Fisker files for bankruptcy protection in wave of EV startups, moment of déjà vu for its founder
Publishing timestamp: 2024-06-18 13:21:39
Summary
Fisker, an all-electric vehicle startup, filed for Chapter 11 bankruptcy protection due to lackluster consumer demand, cash burn, operational issues, and inability to secure investment. This is the second car company founded by Henrik Fisker to file for bankruptcy. The company faced challenges with its production, software issues, and management incompetence. Despite high expectations, Fisker failed to meet targets and faced recalls. The company's assets are estimated to be between $500 million to $1 billion, with liabilities between $100 million to $500 million. Henrik Fisker's first company, Fisker Automotive, also filed for bankruptcy in 2013.
Sentiment: NEGATIVE
Tickers: MAN, FFIE, SAP, AAPL, MGA, TSLA, MG-CA, ADBE, GM, NKLA,
Keywords: autos, magna international inc, business news, manpower inc, general motors co, tesla inc, transportation, nikola corp, faraday future intelligent electric inc, business, technology, breaking news: business, adobe inc, apollo global management inc, sap se, corporate bankruptcy, breaking news: technology, apple inc,
Source: https://www.cnbc.com/2024/06/18/fisker-ev-maker-bankruptcy.html