Biden-favored California EV startup Fisker files for bankruptcy

After bleeding cash in an attempt to increase production of its Ocean SUV, electric-vehicle startup Fisker announced it has filed for bankruptcy. 

“Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making good on our promise to deliver the most sustainable vehicle in the world,” a spokesperson with the California-based company said in a statement. 

Filings with the Securities and Exchange Commission in March showed Fisker was struggling to service its debts, and shortly thereafter the New York Stock Exchange delisted the company. 

In its statement Monday, the company spokesperson said “macroeconomic headwinds” prevented the company from operating efficiently, and selling its assets under Chapter 11 is the most viable option for the company to move forward.

Fisker Group Inc. estimated its assets at $500 million to $1 billion and liabilities of $100 million to $500 million, according to its bankruptcy filing in Delaware.