By: Jason Walsh – Daily Fetched
Electric vehicle (EV) maker Fisker filed for bankruptcy on Monday after imploding due to its rapid cash burn to deliver its “Ocean” SUVs across the U.S. and Europe.
The news comes after several other electric car companies, including Proterra, Lordstown, and Electric Last Mile Solutions, filed for bankruptcy as demand weakens.
Fisker initially raised doubts about its ability to remain in business earlier this year before failing to secure an investment from a major automaker.
The collapse of its deal with the automaker resulted in Fisker being denied $350 million in funding from an unnamed investor.
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” Fisker said.
In the Chapter 11 bankruptcy filing in Delaware Fisker Group Inc., the company estimated assets of $500 million to $1 billion and liabilities of $100 million to $500 million.
According to the filing, the company’s largest creditors include Adobe, Alphabet’s Google, and SAP.
