Fisker Files for Bankruptcy After Electric Vehicle Stock Bubble Bursts. It Couldn’t Rival Tesla.
Fisker, an electric-vehicle start-up that attempted to follow in Tesla’s footsteps, filed for bankruptcy, The Wall Street Journal reported.
The seven-year-old company released its first EV, the Ocean SUV, about a year ago. It becomes the latest battery-powered car start-up to seek protection from creditors, following Lordstown Motors and Arrival as the electric vehicle stock bubble is bursting.
Founder…
Fisker
,
an electric-vehicle start-up that attempted to follow in
Tesla
’s
footsteps, filed for bankruptcy, The Wall Street Journal reported.
The seven-year-old company released its first EV, the Ocean SUV, about a year ago. It becomes the latest battery-powered car start-up to seek protection from creditors, following
and Arrival as the electric vehicle stock bubble is bursting.
Founder Henrik
successfully raised more than $1 billion from investors, but was unable to steer a path to profitability for the company. It was Fisker’s second automobile company to end in bankruptcy.
Fisker stock has lost almost all its value over the past 12 months. It fell 2% on Monday to close at $0.0451. There is no premarket trading. It briefly traded above $30 in 2021.
Write to Brian Swint at brian.swint@barrons.com
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