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Electric car maker Fisker declared bankruptcy only a year after it began selling its first model

Electric car maker Fisker declared bankruptcy only a year after it began selling its first model
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Startup Fisker, specializing in the development of electric vehicles and founded by the well-known designer Henrik Fisker, announced its bankruptcy in accordance with article 11. This happened less than a year after the announcement of three new models last summer.

Fisker actively promoted its electric SUV Ocean. However, its market release was accompanied by recalls and lawsuits. The company tried to make a deal with another automaker in a final attempt to save the business. The company's assets are valued at $1 billion, with liabilities ranging from $100 million to $500 million. At the same time, the startup has more than 200 creditors, including SAP, Adobe, Salesforce, and Ansys.

The Ocean electric car, which entered the market last year (sales started on June 23, 2023), received a lot of criticism from owners. Users reported a number of software and mechanical problems. The company itself experienced issues with customer service and even money tracking. In the end, Fisker was only able to sell a few thousand cars. Their assembly was handled by the contract manufacturer Magna.

Fisker tried to stay afloat through several rounds of layoffs and other cost-cutting measures. The company also changed its business model. Earlier this year, Fisker abandoned direct sales to customers — a system popularized by Tesla — and instead tried to collaborate with well-known dealers. In the end, the efforts were not enough to save the company.

Source: techcrunch

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