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Management news
​​Fisker files for bankruptcy after delisting from NYSE
EV Economy
Jun 25, 2024
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Jun 25, 2024

​​Fisker files for bankruptcy after delisting from NYSE

Management news

  • EV manufacturer Fisker has filed for bankruptcy protection and is headed for liquidation because it is unable to obtain additional financing.

  • In March 2024 , Fisker was suspended from trading and delisted from the NYSE due to abnormally low share prices, trading below USD 1. The company has been dealing with customer complaints, lawsuits, and federal investigations that have been escalating for months. It also struggled with early sales of its Ocean SUV, missing internal sales targets. It has moved away from a direct sales model and turned to dealers to help drive sales.

  • The California-based company, founded by automotive designer Henrik Fisker, has never been profitable, with revenue of about USD 273 million and a net loss of USD 940 million in 2023. It has reached a tentative deal with a single buyer for all of its 4,300 vehicles, but the expected sale will generate only a fraction of the amount owed to creditors.

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