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The Future. After a tough year, Fisker is officially filing for bankruptcy. More than anything, the downfall of the buzzy EV startup shows the power of influencers to shape the narrative of a startup… which could lead cautious companies to make them a larger part of market-testing products before they’re on the wrong end of a viral YouTube video.
Braking for bankruptcy
It’s the end of the road for Fisker.
- After failing to make a lifesaving deal with another automaker, the startup filed for Chapter 11 bankruptcy, hoping to obtain enough financing to sell itself.
- The automaker reported that it has between 200 to 999 creditors and liabilities up to $500 million despite only having assets worth $500 million to $1 billion.
- The company will keep its pause on manufacturing, which is done by Magna in Austria, as the automaker hoped to build a relationship similar to Apple and Foxconn.
Fisker, which has been plagued by technical issues, a quickly shifting business strategy, lemon law lawsuits, and one very bad review by car influencer Marques Brownlee, joins Lordstown Motors and Electric Last Mile Solutions in the EV startup heap. The high costs and stop-and-start consumer demand have made the market a tough race for newcomers.
And for founder Henrik Fisker, it’s the second time that the former BMW and Aston Martin designer has been unable to launch a Fisker EV brand off the ground.
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