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    Latest EV startup Fisker declares bankruptcy – technology

    By Ruchika oberoi19 June 2024No Comments2 Mins Read
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    Production was discontinued by the corporation at the beginning of 2024.

    As a result of Fisker’s official declaration of bankruptcy, yet another electric vehicle manufacturer has perished. A late filing for Chapter 11 protections was made by the startup company situated in the United States on Monday, June 17, with the intention of reorganizing its debt and selling its assets. Regrettably, this indicates that the Alaska electric vehicle that is supposed to include a specified room for cowboy hats will probably never be produced.

    As stated by a spokeswoman for Fisker, “We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs into the hands of our customers.” “But 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 has previously stopped investing in future models, like as the Alaska EV, so the news does not come as much of a surprise. According to Fisker’s preliminary profits report for the fourth quarter and 2023, which was released in February, this choice was made alongside worrisome numbers. While it was attempting to transition to a Dealer Partner model, one of its plans was to lay off fifteen percent of its workforce, which would amount to approximately two hundred individuals. The young company had asserted that it was in discussions with “a large automaker” in order to receive assistance with production and an injection of cash.

    In addition, Fisker disclosed in the report that it had manufactured 10,193 units of its Ocean SUV, which was the only electric car that was available at the time, in 2023, but it had only delivered 4,929 vehicles. In addition, there was the fact that, despite the fact that Fisker’s revenue for the fourth quarter increased to $200.1 million from $128.3 million in the previous quarter, the company still had a gross margin that was negative 35 percent.

    Fisker joining the ranks of other electric vehicle (EV) startups, such as Volta Trucks and Lordstown Motors, is the decision to petition for protection under Chapter 11 of the United States Code. The two businesses, one in Sweden and the other in the United States, had submitted their petitions for bankruptcy the previous year.

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