What killed Fisker?
Based on the company’s bankruptcy filing and interviews with former employees, the demise of Fisker Automotive is rooted in the mismanagement of founder Henrik Fisker, and the lack of proper checks on the company’s operations by board members and financial backers. Fisker Inc. American electric vehicle automaker founded by Henrik Fisker and his wife Geeta Gupta-Fisker.Fisker is a name shared by two defunct companies started by automotive designer Henrik Fisker. Fisker Automotive failed in 2013 after burning through $1. Fisker Karma hybrid luxury cars.Production was suspended in 2012 due to the bankruptcy of its battery supplier A123 Systems, after approximately 2,000 of the vehicles had been sold worldwide. In 2014, Fisker Automotive’s assets were purchased by Wanxiang Group, which renamed its new company Karma Automotive.
Can a Fisker survive?
In its earnings release for the fourth quarter, Fisker said there is substantial doubt about its ability to continue as a going concern. I would not be the least bit shocked if Fisker is bankrupt before the end of 2024, said Sam Abuelsamid, principal research analyst at Guidehouse Insights. Fisker’s operating arm, the Fisker Group, officially filed for bankruptcy in the USA on 17 June, after failing to find an investment partner to rescue the ailing operation. Despite hitting key production and launch date targets, Fisker was hit by softening demand for the Ocean and supplier issues.Bankruptcy. On June 17, 2024, Fisker filed for Chapter 11 bankruptcy protection in Delaware, listing liabilities at between $100 million to $500 million and assets between $500 million and $1 billion. The company stated that possible deal talks with a big automaker collapsed, which led it to its bankruptcy.