stability by potentially allying with a leading car manufacturer, believed to be Nissan. In a bid to clear the accumulating stock, the company also cut down the Ocean model's prices.

Apart from financial challenges, Fisker has experienced a decrease in interest for electric vehicles and faced disruptions in the supply chain that have postponed the increase in manufacturing of their model, the Ocean.

From left to right: Prototypes of the Fisker Ocean Force E, Pear, Alaska, and Ronin vehicles.

The NHTSA initiated an early-stage investigation into the Ocean model in May, following reports of occasional malfunctions with the door-opening mechanism.

Henrik Fisker has once again seen a company he established and headed, specializing in electric vehicles, fall into bankruptcy. This follows a previous venture under the Fisker name which went under in 2013, its remnants acquired by Wanxiang, a Chinese firm in the battery sector. The initial enterprise did make a comeback, however, and is currently doing business as Karma.

A financially strong purchaser might acquire Fisker's holdings, settle its debts, and recommence the manufacturing of the Ocean model. Fisker has also unveiled plans for three more potential releases: the Pear city crossover, the Alaska pickup, and the Ronin drop-top.

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The E-Tron GT continues to operate alongside the Porsche Taycan, aiming to enhance its performance on the open road even further as Audi's top-performing vehicle.

Volvo has put a stop to the production of its most fuel-efficient hybrid vehicle. There's speculation that Kia is considering Mexico as the manufacturing site for its new budget-friendly electric vehicle. Meanwhile, Fisker's venture with the Ocean model has failed. Additionally, the question arises as to why electric vehicles aren't more popular among American drivers. All this and more can be found at Green Car Reports. The US-based electric vehicle company Fisker has declared bankruptcy…

The reasons behind the United States deviating from the trend common in numerous electric vehicle markets remain uncertain, but low gasoline prices and concerns over the availability of charging stations could play significant roles.

Kia may be considering Mexico as the primary location for its EV3 compact electric crossover due to its affordability and qualification for electric vehicle tax incentives.

Volvo has officially confirmed that the American models of its S60 sedan, as well as the S60 Recharge, which boasts the best fuel efficiency and the furthest electric range among its plug-in hybrid variants, will cease production in South Carolina and will not be brought in from overseas.

The recent excitement among Tesla investors has generated updates regarding their products and batteries. Concurrently, while those hesitant about electric vehicles continually point to expense as the main deterrent, the price of new electric vehicles is steadying and the value of pre-owned electric vehicles has significantly dropped. Stay tuned for additional information from us here at Green Car Reports.

Even though the prices of new electric vehicles have been steadily decreasing over time, 60% of Americans continue to view the expense as a major obstacle to owning an EV.

An examination of the listed sale prices reveals that on average, a used Tesla Model 3 from recent years is priced lower than a BMW 3-Series.

What methods are BMW and VW implementing with artificial intelligence in their electric vehicles? What's the reason behind political resistance regarding the role of electric vehicles in the criteria for fleet efficiency? We're reviewing the past week's highlights at Green Car Reports, focusing on the developments up to June 15, 2024. Green Car Reports kicked off this week with a first…

The 4680 batteries produced by Tesla have not achieved the expectations set during the 2020 Battery Day of reducing the cost of batteries by 50% and positioning Tesla as a provider of batteries.

During the yearly gathering of stockholders, Chief Executive Officer Musk highlighted the importance of keeping prices

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