American electric vehicle manufacturer Fisker has filed for Chapter 11 bankruptcy protection.
The move follows the company’s unsuccessful attempt to secure investment from an industrial partner understood to be Nissan in March, which forced a halt in manufacturing and a pause on further investments. As part of its restructuring efforts, Fisker also cut its workforce by about 15%.
“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 stated. After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.
Earlier this year, Fisker announced a shift in its sales strategy, opting for a combination of direct sales and a dealer network in Europe while developing a similar partnership model in North America. Despite these changes, the company continued to face financial difficulties.
Fisker, which had a physical presence in the UK through its Fisker Lounge at London’s Westfield White City shopping centre, initially launched with an online sales model supported by its own fulfilment locations.
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