[Alpha Biz= Reporter Kim Jisun] U.S. electric vehicle company Fisker has reportedly filed for bankruptcy approximately a year after launching its first electric vehicle, as reported by foreign media outlets including the Wall Street Journal on the 18th (local time).

Having raised over $1 billion (approximately 1.383 trillion won) from investors at its outset, Fisker has nearly depleted its cash reserves and failed to meet debt obligations with key investors.

Struggling with financial difficulties, Fisker expressed concerns about its business sustainability in February this year. It was subsequently known to be in negotiations for sale with major automotive manufacturers, but these talks fell through in March. The company also faced delisting from the New York Stock Exchange in the same month for not meeting listing requirements.

In April, Fisker appointed restructuring experts to its board and announced it was exploring strategic options including restructuring and asset sales.

Fisker launched its first electric vehicle model, the Ocean SUV, last summer as signs of declining electric vehicle demand began to emerge.

Founded seven years ago, Fisker aimed to enter the automotive industry efficiently through contract manufacturing but struggled due to the complexities of operating as a publicly listed company, according to WSJ.

The article also highlighted that, following in Tesla's footsteps, emerging electric vehicle companies raised hundreds of millions of dollars through initial public offerings (IPOs) but faced diminishing cash reserves due to heavy spending on new model development, factory construction, and sales centers, resulting in losses from vehicle sales.

Fisker reportedly produced over 10,000 units of the Ocean last year, but its deliveries were said to be only around 4,900 units.

 

 

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